Cramer's 'Mad Money' Recap: June 22

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What's the real reason behind today's big market selloff?

"The market is just sick of paying retail," Jim Cramer told the viewers of his "Mad Money" TV show Monday.

Just like in a retail store, customers wait for a sale if things are overpriced, he said.

Cramer discounted the notions that global economic worries or rising crude oil prices were to blame for another down day on Wall Street. He said that stock prices are simply too high, and investors are waiting for a pull back before before the resume buying.

According to Cramer, stock prices couldn't stay as high as they were without additional economic data to support them. And since there isn't anything new to report, they're coming back down. "Things aren't getting worse," he said, "they're just not getting better yet."

Cramer said the same pattern occurred last month in May. The market also had a multi-day selloff back then that was immediately followed by a 5% rally.

So what are the stocks to buy? Cramer said when the selloff is over, he'd look at Huntington Bancorp (HBAN Quote), which is now "on sale," down 9.5%. He'd also consider Lincoln National (LNC Quote), a stock that just raised a boatload of cash and is on the road to recovery.

Cramer said he's also a buyer of Apple (AAPL Quote), asking why the media can't just cheer for the return of CEO Steve Jobs, instead of asking questions about corporate governance.

Cramer said his bottom line is not to panic on days like today but thankful that stocks are going on sale.