Cramer's 'Mad Money' Recap: The Selloff Mania (Final)

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NEW YORK (TheStreet) -- "I really don't like this market," Jim Cramer confessed to the viewers of his "Mad Money" TV show Thursday.

He said that the sellers have become too powerful, and that this is shaping up to be a dip that cannot be bought.

By all accounts, this market should be heading higher, Cramer told viewers. He cited countless company profits that beat expectations handedly, whether it was Procter & Gamble (PG), a stock which Cramer owns for his charitable trust, Action Alerts PLUS, or Boeing (BA) or even Apple (AAPL), "nothing seems to matter."

So what's going on? Cramer said the big money managers have gotten fearful of of President Obama's anti-shareholder stance and fearful of a slowdown in China, and they're using any excuse they can to sell.

Today's reason seemed to be problems in the Greek bond market of all places, said Cramer. But in reality, the price of bonds in Greece has no relevance to the U.S., he said. "People want to sell, and we need to get out of their way."

Cramer said he's always one to challenge conventional wisdom. When the bears are screaming "sell," Cramer's usually the one finding the hidden bull markets. But, he said, in this case there may be no choice but to get more defensive and wait for the selling to come to an end.