NEW YORK (TheStreet) -- "Don't get mad that I'm not agitated by this selloff," Jim Cramer told the viewers of his "Mad Money" TV Show Wednesday. He said quite simply that he's seen this movie before, and knows how it ends.
Cramer characterized today's trading action as "just another garden-variety selloff," and one that will likely continue off the weakness of Cisco (CSCO) in after hours trading. So instead of panicking, Cramer said he's thinking about which stocks are coiled springs, ready to snap back midday tomorrow.Cramer said buying into a panic has become a lost art on Wall Street as of late. He said the same pattern repeats itself over and over, yet no one seems to notice. The selloff starts big, then continues the following day. But by midday, he noted, about a third of the market will find its footing and start heading higher. Which stocks does Cramer think will be the first to bounce? He said stocks like Cree (CREE) and Apple (AAPL), a stock which he owns for his charitable trust, Action Alerts PLUS, are prime candidates, as are 3M (MMM) and Walt Disney (DIS). Cramer said he'd also consider picking up some Scott's MiracleGro (SMG) off their strong earnings (the stock was up today) and Netflix (NFLX), which recently got crushed when it reported.
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