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Cramer: Finding Value in Hideous Selloff

This column by Jim Cramer originally appeared on RealMoney earlier Thursday. For a free trial to RealMoney, follow this link.

Gold's backing off. Oil has taken out $90 and the market is still in free fall.

You have many, many stocks that are breaking down badly and some beginning to give you some decent yields.

It is hard to imagine a more hideous market, but I have to be true to the idea that things are more positive with oil down and gold backing off a bit.

At Action Alerts PLUS, my charitable trust, we've got the biggest cash position since the bad old days and that means buy, not sell. It means putting back on positions that we had taken off, that had good quarters. It means circling back to companies that suddenly yield 3% to 4% that were yielding 2% to 3%.

It is entirely possible that we are in a moment where there's just no stopping it until the margin clerks are done with their butchering and we overshoot to levels that take out very big swaths of the gains.

I do not think it is one of those moments. Close to committing more capital on this severe breakdown.

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