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NEW YORK (TheStreet) -- Yes, the markets can do down as well as up, Jim Cramer reminded his "Mad Money" viewers Wednesday after the market's first big down day in a while. The markets put stocks on sale today but the price still wasn't right for his charitable trust, Action Alerts PLUS, Cramer said.
Cramer explained that professional investors with cash on hand dream of days like today, days when they can buy all the stocks they've been longing for at a price they're willing to pay. In a bull market, as we've seen, these days are few and far between. Most days the pros find themselves sitting on the sidelines waiting, he said.
That's why, early this morning, Cramer and Stephanie Link poured over the charts, looking for bargains. He said Cisco (CSCO) was down big but he's given up on that company. Meanwhile, Costco (COST) simply didn't fall far enough to make it attractive.Cramer said he was keen on PVH Corp (PVH) and G-III Apparel (GIII) after speaking to the CEOs of those companies but there, too, the stocks didn't budge. Joy Global (JOY) was at an attractive price, he noted, but upon further review the quarter had lots of negatives and the company deserved its lower price. All in all, Cramer said, the only stocks that were attractive were the ones he didn't want, which is why he's hoping the markets throw another sale again tomorrow so he can re-evaluate.