Cramer says investors need to hold steady and keep their cash ready for when the bottom finally reveals itself.
Cramer still sees value in Hertz, thinks Windstream is played out and would buy into AvalonBay Communities.
Fund managers have been waking up, realizing the facts have changed and the earnings estimates are just too high, Cramer says.
The game may sometimes feel rigged, but you can protect yourself, Cramer said.
Over the past five years, Cramer has learned a few things from the market. Here are some of the big ones.
Cramer likes McKesson and Corning but isn't recommending Sanchez Energy.
The U.S. is stronger than we thought, Cramer says, but will it last?
Cramer sees Intel going higher but thinks Energy XXI is a horror show.
The monthly unemployment number always hits the market hard but Cramer says there are bargains to be had.
Cramer likes Salix Pharmaceuticals but would like Lazard better at a 3% yield.
While the markets may still have further to fall, investors need to be ready with their shopping list of stocks to buy when the bottom finally comes, Cramer says.
Cramer thinks there are better oil stocks for investment than Exxon Mobil but Chevron isn't one of them.
Shares of those companies that benefit from lower commodity prices such as restaurants, retail and apparel can still head higher.
Cramer is no fan of Annaly Capital but does like Opko Health and Dow Chemical.
Lighten up on your holdings the next time the market soars so you can buy them back at lower prices during the next inevitable selloff, Cramer advises.
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