Amid Tuesday's sharp selloff and rotation out of tech stocks, Jim Cramer said investors should sit on their hands.
As of intraday trading, the Dow Jones Industrial Average was down 447.10 points, the Nasdaq was down 391.93 points and the S&P 500 was down 84.06 points.
Cramer said that his Action Alerts PLUS portfolio is holding off on making any major moves as the club's barbell strategy prepared it for this kind of rotation. "I feel like we're playing with the house's money. When you're playing with the house's money, let it run," Cramer said.
When it comes to the average investor, Cramer's advice was simple. Wait and let the market come in.
"There's no need to panic, it's just a bad rotation, and that's what it is and nothing more than that," Cramer said.
In the video above, Cramer discussed the selloff in the context of Wells Fargo (WFC) - Get Free Report, Facebook (FB) - Get Free Report, Estee Lauder (EL) - Get Free Report, Amazon (AMZN) - Get Free Report and more.
Recap TheStreet Live: Everything Jim Cramer Is Watching 9/28/21