TheStreet's Jim Cramer isn't worried, however. There's "no reason to panic" and investors should be in "no hurry to do any buying yet."
"Let stocks come in a little bit," said Cramer, co-manager of the Action Alerts PLUS portfolio, during CNBC's "Stop Trading" segment.
Cramer noted several analysts have been preaching caution rather than panic. Specifically, he said, analysts at Piper Jaffray downgraded Michael Kors (KORS) to hold from buy and analysts at Sterne Agee lowered their deliveries estimates for Boeing (BA) - Get Report but still like the stock on the long side.
Boeing BA and Michael Kors KORS data by YCharts
Stocks do seem to have gotten slightly extended, Cramer explained. So there shouldn't be an issue with waiting for a market decline that will allow investors to swoop in and buy high-quality companies on the cheap.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.