Editors' pick: Originally published March 11.

The recent U.S. market selloff based on European economic policy offers investors buying opportunities, said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio. Cramer called the reaction "stupid" on CNBC Friday.

U.S. stocks finished mostly lower Thursday, under pressure from oil prices and concerns about the effectiveness of monetary policy following announcements from the European Central Bank.

"There's just a lot of people who trade immediately off Europe. But the reason Europe went down is because the dollar went down, the euro went higher -- so then they came back and bought it," Cramer said.

"I wish I could tell you that it wasn't this stupid, but the First Amendment protects stupidity. And yesterday's trading was so dumb, it was extraordinary," he said.

"I think if you bought a lot of domestic stocks at the bottom you've got a great basis to start. So everybody at home should recognize that these selloffs based on Europe are just terrific buying opportunities, or, as Donald Trump would say, 'elegant' buying opportunities," Cramer said.

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The S&P 500 (SPY) - Get SPDR S&P 500 ETF Trust Report is up 1.4% in midday Friday trading.

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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.