The market is experiencing a bout of "profit-taking fever," Jim Cramer said Thursday on his "RealMoney" radio show.

That's healthy, he said, as the market has had a powerful rally in recent weeks. With so many stocks at or near their 52-week highs, it's reasonable they would take a breather. The important thing is to know your stocks, so you don't get shaken out, he said.

For example, Qualcomm ( QCOM) raised its first-quarter outlook Thursday, but the stock was down as of late Thursday. Texas Instruments ( TXN) reported "great news" in its midquarter update Wednesday night, said Cramer, but its stock was also down late Thursday. Likewise, National Semiconductor ( NSM) on Thursday reported rising gross margins and "terrific bookings" in its quarterly report, said Cramer, but its stock was down on the day.

When everyone knows things are good, said Cramer, you tend to have a bit of a selloff. Investors want to lock in profits.

But if you are able to have some perspective, Cramer believes the good news in Qualcomm, Texas Instruments and National Semiconductor will be rewarded. All of them make parts that go into the products that make up the tech gadget revolution, he said.

Cramer believes the "selling squall" will probably last until the Federal Reserve meets and likely raises interest rates next week.

This is day one of the selloff, he said, adding that he likes to buy stocks on day three or four of a selloff.

Cramer On Demand

Cramer said Wal-Mart ( WMT) is in the midst of a turnaround thanks to improvements in the look and feel of its stores.

Cramer disliked Wal-Mart for five years, he said, because its stores had lost their "excitement." People want to feel good when they spend, he said.

But Wal-Mart has put a former Target ( TGT) executive in charge of improving the stores. Target "gets it," he said.

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