NEW YORK (TheStreet) -- The S&P 500 and other U.S. indices have been violently selling off amid speculative worries about emerging market economies and their currencies.

TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said that emerging markets haven't really weighed on the U.S. stock market since the mid-1990s. He provided some examples:

In 1997, worries over Eastern Asia caused the markets to sell off. But one year later, the indices were higher.

In 1998, concerns over Russia also knocked the market lower. But yet again, one year later the markets found themselves higher.

However, Cramer called Turkey a "different beast," and he doesn't want to "be calm" about the situation because he's traded the market before during a previous Turkey issue.

In 1992, the country underwent a similar scenario, which ultimately ended with hyperinflation, he said.

Cramer reasoned that investors who have a one year or longer perspective on the market should do great after the pullback.

He concluded that these emerging market scares create great panic, and thus, great opportunities.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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