In a special report on CNBC Monday evening titled "Markets in Turmoil", Mad Money host Jim Cramer told investors to have their shopping list ready for the market opening Tuesday morning.

Cramer said he expects the market to open down 3% and the (XIV) index -- VelocityShares Daily Inverse VIX Short-Term ETN -- to put downward pressure on the opening. He encouraged investors to have their shopping list ready and do some buying. 

Check out: Cramer Calls It a Market Reset: 'Mad Money' Recap (Monday 2/5/18)

Some stocks he recommend for that list were JPMorgan Chase & Co. (JPM) , as banks will benefit from the bond market that's driving this decrease, Amazon.com Inc., which just posted a strong quarter, The 3M Co. (MMM) because of its consistent dividend increase, Illinois Tool Works Inc. (ITW) if it hits 500, Johnson & Johnson (JNJ) and Cypress Semiconductor Corp. (CY)  

"How much better to get this over with now," Cramer said of falling prices, adding that the dip isn't "necessarily weird" given that the market has been artificially high.

The comments echo his Real Money column Monday, in which Cramer wrote, "Like I said Friday, this selloff is not a garden variety decline. It's a reset, something that gets us back to where we have to go before we can maintain a real, not parabolic, advance."

Stocks fell hard on Monday, following a selloff last week that led Wall Street to its worst weekly performance in two years.

The Dow Jones Industrial Average dropped 1,175 points, or 4.6%, in its largest single-day point drop ever. The S&P 500 declined 4.1%. The Nasdaq tumbled 3.8%. The Nasdaq had traded in the green earlier Monday. The Dow dropped by as much as 1,597 points earlier in the session.

On Friday, the Dow plunged 665 points, or 2.54%, the S&P 500 dropped by 2.12%, and the Nasdaq sunk 1.96% as bond yields spiked after the U.S. added 200,000 jobs to payrolls in January, above forecasts, and yearly wage gains rose at the fastest pace since the Great Recession of 2008-2009. The decline on Friday was the sixth largest single-day point drop for the Dow in history.

Cramer and the AAP team on Monday evening reiterated to their investment club members that despite the move lower during the day and on and Friday, they are buyers down at these levels. This is exactly the kind of action they readied their portfolio for when they added to their cash position a week ago. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Over on Real Money, Cramer says don't worry about missing anything, we haven't solved the bond conundrum and the evidence says we get to 3% with selloffs on the way. Get more of his insights with a free trial subscription to Real Money.

At the time of publication, Jim Cramer's Action Alerts PLUS had a position in JPM, ITW.

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