Jim Cramer Says Panic Is Not a Strategy, He's Buying a Blue Chip Fund

TheStreet's Jim Cramer says the global markets selloff is not a time to panic but instead a time to look closely at some buying opportunities which could include stocks that derive a majority of their revenue from sales inside the United States. Cramer said, 'If you want to put some money to work, I’d suggest an index fund, a high dividend index fund. I will be buying Fidelity's Blue Chip Fund for my kids because they’re all cash and I think that’s important.' For buyers looking to invest in individual names, Cramer said two sectors to consider are homebuilders and retailers. He says look closely at their latest quarterly reports and if they look healthy, invest. Cramer believes their earnings will not change much because of the current market declines. For retailers especially, the weaker dollar may actually help someone of them report better results. Cramer cautions investors that they don't need to jump in and buy today. If you have a stock question for Jim Cramer tweet @JimCramer with #CramerQ.