Jim Cramer said that we are oversold for the first time in 2019.
"There's tremendous fear--not of missing out, but of big sellers," Cramer said. "After a couple of days [of being oversold] the big sellers say, you know what? The market's down so much, I don't want to sell it anymore...I'm looking at Disney (DIS) - Get Walt Disney Company Report ," Cramer said.
"I'm outlining a scenario where as you can tell, I'm not talking about negative fundamentals because in the actual negative fundamentals today be at Kroger (KR) - Get Kroger Co. Report . Kroger was bad...Kroger's made some personnel changes that are positive. I'm desperate for Kroger. Desperate for the banks. Desperate for Burlington (BURL) - Get Burlington Stores, Inc. Report . Something positive. It had nothing. But maybe there's a sea change in retail because Abercrombie (ANF) - Get Abercrombie & Fitch Co. Class A Report was good, Kohl's (KSS) - Get Kohl's Corporation Report was good, Target (TGT) - Get Target Corporation Report was good, but I lack ammo to tell people to buy," Cramer explained.
On the flip side, however, Cramer doesn't quite think it's time to sell.
"But, I also lack the ammo to tell people to sell," Cramer said.