Cramer: Time to shop the drop

The market took a plunge on Wednesday, but Jim Cramer's not sweating it. He sees this as an opportunity for investors to take out their shopping lists, not to pack up and run for the hills.

The primary cause of the recent bear market, in Cramer's opinion, was due to oil being hammered, as it shed $2. This led it to fall to its lowest close since December 2012. But wait… doesn't cheaper oil mean a tax cut for everyone that drives a car? Isn't cheap oil good for business?

Well, yes, but that would assume the market is a rational beast. Cramer has always known that it is not.

"I do a lot of shows where I talk about how to handle a correction, and I do them because of days like today."

Jim Cramer Mad Money
Source: CNBC

The "Mad Money" host thinks that this break in the rally is actually welcomed because it provides a window for investors to get in who missed the bottom last week.

Though the overleveraged oil companies will be hurt from the drop in price of oil, the beneficiaries of this are companies like airlines, restaurants and retailers can be bought into the weakness.

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Shopping list
Mediaphotos | E+ | Getty Images

Cramer also added that this also comes at a great time, because so many companies that are not reliant on oil are reporting that investors will know which ones to buy into.

For example, Honeywell reported great numbers. Cramer has been foaming at the mouth to buy this one for his Charitable Trust, but couldn't find a good entry point. If it goes down again Thursday, he will buy it. Other stocks he recommends are Dow Chemical, EOG, Apache and Anadarko.

"Get your shopping list ready in case the selloff continues on Thursday, and be glad that you're getting a chance to buy some very high quality merchandise at a discount to where it would otherwise be trading," Cramer said.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com