However, Cramer thinks a third explanation is the most likely explanation. Fundamentally, there's a lot to be positive about and therefore declines have not been deep.
"The U.S economy is strong enough to survive a fall onto either a trampoline or into a deep pool," he said.
In addition, the relative strength in corporate profits, the ability of Europe to contain its debt crisis, and China's commitment to growth are all powerful catalysts – and the market deems them powerful enough to offset the fiscal cliff – at least for the time being.
"We think that housing, autos and anything Chinese related can be bought in small amounts here," said Cramer. "Continue to use the weakness as an opportunity to buy not sell," said Cramer.
That's not to say the market can't keep selling-off, it can. Cramer said the market could easily give back a few more percentage points as buyers step back.
However, he thinks weakness is an opportunity and not something to fear. Put a shopping list together. "Better to be a buyer, not a seller," he said.
What stocks should be on your shopping list?
Read More: Scaling the Abyss - 9 'Buys' if Nation Falls Off Fiscal Cliff