Typically Jim Cramer likes to leverage weakness and scale into new positions when stocks sell off. But not right now, save for this stock.
"I look at every decline as a source of better prices," Cramer said, and Thursday's selloff, in which the tumbled by triple digits, is no different.
"Whenever my charitable trust has cash, which we do now, Stephanie Link, my co-portfolio manager and I look for something to buy. The problem is buying opportunities are mighty hard to find right now."
Although that may sound as if Cramer can't find a company that he wants to own, that's not the case. There are a lot of companies that he wants to own.
"We just got fantastic numbers from Facebook. I like that. However the trust already owns it," Cramer said.
"Apple, off two bucks, is tempting, after listening to T-Mobile's John Legere talk this morning about the iconic nature of the iPhone 6 which is about to launch. He must know something, I figure. But the trust already owns Apple, too."
The issue, instead, is that as sharp as the selloff may seem, it hasn't been sharp enough to generate any significant discounts. "And I want to buy something that's down, really down. Not just a couple of points from its high." Most of the companies that Cramer wants to own, across a wide range of sectors, remain near 52-week highs, if not all-time highs.
Therefore, Cramer is reluctant to pull the trigger.
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There is, however, a pocket in the market that interests Cramer. It's the industrials. In this space, "Many of these stocks are down ten percent or more from their highs. To me, that's intriguing," Cramer said.
And of all the stocks to choose from, Cramer thinks Dow Chemical presents an interesting risk versus reward proposition.
"Dow Chemical has been at the forefront of using U.S. natural gas, which is the cheapest in the world. I like that edge," he said.
Also, because there's a flight to safety underway, Cramer expects investors to rotate into stocks that generate yield. Dow Chemical yields 3 percent.
"And Dow has an activist, Dan Loeb, a very powerful, very smart money manager who's pushing management for change or maybe even a breakup," Cramer added.
All told, Cramer thinks Dow Chemical is a buy. However, other than Dow Chemical, no other stock in the sector or the market meets Cramer's criteria for investment.
"I could continue to tick off stocks I'm not ready to buy, endlessly. But I think you see the point. I don't think there's much to like yet, especially with all of the uncertainty abroad. The best of the best are still high with the exception of Dow Chemical, which I am buying for the charitable trust."
Call Cramer: 1-800-743-CNBC
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