Although stocks dropped 4 percent on Wednesday, Cramer said investors "can't be paralyzed." Instead, they should ready a shopping list of stocks they can slowly buy on the way down.
On Tuesday, Cramer revealed his "Buy, Buy, Buy List." It consists of seven high-yielding stocks that can be bought in this environment. Consolidated Edison and Enterprise Products Partners were among the names he mentioned and both stocks on Wednesday posted 17 cent and $1.32 gains respectively.
All of the stocks on Cramer's list become more attractive as they go lower. After all, the dividend yield goes up when the stock price goes down. If Verizon drops a little more than a point to $32.50 a share, for example, it will boast a 6 percent yield.
Cramer added that investors should buy in small amounts using wide scales. Click ahead for Cramer's Buy, Buy, Buy List.