Cramer's warning: Don't miss the pullback

This is a sad market. Can someone please feed it some antidepressants? Anything that is positive is automatically interpreted as negative. But Jim Cramer refuses to look at it that way. He's got his rose-colored glasses on.

Yes, oil is hitting dangerous prices. Yes, interest rates are low. As logical as it might seem to sell oil stocks and financials right now, Cramer warns against it.

"I think that when the market recovers from its bout of selling, there might not be all that much opportunity to get back in. You will have missed the pullback you have been waiting for," the "Mad Money" host said.

However, the negativity still lingers, whether he likes it or not. Acknowledging this fact, Cramer has decided to make some sense of what is happening in the market right now and address each buzz killer.

Scared fear
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First, is oil. Cramer is in absolutely no hurry to buy oil stocks. They used to represent growth, but now they are in no-man's land, in a group by themselves. They no longer indicate growth or value, and it will be several more quarters of pain before people realize they are buying expensive stocks.

"My status has been clear: you need to see a number of cuts and downgrades galore, and until every bull is slaughtered, there is no reason to own them. And when I say every bull I am talking about the need to see all buys go to holds or sells," he said.

Another group that Cramer believes is overvalued in the short-term is financials. Investors are now realizing that the Fed doesn't call the shots anymore. The strong U.S. dollar, worries overseas and the need for safety are controlling bond yields.

How low will bank stocks go? Low enough to trim your position but not to sell all. The group is just too darned cheap.

"As much as some would like to think, this isn't 2008 when Wells Fargo lost four-fifths of its value. It's far more likely that it is similar to October of 2014, when an Ebola scare caused the stock to sell off from $52 to $47," Cramer said.

Another group that is in pain is the international stocks that are headquartered in the U.S., such as General Electric, which is less than half domestic. Even though it might seem tempting to sell this stock, it just doesn't make sense to Cramer.

You would be selling a company with no systematic risk. It has an oil business, but it isn't an oil company. To boot, it has a great yield at 3.83 percent. Cramer would rather hold it and endure the pain, though he doesn't encourage buying the stock right now.

Rather, he is going for the companies that benefit from the low price of oil that have a good yield and not too much overseas economic exposure. Those are buys, not sells.

"Me? I say accept the foul mood. Respect it even because financials, some industrials and all oils do have to readjust to the down side."

Just remember that two of those three options are at a level right now where Cramer doesn't feel comfortable to sell. Especially considering that low rates and low inflation typically signal a time for gains in the market. Not the losses occurring now.

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Just surrender. It is painful, but he would rather think about all of the buying opportunities that the weakness creates. Remember the Ebola scare? That was an opportunity.

So now the question becomes—are you using this pullback as an opportunity? Or are you panicking altogether? Cramer is standing his ground. He's not calling for people to get out just yet. The situation isn't as bad as most think.

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