The Dow plunged triple digits on Tuesday as investors worried about a slowing economy, the strong dollar and an imminent interest rate raise by the Fed. Basically, to Jim Cramer, it felt like everything went wrong.
"What's good for the stock goose isn't necessarily good for the stock gander. Not everything can be bad all at once!" the "Mad Money" host said.
Cramer added that this especially applies to stocks like Whole Foods, which is just too low to sell right now. However, that doesn't mean the stock is bad news. So with that said, Cramer tore apart the remaining market rubble to see where the hidden bargains can be found.
The first element that weighed down the averages on Tuesday was the fast growing strength of the dollar. And while many view this trend as being negative for all companies, Cramer does not agree.
"I personally believe that the euro has bottomed and the dollar has peaked," he added. (Tweet This)
Another trend that stuck out to Cramer was the oil patch. It was under immense pressure on Tuesday, and Cramer suspects that this was the group that set a dark cloud over the entire market. Oil stocks have become strong winners lately, but the strong dollar and news that Iraq will increase oil production put a dent in the price of crude.
But again, just because oil was clubbed doesn't mean the entire market should be. There are plenty of stocks that rally from lower oil and gas prices, such as the restaurant, retail and airliners.
And while there were plenty of negative rumors in the market that could be true, Cramer wanted investors to realize that even if these are legitimate worries—there are still stocks that are worth buying.