Amid the drama that the three-hour halt of NYSE floord trading caused, Jim Cramer knows nothing makes investors more uncertain about their stocks than the knowledge the system where they were purchased failed to work.
And while Cramer believes the NYSE was not hacked, he was not comforted when the president of the NYSE Group, Tom Farley, described Wednesday as a "bad day."
But if it weren't for the trading halt, investors would have seen the same issues repeated on Wednesday. Europe barely produced positive results, and Cramer suspects the Greece situation is on the verge of resolution.
The Chinese implosion finally hit home as well, and it finally was clear that the country is in a downturn. Essentially Europe is stalled and China is headed down—not good news.
"You know me, though, there is always a bull market somewhere. So excuse me for thinking anything positive after a session when gloom ruled the day…but did you notice what wasn't talked about?" Cramer asked.
The one thing not talked about on Wednesday was the Fed.
It was just two weeks ago that the biggest issue on the markets was when the Fed would raise interest rates. However, would the Fed really want to tighten now when China could be crashing, oil is plummeting and iron is down 16 percent in one week?
Most importantly, if the Fed were to raise rates now, it would cause the dollar to soar and thus crush any hope for exports strengthening in the U.S.
So if the Fed puts a rate hike on hold, Cramer anticipates new buyers will come in and gobble up stocks that offer solid yields. After all, if rates aren't going higher it means the search for yield is back on the table.
Cramer thinks this is why buyers hit the market on Tuesday looking for bond market equivalent stocks such as REITs, utilities and consumer packaged goods.
"These kinds of stocks have been under pressure for months as the inevitability of the rate hike dawned on us. With the Fed raising rates out of the picture, they can begin to rally again," Cramer said.
Even the FXE, which is the ETF that measures the strength of the euro versus the dollar, was in the green on Wednesday. That means for once the dollar did not rally.
So with the euro stabilizing, the Fed on hold, low rates and continued growth in the U.S.—Cramer sees a perfect storm brewing to buy stocks.
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Read more from Mad Money with Jim Cramer
Cramer on NYSE halt: We were warned
Cramer: Are we headed for worldwide recession?
Cramer: $30 oil could be around the corner
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The "Mad Money" host recommended using the broad-based downturn to buy the stocks of high quality companies at prices that you like. This volatile market could bring a rare opportunity to take advantage of.
In particular Cramer has his eye on Disney, as it is under pressure from the opening of Shanghai Disney. In his opinion, this is why investors are in the market. To buy stocks of high quality companies at cheap prices!
So it is time to do some serious buying into weakness, especially since it looks to Cramer that the Fed will not be able to raise rates this year.
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