After a day of bloodshed on the averages, Jim Cramer took the time to talk about the downside. And no, he is not going to call a bottom in the market. The asymmetrical nature of a selloff makes it very hard to say anything positive and very easy to go extremely negative.
"For most commentators, there is very little upside in trying to call a bottom. If you are wrong, everybody thinks you're a charlatan, but if you get it right, everyone assumed you just got lucky," the "Mad Money" host said.
Cramer has heard many investors speculate that the selloff on Monday is reminiscent of the selloff that occurred between 2007 and 2009. He finds that absolutely preposterous, as that crash was all about systematic risk to the U.S. banking system. What ails the stock market these days is coming from overseas, not systematic risk in the U.S. economy.
"Anyone who says this is 2008 all over again is out of their mind," Cramer added. (Tweet This)
Cramer is also dismissive of anyone who claims that the decline can go another 25 percent down after a day like Monday. That kind of a correction points to genuine systematic risk, and Cramer does not agree that is what has occurred.
To paint a clear picture for investors of what could play out in their portfolio on the downside; Cramer reviewed three strikes that could hit the market hard.