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Cramer: We just avoided a huge disaster

Friday was a tough day with the market plunging, but Jim Cramer expected it. After all, the money managers who placed mistaken bets going into the Federal Reserve meeting had to unwind positions, and traders sold off ahead of one of the year's seasonal weak periods.

"Remember, some stocks are getting hammered simply because they need to have the Fed raise rates, particularly the financials, which happen to be the largest sector in the S&P 500," the "Mad Money" host said.

It is certainly ugly out there, and having oil prices fall 4.7 percent Friday didn't help. But Cramer can see that the market has a flawed mindset, where investors believe that crude has to go higher in order for the major averages to rally.

Read MoreChurn and burn: Why oil's waiting on the Fed

The consistent link between higher oil prices and higher stock prices has become treacherous. However, the Fed's decision to keep rates unchanged, and the link between oil and stocks, does not mean that all stocks are doomed.

"I remain convinced that companies with secular growth, meaning growth that is not dependent on a stronger economy, can blossom," Cramer said. (Tweet This)

People exit the Adobe Systems office in San Francisco, California.
David Paul Morris | Bloomberg | Getty Images
People exit the Adobe Systems office in San Francisco, California.
"I think you have to take heart the fact that we avoided a potential disaster, which is what could have happened if the Fed had tightened" -Jim Cramer

Cramer thinks investors will naturally be willing to pay for stocks with higher price-to-earnings multiples, as long as the company has rapid growth. That is why a stock like Adobe managed to go higher, despite the terrible selling that was all around it on Friday.

So while some people can freak out about the selloff on Friday, Cramer is not one of those people. After all, the market merely gave up the same ground it gained earlier in the week.

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"I think you have to take heart in the fact that we avoided a potential disaster, which is what could have happened if the Fed had tightened," Cramer said. (Tweet This)

If rates rose, it could have caused major turmoil overseas and a weakening of strong markets in the U.S., such as autos and homes.

Ultimately, Cramer wants investors to be ready to do some buying for high-quality stocks at bargain levels when the opportunity presents itself. Wait for the next leg down, which won't be very deep, before pulling the trigger again.

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