Finally, the market became so oversold on Wednesday that Jim Cramer thinks investors can start to pick their favorite stocks again. And while the market didn't bottom, there were real signs of capitulation.
"I am not saying that a bottom has arrived … but I am saying that for the first time since this hideous decline began, we are beginning to see some of the necessary ingredients that make a bottom possible," the "Mad Money" host said.
There is very little that Cramer likes about this market. But one of his cardinal rules is that discipline always trumps conviction. Right now his discipline tells him that investors can start to build small positions in high-yielding dividend stocks that have come down, or companies that were punished, even though they reported solid numbers.