Despite Thursday's market declines, Jim Cramer called for investors to roll up their sleeves and figure out what stocks should be bought from the rally in the past three days.
He does not want investors to be disheartened by Thursday's market declines. In Cramer's experience, a three-day rally always tends to be followed by multi-day declines.
Cramer was confident there are appealing stocks to buy out there because it is now far enough along in earnings season.
He was also impressed with the improved investing backdrop, as many changes have given him assurance that stocks can be bought. This included the level of flexibility shown by St. Louis Federal Reserve President James Bullard, who openly questioned the need for a rate hike because of the turmoil occurring worldwide.
Additionally, Cramer was also happy to see that the dollar finally ceased to climb in strength and there has been increased activity in mergers and acquisitions, with both Ingram Micro and ADT catching bids.
"You don't get a couple of bids for $6 and $7 billion respectively out of thin air and not think something has changed," Cramer said.
So now that the rally has started to dwindle, Cramer expects opportunities to start knocking. So instead of investors thinking they missed the rally, he reminded them declines do occur after a three-day burst in stocks.
That means it is time to dust off the shopping list and look for opportunities.