On a day like Tuesday when all of the major averages sank, many investors are tempted to sell in May and go away. Jim Cramer doesn't subscribe to that advice. He says to sell what's run too much, and keep what's valuable.

"I still think the major trends — the weaker dollar, higher oil and rebounding China — remain very much in place," the "Mad Money" host said.

On Tuesday, all three of these major trends were in reverse, and stocks gave up gains in response. But that doesn't mean these themes have gone away.

Numbers from China indicated a slight decline in industrial growth, but Cramer thinks that is an outlier as there has been so much positive data coming out of China.

Oil was also hit hard because OPEC slightly increased production last month. With demand in the U.S. and China increasing, Cramer was surprised OPEC isn't producing even more oil than it is. Meanwhile, he thinks supply is dropping faster than most people realize.

"The cutbacks combined with the increased demand make me think that today's decline in crude isn't the beginning of something big. It is an opportunity to buy the oils," Cramer said.

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The dollar opened weaker on Tuesday and then strengthened throughout the day. Again, Cramer was not concerned that this will become a trend. Investors haven't been chattering about rate hikes, and until that happens, he doesn't expect the dollar to spike.

If anything, he considered Tuesday to simply be a lull in the market. With that, he spotted various opportunities to snap up high-quality stocks at a bargain price.

The first opportunity was in retail, which has bounced back this week. He recommended Costco, CVS Health and Clorox.

The next were three stocks that jumped back to life: Valeant, Chipotle and Apple. And while the past performance is not an indicator of future trajectory, he did note the turnaround.

"You still got some pretty darned good moves in a whole different set of stocks that we least expected to rally. That is bullish, not bearish, and it means that sell in May and go away strategy isn't a strategy," Cramer said.

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