In Jim Cramer's perspective, this week was a harsh reminder to investors that panic is not an investment strategy.
Unfortunately, investors may be put to the test again next week, ahead of the employment numbers on Friday.
The stock market panicked on Monday after news of a Brexit. Monday was the seventh biggest day of redemptions in 10 years, even through the financial crisis and great recession.
"I find the statistic infuriating because no matter how hard that I preach that nobody ever made a dime from panicking — and selling on Monday was pure panic — people just can't take it. They don't know what they own. They fear owning stocks. They don't' know how to stay put, let alone do some buying," the "Mad Money" host said.
While stocks did bounce by the end of the week, Cramer says it might have been too good. For those who bought near the bottom, it could be time to take something off the table, he said. For those who haven't bought yet, they must wait.
"I can't countenance coming in after a gigantic run right ahead of what might be a difficult earnings season," Cramer said.
Cramer will be watching for Lloyds Bank, Barclays and Royal Bank of Scotland, which were all at the center of the Brexit sell-off. He thinks that their bonds are doing well, and has his eye on Lloyds for speculation.