"I've got a set of disciplines ... that forces you to confront the 'nothing's down enough' lame excuse for not taking action," the "Mad Money" host said. "So let me give you Cramer's rules for sell-offs during earnings season, because earnings season is totally fraught with unusual risk and is quite different from Cramer's rules for everyday sell-offs."
First, Cramer pointed out that the tidal wave of reports can be especially taxing on the analysts that cover stocks. Second, he tried to pinpoint what caused the sell-off.
Wednesday's disappointments included AT&T's worse-than-expected earnings report (which Cramer thought could be a buying opportunity seeing as the Time Warner merger should boost its cash flow); Chipotle's growth-lacking report (which Cramer thought was not major enough to drag on the market); and Advanced Micro Devices' weak profitability forecast.
"AMD's guidance, which was sub-optimal, had a lasting impact on lots of areas within tech, and many of those areas had been strong," Cramer said. "Still, though, I can't countenance the idea that AT&T, Chipotle and AMD are responsible for the magnitude of today's sell-off."