- CNBC's Jim Cramer takes questions from callers in a strategy session during the market sell-off.
- The "Mad Money" host suggests building a position in the downtrodden technology stocks rather than taking shelter in the market's traditional safe havens.
Some investors are flocking to the stock market's traditional safe havens amid the sell-off, but CNBC's Jim Cramer recommended a different approach for investors looking to take advantage of the declines.
In response to a caller's query about whether or not to buy shares of consumer staples stocks like Procter & Gamble and PepsiCo — often seen as "safe" because of their bond-competitive dividend yields and steady growth — the "Mad Money" host suggested what might seem like a counterintuitive strategy.
"I thought about the same thing," he admitted in a sell-off strategy session with investors.
But instead, Cramer suggested getting into some of the downtrodden technology names, which have seen drastic declines in the last several days and led the first leg of the sell-off.
"I'm not going to push hard on the consumer staples because they don't have the growth that I like, so I think you start buying back your favorite techs that you take a longer-term view on," he said. "If you do want to buy one of those classic growth stocks, I'd buy a drug company, not a consumer products company."
And investors shouldn't be scared to start picking at certain stocks if they're comfortable with taking a longer-term view on the market, he said.
"At the end of the year, I like to put money to work for my kids," Cramer said. "I put some of it to work here. Why? Because I didn't want to wait until the end of the year in case the market suddenly had a snapback, say, [if] the president solves something with China or the Fed saw the light of day. So I think you do things small."