The stock market's staggering declines may not be over, but steel-stomached investors might still find some worthwhile stocks to buy if they're careful and know where to look, CNBC's Jim Cramer said Friday.
"[This] is a treacherous market. It is a mean market. It is an angry market. It reacts horribly to even the slightest bit of troublesome news. It doesn't even like good news. We now sit at the lowest level since April and I don't think we're done with the decline," the "Mad Money" host warned after the Dow Jones Industrial Average plunged nearly 500 points.
However, "there are bargains being created. You've just got to know where to look for them. The problem is there are just not enough to do the job" of reversing the market's bearish moves, Cramer said.
Now, Wall Street is approaching a "peculiar junction" ahead of the Federal Reserve's meeting next week, at which the central bank's leadership is widely expected to raise interest rates by a quarter-point, Cramer said.
Reiterating his concern about a lot of economic indicators sending conflicting signals, Cramer suggested that Fed Chair Jerome Powell taking a data-dependent, wait-and-see approach instead of hiking rates again.
"The smartest thing Jerome Powell could do here would be to wait another month or two to see which of these indicators are telling the truth, ... especially when we know that there will be tens of thousands of layoffs in retail alone a month from now," he said. "Unfortunately, Powell wedded himself to a rate hike this month and now he can't back down, not without making the Fed look toothless."
With that in mind, Cramer turned to his game plan for the week ahead: