CNBC's Jim Cramer said Wednesday that investors should look at buying some stocks after two days of major coronavirus-related declines.
"I think you've got to start buying something," Cramer said on "Squawk on the Street."
The "Mad Money" host said he understands more bad news related to the virus outbreak could happen, such as increased cases in the U.S. and possible deaths.
But he said he still believes there are some opportunities for investors in the market, particularly for those who have ample cash on hand.
"If you have a lot of cash, let's say you have 20% cash, you're not going to put 1% to work?" Cramer said. "Are you really going to think that nobody has anything going on?"
Cramer previously said this week that drug companies remained attractive stocks even as markets fell. He also has urged investors to stick to the facts and be cautious.
Cramer's comments come as stocks opened higher Wednesday.
Global markets have fallen this week as investors respond to increasing coronavirus cases outside of mainland China.
Ahead of Wednesday's open, the Dow Jones Industrial Average, S&P 500 and Nasdaq were lower for the year and stood roughly 8% off their record highs from earlier in February.
"If you haven't put anything to work, I think you're playing with fire," Cramer said. "Look I would obviously say put it all to work if I felt you didn't have these other shoes [to drop]."
But Cramer said comments Tuesday from Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, regarding a potential vaccine have altered his thinking.
While there remains potential downside risk, there also is the possibility health officials and others working to combat the outbreak "do something good, and you'll have bought nothing," Cramer said.
"Am I optimistic? No ... I'm just not as negative as I was," Cramer said.