Cramer Turns Cautious, Says Buyers Should Wait

If you're not already in stocks, Cramer thinks now is not the time to dive in.

There are developments in the market that he doesn't like.

"I see people all over the place right now trying to join me in the bull camp," Cramer explained. "I see people coming onto CNBC saying they were wrong; now they like the market."

Too many bulls gives Cramer pause.

"I'm seeing investors reach and chase, and as a result they've now driven the Dow Jones Industrial Average higher for eight straight days." There haven't been nine straight days of gains in the Dow since 1996.

Cramer doesn't like that either.

"I say that if you haven't bought yet, why don't you wait. Take a pass right now."

Cramer thinks that market is becoming almost euphoric. However, when the euphoria comes to an end – and it always comes to an end – the next move lower could hurt.

Cramer said that there are fundamental catalysts looming that are somewhat ugly and in an overbought market, they could do some real damage.

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For example, China's annual industrial output growth eased to 9.9 percent in the first two months from a year ago, that below market forecasts. In fact, China is looking at its slowest year of growth since 1999.

Meanwhile, Moody's cut Britain's debt rating saying the $2.5 trillion economy faced years of sluggish growth and debt would continue to rise until 2016. That may create political turmoil in the UK because British finance minister George Osborne had has repeatedly vowed to protect Britain's top credit rating.

Cramer also pointed to events in North and South Korea as another potentially negative catalyst. And he reminded there's always the potential for the Fed to step back.

Any of these next negative catalysts could send investors scrambling for the exits.

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That's not to say Cramer is turning bearish – he's not.

"I still like the fundamentals, I like them very much," he said. It's simply that Cramer thinks too many people may be on one side of the trade.

"I think that you'll get a better place to buy if you just wait for it," Cramer explained.

If the market were a baseball game, Cramer said "I'd keep the bat on my shoulder right now. The other guys are swinging wildly. Instead, wait for the right pitch."

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