Scenario #2: The market opens flat
Much like a higher open, Cramer doesn't think a flat open is all that likely either.
However, in the event it happens Cramer says look for individual opportunities that can be gifts. One example would be the Pinnacle Foods IPO. "On a flat open, I'd get ready to buy," Cramer said.
"With all it's name brands such as Birds Eye, Duncan Hines, Log Cabin and Mrs. Paul Fish Sticks along with a nearly 4% yield, I think this stock could be a great stock."
"If we get a flat open and it keeps a lid on the stock, I'm definitely a buyer," said Cramer.
Scenario #3 The market whooshes lower.
This is the scenario that Cramer thinks is most likely.
"I fully expect to see angry Cypriots hanging Germans in effigy and having fistfights while in bank lines," Cramer said.
If those kinds of images are on your television and the market looks to open at least 1% lower Cramer suggests setting buy levels and then pulling the trigger strategically.
"I think you go for domestic security," he said. And one stock that Cramer thinks is a buy on a pullback is General Mills. "Last week Ken Powell, the CEO of General Mills told Mad Money that things are terrific. I anticipate more buybacks, more dividend boosts, and more price appreciation."
Cramer also suggests watching Costco. "This company is almost entirely a domestic company with no European exposure."
And Cramer also suggests Radian, the mortgage insurer. "This is a fabulous business for a nation in the early innings of a housing boom."
What's the bottom line?
"I think Thursday will be ugly," said Cramer. "While others sell everything and sit mesmerized as the tear gas flies, I'd buy some Pinnacle, some Costco, some General Mills and some Radian."