Avid "Mad Money" viewers know Cramer is not too negative and he's always willing to call extreme negativity out whenever he sees it. After stocks plunged Monday, however, he's willing to admit that he can not only understand the bear case, but see how someone would want to don a bear suit for the next few days.
So what is making Cramer feel miserable about stocks right now?
Cramer said he was alarmed by the latest results from the European bank stress tests. Several banks in countries with teetering finances got passes, he complained. So he doesn't think the grading was fair or accurate.
Speaking of Europe, after the Continent's governments announce a budget fix for any particular country in trouble, another economic problem tends to arise. From Greece to Italy and Spain, it seems Europe's economic problems have no end in sight.
In the U.S., the White House can't seem to come to an agreement with Congressional leaders on the debt ceiling. Every time potential progress is reported, it seems the negotiations fall a part. U.S. Treasury Secretary Timothy Geithner told CNBC on Monday that the U.S. would not default on its debt, but Cramer said his comments didn't seem to matter to the markets.
Even strong earnings results, like those Halliburton reported before Monday's opening bell, didn't seem to matter to the market. The oil company's stock barely finished higher despite its stand out earnings, Cramer said. Terrific earnings just didn’t seem to matter in this market.
Stocks went down, but they didn't stay down, Cramer said. Buyers came in, but only to pick up names that were already up. It bothered Cramer that stocks weren't down more.
"Why the heck am I rooting for stocks to go lower? Simple, " Cramer said. "Because we are still vulnerable at these levels. We are still too high. We need to see this market come down, if only so we can be more sure of ourselves."
Right now, bargain hunters and dip buyers aren't letting this market go to where it has to go, so actual bad news can be discounted, Cramer said. Without lower prices concomitant with horrible macro news, Cramer said the good corporate news is wasted, as we saw with Halliburton's strong earnings results.
So what's the bottom line?
Investors should be patient and let the lower prices come, Cramer said. That way, investors will have the capital to buy stocks when real bad news comes about and takes stocks down to lower levels.
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