that's the only shining spot for bulls. >> guy adami. >> mark cuban talked about netflix. $95 is your line in the sand. thanks for calling, in mark. >> i'm melissa lee. thanks for watching. see you tomorrow again for more "fast." "mad money" begins right now. >> my mission is simple, to make you money. i'm here to level the playingfield for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now. >> hey, i'm cramer. welcome to "mad money" welcome to cramerica. other people want to make friends. i'm trying to save you some money. my job is to educate, teach and tell you how to handle markets like this. call me or tweet me @jimcramer. never confuse the day-to-day action in the stock market with the state of the real economy. the dow at one point plunged

more than 1,000 points before closing down 588. s&p plummeted 3.9% and nasdaq 3.82%. we're in total correction mode for all three averages and we have now expected the worst three day point decline in the dow jones closing at an 18 month low. let me tell you why there's so much confusion between our economy and our stock market decline. in my years of investing which is 8 separate crashes and multiple bear markets i dreamed of a scenario where interest rates were low minimizing the competition where corporate balance sheets are strong, commodity costs are on the decline, particularly gasoline, employment is better. retail sales are robust and housing is doing well because of low mortgage rates. i want to see a weaker dollar so our international companies have better earnings translations and aren't priced out versus foreign competitors. unfortunately whenever this

scenario comes along typically stocks are either very very expensive, too expensive for risk or given the scenario there's a propensity for the fed to raise rates when faced with all the positives. however there is always an outside chance that some event occurs causing the fed to be put on hold and lowering the price of all stocks to a reasonable price to earnings ratio, particularly when you consider the historically low interest rates. and that's exactly what we have thanks to the turmoil in china. we have for example dow jones industrial average that trades at 13.8 times earnings. cheap. 2.6% dividend yield. much higher than the 2% from ten year treasuries. especially if you're taking the lower tax rate on dividends into account. we do have stronger employment. a suddenly weaker dollar versus the euro and declining interest rates. it's all good on the surface for certain so why are we going

down? first we have indecisive leaders, particularly in the federal vefreserve. james bullard made it clear that higher rates are on the agenda no matter what. including what's going on in china. if you look at the market on friday you'll see it was making a come back right up into his comments. they got widespread disseminati dissemination. they were precisely the kind of sentiments that should best be kept within the fed. i'm in favor of free speech. these comments were akined to a defensive line coach criticizing the head coach of an nfl team. keep in the locker room. otherwise it's wreck lass and someone has to call him out. might as well be me. i did it in 2007 when i accused the fed of knowing nothing. we found that out in the fed minutes released five years later. i don't play for them and i'm more than willing to shout from the roof tops when i see something that accelerates the

down side like that. we didn't get in a surenesses today that the fed feels otherwise and the board is wrong. silence isn't golden. dennis lockhart came out and said the international situation complicated things but he also said he expects a rate hike sometime this year. again, keep it in the tent or you'll be responsible for the accelerated decline. if janet yellen had come out this morning and said this global environment requires the fed to be on hold then we wouldn't have been slaughtered like we were. second, we cannot dismiss the damage that china is inflicting on the global economy with it's stock market and it's lowered rate of growth. a year ago the shanghai composite stood at 2,236. on june 12th of this year traded at 5,178. that's an absurdly quick run. not based on any fundamentals at all. it was fuelled by tremendous account growth. millions upon millions of accounts along. and last night that index fell

more than 8%. it's now dropped to 3210. when i compare them to the nasdaq from 2000 i find an uncanny resemblance and companies are insolvent. many banks in that case. it's inconceivable that we won't repeal every single point that index has made in the last year or more. until the shanghai composite stabilizes we'll be concerned about global growth. not to mention the collateral damage spawned by the chinese parties lost ora of infallibility. it's why i expect it to continue. more downside se nary yos after the break. i don't know how horrendous the economy in china is. i shot the ceo of apple an e-mail last night about hi china fears and he responded this morning with an e-mail i read at the top of squawk on the street. i'll read it again.

quote, as you know we don't give mid quarter updates and we rarely comment on moves in apple stock but i know your question is on the minds of many investors. i get updates on our performance in china every day and we have continued to experience strong growth in our business in china through july and august. growth in iphone activations has accelerated over the past few weeks and we have had the best performance for the year for the app store in china during the last two weeks. apple's cook goes on to say, quote, obviously i can't predict the future but our performance is reassuring. additionally i continue to believe china represents an unprecedented opportunity over the long-term and most importantly the growth of the middle class over the several years will be huge. end quote. that's a significant statement at least to me and it helped drive apple stock all the way into the black at one point from deep red. that was about a 16 point swing but apple isn't a member of the

s&p 500 and we're an index fund nation which means nothing can with stand the witherring and endless blast of the s&p 500's guns. that's the real problem. people fear deflation. they fear chinese collapse. they fear the fed will raise rates. most important they fear what's happened before when large portions of the globe break down and we import their woe's regardless of how strong the economy is. which is what is happening now. i can't be like that about a market that goes down 1500 point in three days. i don't think we'll repeat the 2007 decline. this time its not the country's finances in trouble. it's china. our banks aren't broken. theirs are. i don't think we'll repeat the crash of '87 because we don't have a market selling at 29 times earnings which is what the market was selling for going into the crash of '87.

the dow is at 13 and change times earnings. the stock market had a huge run in recent years and as i'll demonstrate later in the show history is not yet on the side of the bulls. the contagion and lack of leadership from china and the u.s., especially the fed bodes poorly for the near future. does that mean we should jetison everything? no. it's been corrected. take profits on stocks or funds. even down here. to be sure you have some cash for a better level. it's imperative to get off margin before you lose a huge percentage of your worth. that says, those of you that have cash on the sidelines for retirement it's a good idea to start investing that capital in the stock market and with a recipe i'll provide after the break. this decline does make sense in the contest of previous routes even as it doesn't come pete when you look at the real u.s. economy and for the moment the strength is known for what ails stocks and won't be until we hit lower levels.

joe in virginia, joe. >> caller: thanks for taking my call and i really off your show. what's your take on petro china and why do you think the volume is so low. >> i've got two strikes against it. i don't like the oil stocks and i'm not sure that's the current view on it. >> caller: i'm look at fiat chrysler. they plan on selling off ferrari and issuing ferrari stock to current stockholders. they're around 15. revenue margins and return on equity is good. it's down 40% for the month. should i buy? >> that stock is up too much

versus other stocks and it doesn't have that kind of yield that i would like for protection. i'm not a big fan of the auto stocks because they require worldwide growth and that is what's being questioned so i'm going to say no to that idea. dennis in michigan, please, dennis. dennis you're up. >> caller: hi, jim. i'm calling in regard to jet blue which is an american based a airline stock. it has nothing to do with china, europe or the world economy yet in the last several days it's fallen over 8%. i'd like to get your opinion on why it's fallen. >> of course. let's understand that july was a bad month in term of rate structure for united states airlines and more importantly that's barely down when you care so many other stocks that are down far more. it's not a blue chip. it doesn't have a blue yield. i'll have to say no too. i think it goes lower. please don't confuse what's happening in the stock market

with what's happening in the economy. the decline makes sense for reasons that have very little to do with the red white and blue. taking a good hard look at the bearish factors that could put more salt in our wounds. then there's some stocks you can buy right here, right now include a player that's already doubled this year. i'll reveal the names and tell you why they're buys. plus it was one of the most beloved stocks and it's a great example of how a market fuelled by fear can wreak havoc on a growth stock. i'll unveil it when i give you my take on what's next. stick with cramer.

don't miss a second of "mad money kwtd. follow @jim cramer on twitter. have a question, #madtweets. send an e-mail to madmoney@cnbc.com or give us a call at 1-80-743-cnbc. miss something? head to madmoney.cnbc.com.

after still one more hideous down day we need to talk down side because there's more to come. before i get started i have to tell you that the negative conventional wisdom has been the handsdown winner in this market at least so far. the idea that we may actually have seen the lows here, that's a high risk proposition. the fact is for most commentators there's very little upsi upside. if you're wrong everyone thinks you're a charleton.

it's easy to go negative. got to guard against that too. people are trying to give you downside targets suggesting that the sell off is the real deal, so to speak, ala 2007 to 2009. that's something i find not realistic. back then we were worried that the atms would stop working and no bank would survive. what's hurting us this time around is from overseas. not here, our economy is still strong. during the financial crisis we were ground zero. i'm talking that scenario where we saw a 50% decline off the table. anyone that says this is 2008 all over again is going to be proved. also anyone that thinks we can decline 25%. that kind of correction would apply, again, systemic risk

meaning there's something very wrong we don't know about our country's economy and just other countries. i don't see it that way. however, i don't want to dismiss this sell off. history says it's not over even though we're down 7% from our highs. let's play it out. let's assume we don't get any help from the fed meaning there wontd be any rate hikes this year. that's one of the reasons we're down so badly. that would be strike one against this market. strike two, if the chinese continue to prop up their stock market and they fail. they failed terribly last night. it's powerless and the people may be as penniless. they have to get serious about their economy and not their stock market which won't be near fairly valued until we get a decline that wipes out of the gains of the last 12 months. strike three, if the dollar regains it's poise against all other currencies.

remember it was weak against the euro at the end of last week and that would continue today. then our manufacturing companies will be hurt badly. estimates come down. international companies will be subject to endless number cuts and oil will keep plummeting causing the bankruptcy that saudi arabia wants to see. throw in a second devaluations by the chinese and the next thing you know it's three strikes and we're out and that's what brings the down side. how much does three strikes hurt us? let me give you several potential variance and some of them is possible. a rash of devaluations in southeast asia spread like wildfire around the world and our stock market dropped 13% in an amount of weeks. they let us down. countries nowhere near as important as china. the world's second largest economy and yet they still inflicted the kind of carnage that you don't want to see if you factor in today's 4% decline and in a 1997 scenario we still

have more down side although back then ten year treasury yields stood at 5.7% and now they're two. stocks are much better versus now and roughly as cheap as they were on an earnings basis. that's too bullish. perhaps a better anlage and a more negative one would be the 1997 russian financial crisis which was the collapse of long-term capital and a hedge fund. in 1998 we took a 22% hit. mostly because of hedge fund colatd rahal damage. >> as usually they took advantage of high rates overseas and they were risk free and we all got pummeled because of their actions. you still want it to be a seller like today because rates go even

lower but earning stocks like a go proof tesla they would be like screaming down a black diamond run. you need clear skies and fresh powder to earn those stocks. a better example of a high growth stock that could go wrong later in the show. china keeps falling apart and the dollar gets stronger you'll hear more about the scenario i just went over. another situation you might hear about is the 17% decline in 2011. when we thought that italy, ireland, portugal and spain would default. this is relationship vanevant a. our job market was not as robust as now. this situation unlike 1998 seems to be more of a downside target as will tend to overshoot given how long our stock market has been up and how little time we spent as of late. the 2011 scenario is like now

except they're bigger than the chinese banks and china is debt free from what we can tell. the people's republic does have a huge balance sheet and trillions offshore. it could be runned for infrastructure and not just stock plunge protection. in a 2011 scenario you want to sell stocks and get a lift during the day but you need to be careful. boy oh boy did you have to get in fast when we heard mario dragi was coming in to run the central bank. >> my bigger fear is if you do lots of selling and we rebound like in 2011 you might not be able to get back in if you own stocks on margin you have to sell right into the tsunami and i believe that's pretty similar to where we are now. especially since our interest

rates that are. if that's the case, 7% from here, you have to come back in quickly in case the fed silences the pop offs. you have to ask yourself if you can. back then stocks were trading at 29 times earnings. treasuries yielded 8%. we're half that. our rates are 2% now. stocks are much more expensive. you don't need to be very nimble if you want to sell and get back in. even under the worse case scenarios on play. that says stay the course. if you get some lift you have to do selling. much more "mad money" ahead.

i'll unveil them all just ahead. then fear and negative sentiment beat it to a pulp. can the bruising in this stock protect us? find out when i reveal it just ahead. plus one of my colleagues says this could be one of the worst declines in recent years. i'll take a closer look at the chart to see if he's right. stick with cramer.

i went on the "today" show and said to sell everything if you needed the money in the next five years. good call. my late friend gave us the buy call on the other side.

i embraced it. we have to take our cue from anna korinina. each unhappy bear market sun happy in it's own way. this one requires a different guam plan. it is a bear market for many securities. there were a host of natural security resources markets and tech bear markets and tons of international companies. that's really the group. i'm not going to suggest going anywhere near those stocks. i'm sure there's bargains in that group. we'll look back and say how did we miss that? some games have to be missed because they're too risky to take. there's few solid choices down from the high to start positions that make sense. my number one concern is not instant profit. it's being able to put money buying the stock of companies you like at prices you like.

number two concern, nobody is good enough to call the bottom in anything. people claim they can but most of them are frauds. my number three concern is people that don't have the time or inclination to pick individual stocks. let me start by noting this is a descent time to start buying, start buying a dividend oriented mutual fund with higher yielding characteristi characteristics. you'll find that you bought stocks that throw off income. a hot of income versus treasuries. if you don't have the time or inclination to search for that fund i'm fine with putting money in a plain old s&p 500 index fund. it's all good as long as you don't invest all of your money at once. a quarter of it should be put to work here if you have a lot of cash and then wait to see what the market gives you but for those interested in picking the individual stocks how about a

portfolio with stable growth and dividends. domestic security, this is a chinese derived sell off. this portfolio is superior to mutual funds or etfs because it skips the oil, minerals and mining related stock where is the tif dendividends are in que. for stable growth my first pick would be a stock like general mills. company with a bountiful 3.2% yield. refreshing it's product line and i applaud that. then there's pepsico. here's one that captures a huge beneficiary of declines they don't ledge estimates go higher. they have declined so much that you get a 3% yield and management can raise that dividend sending the yield higher. next i'm torn between

kimberly-clark or clorox but it goes to the 3.3% yielder. kimberly wins. i like the commitment to shareholders and the need for kleenex. how about southern company? a high quality utility that sports a nearly 5% yield. it's a good long-term bet at these levels. it is on the tips of everyone's tongue except for those of us like the 5.6% yield the ceo gives you. consistent and strong. finally, verizon. at a low. yields shy of 5%. keep in mind you need to leg into these slowly and if they get away from you that's too bad. we have to take that risk because i still think there's down side. next up we need domestic security stocks. i like kroger because it's the

best supermarket operator out there. i would say cvs but you need that stock to come down. department store and do it yourself retailer, that makes sense. why not a home builder? they're strong because i think home depot fulfills that role. toll brothers can be very conservati conservative. >> restaurant chains, it's a chain that i like. finally while i'm champion of truth and not hope i think younger people in the audience could buy a high flyer and maybe even two because they have their whole life to make that money back if they're wrong. netflix closed below 98 and because china is a big issue you get lucky with this one since netflix hasn't gone to china yet. or google. people forgot the huge organization that better breaks out the venture capital portions

of google from the high growth, high profits part. that's especially given that google is not even in china and to think we trusted the chinese to get it right. i wonder if they're censoring the financials with so many junk companies. last but not least why not happenel? send an e-mail to tim cook so see if there was anyway to find out if the worries about china were leading to a major decline in sales. falling from $133 last month down to the mid 90s in premarket trading. coke sent me back an e-mail saying the last couple of weeks have been strong for iphone 6. how much stronger can they be when they put cash in the pockets of their citizens or does infrastructure. >> i expect the continue. i slowly -- emphasis slowly, accumulate growth stock with good dividends and domestic security and high flyers

although in the case of am it's not flying all that high. there's your list of what you should be buying slowly into this decline but not all at once. if you do that you violate a cardinal rule. expect the frailty of human decision making and adjust your behavior accordingly. >> professor cramer you are a financial machine. you are the ibm watchman of the stock market. >> i wish i were. thank you, though. >> caller: jim, your charitable trust took a position in paypal. last week they announced the acquisition of modest that enables retailers to imbed buy apps into their own apps. it will be part of paypal's brain tree. the backbone that processes all uber and whole foods transactions. looks to be a global contender with am pay, android pay, with mobile payments expected to grow at 43% per year over the next five years or $4 trillion would

you agree this may be an attractive entry point into the stock? >> i think so. my charitable trust has been a buyer but the problem is all stocks are going down right now. you have to buy -- you don't know where the bottom is going to be. paypal makes sense here and still does but i'm taking a longer term perspective? i'm looking over 18 months and thinking really terrific stock. use this week to slowly get into some growth with dividends and security and if you're younger some high flyers. remember slowly do the buying. much more mad ahead including the market's best performance this year. it can tell us about what to avoid and what to do and taking a closer look at the fear indicators on wall street. we're in for a whole other world of hurt. i'll let you know if i agree. plus let's get through this market storm together. i'll take lightning round calls. so stick with cramer. want bladder leak underwear that moves like you do?

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>> after today's roller coaster style decline many of this market's former leaders, some of the fannest growing stocks out there like netflix, google, gilead are being taken out back and being shot. that's why tonight i want to take you through a little exercise to show you the difficulty of earning turbo charged growth stocks in a market that's suddenly turned very bearish. our case study, why not something neutral? wayfair, the once hot red hot online home furnishings retailer with a stock up 106% for the year. even after today's collapse. those are hard to fine. a week and a half ago this company reported literally the best quarter of any growth stock i follow in 2014. with numbers so good it sent the stock soaring 28%. but since then wayfair has fallen off the cliff plunging from $53 a day after it reported down to $41 as of today.

that's a massive amount of value destruction in less than two weeks especially considering that ten days ago this stock was considered total market darling all be it a heavy shorted one making this the long versus short battle out there in the market now. that's why i think wayfair is the perfect microcosm when we want to talk about this environment. if wayfair can report the single greatest quarter from any growth name in the whole year and still lose more than 23% of its value in barely more than a week is that that has to make us see how it will hold up. so let me dig deeper into the story to illustrate why i'm talking about this. wayfair is all the classic positives and negatives you expect and it's not as emotional as so many stocks out there.

for those of you that aren't familiar with this one wayfair is a major part of home goods that became popular last october. bullish case, straightforward they put together a track record of beating revenue expectations and they will be able to keep delivering results. the latest quarter from a week and a half ago was truly tremendous. more than expected earnings loss. huge revenue beat, up 66% for the year -- year over year versus what they did last year and that's truly some super charged growth. orders up 84%, monster increase from their 58% order growth in previous quarter. number of active customers rose 54%. repeat customers up 57% of the

business these were a thing of beauty. imagine forecast from 56 to 66% revenue growth suggests this story is far from over. especially when you consider they made a habit of giving low ball numbers. classic underpromise over deliver. people were totally sold on that bullish narrative until last week. investors turned sour on these high risk growth stocks taking it down with a whole cohort. that's because in this environment, the new environment where negative reigns the bearish thesis becomes more. the story they're telling is just like what you would see with turbo charged growth stocks hit much harder than the averages as of late. for starters, wayfair is not yet profitable. meanwhile after the recent decline wayfair stock still had an end rick run up 106% for the year which means it has a lot of room to go lower. on top of that, like so many

high flying growth stocks there's a case to be made that waypair is still pretty expensive although it's much of a judgment call because the company doesn't have any earnings we have to evaluate it on a price to sales basis. it trades at 1.8 times this times years sales estimates where as another online seller that trades at three times sells. overstock is more slowly growing than wayfair. it's cheaper than amazon that sells at 2.4 times sales but i don't know if that's saying much. whether you think wayfair is extremely overvalued or not there's no way that anyone could argue that it's cheap and that matters now plus they just consolidate a huge amount of others inventories and it is unlikely to build much brand loyalty. plus insane amounts of advertising. they're selling out $64 to

acquire each new customer. it's not a normal time and everything is not equal now. we're now in an environment where high flying growth stocks are shunned so might be best to bring the register than wait for a better moment. i'm using it as a textbook example of a stock that was loved that is now hated because the backdrop changed so radically. you can insert any name into the equation: it was one of the most beloved stocks in the mashlth until a week ago. i like the company and the stock might be viable but if even wayfair can get crushed like this best quarter of 2015 you need to trade carefully around the stocks of some of the fastest growing companies at least for now and you never want to turn a gain into a loss if you have one. stay with cramer.

>> we've got you covered. before we get to the the lightning round you must stay tuned for what lies ahead at

markets and turmoil at 7:00 p.m. with yours truly and my amazing colleagu colleagues. and now it's time for the lightning round. play this sound and then the lightning round is over. are you ready? bob in connecticut. bob. >> hello jimmy how are you? >> how are you bob? >> i like your opinion on icon enterprises. iep and -- >> this is a tough one because they have a lot of stock i don't say care for but i care for carl icahn. it's okay. but a mutual fund of stuff i'm not that crazy about but i'm crazy about the chairman. jude in new jersey, jude. >> caller: how are you? >> i'm great. how about you? >> caller: your staff is terrific. since some of the hedge fund managers are invested in cisco food services is that a good

investment. >> i like the people joining the board but the stock just had a very big run after the u.s. food deal fell apart. it's good that peltz is on the board. how about don in california. don. >> caller: booyah, jim. >> booyah, don. >> caller: constellation brands did a buy. >> it's a real up trend. i have to tell you, i think frankly with them it's a stock i would be a buyer and not a seller of. john in california. >> caller: booyah, jim. i have sgyp. >> okay. this is a tough one because it's up a huge amount. it's a speck. let's just leave it at that.

jesse in california. >> caller: i want to say booyah first. all i have is crc in my portfolio. i'm fully invested. >> i don't want you to be fully invested in one stock. it's a good company. it's an industrial company but that's not what i feel comfortable with. i'd rather see you in a diversified group of stocks that have good dividend. that's not what you're in right now. sandy in ohio. >> caller: booyah. >> booyah. >> caller: i wanted to talk about be aerospace. >> that's a tough one because they didn't have a good last quarter. if you were on that conference call you did not get the confidence you need. that ladies and gentlemen is the conclusion of the lightning round. >> the lightning round is sponsored by t.d.ameritrade. innovating. here and apparently, they also love stickers. what's up with these things, victor? we decided to give ourselves stickers for each feature we release. we read about 10,000 suggestions a week to create features that

as traders we'd want to use, like social signals, a tool that uses social media to help with research. 10,000 suggestions. who reads all those? he does. for all the confidence you need. td ameritrade. you got this.

am i being too positive when i still suggest that maybe we should stay the course? on a day when the dow plunged more than a thousand points in the morning, exactly how scared should we be? think we need a technical and emotion value view from the founder of option pick.com and he says you should be scared. when mark talks about fear we take him seriously which is why i'm doing his stuff tonight. because he's our resident expert on what we all told the index. because it's such a good proxy

for the overall level of terror in the stock market. so why is he worried? because he believes that the volatility index is waving a big red flag yet many professional watchers he thinks are underestimating the danger since it's been so plastered over the last three years. he's been concerned about something where people assume that trenlds are permanent. take a look at the volatility index going back to 2012. in the past three years spikes in the vicks have been small and very muted so whenever it spiked the s&p has quickly bottomed with a nice v. nice v shape bounced back to higher levels. looking at this chart you might think that all spikes represent buying opportunities but when you look at a longer time horizon like the charts of the s&p 500nd volatility index going back to 2005 you see something very different. sebastian points out when it's

surged over 40 in the past decade something negative has happened to the stock market and today we saw it close above 40 trading as high as 53. when it breaks out above 40 this is really important, sebastian says that's a big sell signal because you'll lose if you own stocks. he thinks it's not too late to be an aggressive seller of equities. the volatility index has only gone above that key level three times in the last decade. the crash of 2008. the flash crash in 2010 and the meltdown in 2011 caused by the sovereign debt crisis and our own debacle but it took a long time for the market to recover. there's one more thing that has sebastian very concerned. that's between the ordinary volatility index and the longer term three month volatility index which is called vxv. over the past three years when

the vicks goes above the vxv that's been a very good-bying opportunity. if you look at how the s&p 500 is done and going back to 2007 you have to throw it out. in short when the vix is above this vxv then there's a sign that the market is in serious trouble last time was in 2008 and the averages got wrecked and right now it's at 40.7 and that's nearly 10 points above at 31 so it's that scenario and that's why sebastian believes this sell off is not like others in recent years. he thinks it has the potential to be worse. as for me there's more down side. if you're 100% invested in stocks you need to sell any strength. otherwise as the market goes lower you can leg into some high

quality stocks. take your time. let stocks come down to your prices. not vice versa. for many cases dividend stocks may be too late to sell unless you're fully invested. stick with cramer. this summer, challenge your preconceptions and experience a cadillac for yourself. ♪ the 2015 cadillac srx. lease this from around $339 per month, or purchase with 0% apr financing. so you're a small business expert from at&t? yeah, give me a problem and i've got the solution. well, we have 30 years of customer records. our cloud can keep them safe and accessible anywhere. my drivers don't have time to fill out forms. tablets. keep it all digital. we're looking to double our deliveries. our fleet apps will find the fastest route. oh, and your

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citi financed the transatlantic cable that connected continents. and the panama canal, that made our world a smaller place. we backed the marshall plan that helped europe regain its strength. and pioneered the atm, for cash, anytime. for over two centuries we've supported dreams like these, and the people and companies behind them. so why should that matter to you? because, today, we are still helping progress makers turn their ideas into reality. and the next great idea could be yours. >> these are tough days no doubt about it but we will get through them and we'll do it together. that in mind, right after this break i'm joining two of the

best in the business for the must see cnbc special called markets in turmoil. you'll get a lot out of it. it's next. i don't think you should miss it. i want you to join us. more downside. i'm not saying it's a bottom. i gave you several scenarios to explain how we could have more downside. if you had to average them out you could see between 5 and 10%. that's why i'm saying if you are going to do some buying you do it slowly. if you're 100% invested or if you are on margin then you must sell into any strength tomorrow and you probably do get some strength. i'm not urging you to get into this market. you have to be mindful it can still go lower. there's always a bull market somewhere. i promise to try to find it for you right here on "mad money." i'm jim cramer and i'll see you tomorrow.

it was one of the igliest stock market openings ever. >> an historic sell-off. the dow was down more than 1,089 points five minutes after the opening bell. >> things were making my eyes pop out of my head when i was watching some -- big dow names plummeted. >> like art cashin says you don't sell what you want to, you sell what can you. then a stunning turn around. >> stocks in the red, but well off their lows. this is a buys opportunity. tonight making sense of market. this is a cnbc special report, "markets in