Cramer on the Market

Jim Cramer is many things, but at his core he is a great trader. Here's his take on current market conditions:

"All I can say is that this is the worst market I have ever seen. I think that there are great buys from (sic) the long term developing, but not without a whole lot of pain. I still expect the market to sink some more so I am reluctant to buy stocks that don't have some sort of buyback or dividend protection, as you shall see from my ratings. How can I justify owning anything here? Because stocks are so oversold, because earnings estimates have come down dramatically and because most of these companies -- and all of the Ones -- are doing incredibly well or have great yield support while I await a turnaround."