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CNBC’s Jim Cramer: Here comes the panic, but don’t rush to buy the dip

That’s how CNBC host Jim Cramer described Monday’s sharp selloff in the stock market, which is shaping up to be the worst we’ve seen in several months amid mounting fears of the spread of the coronavirus.

So is it time for a little bottom-fishing ahead of a very crowded docket of earnings report in the coming days?

“We’ve been saying over and over if we get an exogenous event that’s when you get the sell off, that’s when you have to buy,” Cramer explained.

Read: These stocks are most at risk from the coronavirus

He specifically pointed to Apple AAPL-3.17% , which is set to report results on Tuesday, as the stock to watch for a signal of what’s to come. “I always said own it, don’t trade it,” he said. “Why not wait now if you don’t own it?”

Apple shares were down 3% at last check.

“I just don’t think today” is the time to buy back into the market, he warned, adding that he sees potentially taking a “second leg” down if the World Health Organization were to declare a global emergency over the coronavirus.

He also shared his thoughts in a post Twitter:

And here’s the CNBC clip:

At last check on Monday, the Dow Jones Industrial Average DJIA-0.88% was down more than 400 points, while both the S&P 500 SPX-1.12% and Nasdaq Composite COMP-1.07% were solidly lower, as well.

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