Cramer says the stock market needs a ‘total abandonment’ to find a bottom

The stock market needs to get worse before it can get better, CNBC’s Jim Cramer said Friday.

“I’m looking for a day where people can say ‘I’m giving up,'” Cramer said on “Squawk Box,” heading into another wild trading day where both the Nasdaq and the S&P 500 are now in the correction area.

“We have to give up totally and I still think we have not had the abandonment that I would like to see. We are starting to get it,” he added before the shares became positive on Friday.

Investors should not look to companies like Chevron to save them, the “Mad Money” host said.

Chevron shares lost about 5% after the energy giant on Friday morning reported mixed quarterly results. Chevron’s share reached a record high in the previous session.

Apple shares rose more than 5%, boosting the rise after strong earnings late Thursday. The strength of the technical time did not manage to inspire the market early last Friday, but then helped it up.

“We have to have these stocks down … and when they all fall, I think we’ll finally get a bottom,” Cramer said. “Obviously we’re in a phase where people are saying, ‘get me out’ … you’ve got those periods of denial, and now there’s just acceptance, and I think people will say, ‘ I can no longer bear it ”.

Cramer said, “You want no hope and no help from any of the companies,” but sellers need to exhaust themselves before buyers can step back into the market.

He recalled the impact of the Gulf War on the market in the early 1990s, adding: “We used to get up on Friday. People would be afraid to go shorter into the weekend.”

“Maybe it’s a little bit there we can be,” he said.

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The stock market needs to get worse before it can get better, CNBC’s Jim Cramer said Friday. “I’m looking for a day where people can say ‘I’m giving up,’” Cramer said on “Squawk Box,” heading into another wild trading day where both the Nasdaq and the S&P 500 are now in the correction area. “We…

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