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Cramer says stock market needs ‘full dropout’ to find bottom

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Cramer says stock market needs ‘full dropout’ to find bottom

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

“I’m looking for a day when people will say ‘I give up,'” Cramer said on “Squawk Box,” heading into another wild day of trading, with the Nasdaq and S&P 500 now in corrective territory.

“We have to totally surrender, and I still think we haven’t had the surrender that I would like to see. We’re starting to get it,” he added, before stocks turned positive on Friday.

Investors shouldn’t look to companies like Chevron for bailouts, the “Mad Money” host said.

Shares of Chevron were down about 5% after the energy giant announced mixed quarterly results on Friday morning. Shares of Chevron hit an all-time high in the previous session.

Apple shares jumped more than 5%, adding to gains after strong earnings on Thursday night. The strength of the tech indicator failed to inspire the market early on Friday, but then helped it higher.

“We have to drive these stocks down…and when they all go down, I think we finally bottom out,” Cramer said. “Clearly we’re in a phase where people are saying, ‘Get me out’…you have these periods of denial, and now it’s just accepting, and I think people are going to say :” I can not stand it anymore.'”

Cramer said, “You don’t want any hope or help from any of the companies,” but sellers have to run out before buyers can get back into the market.

Recalling the impact of the Gulf War on the market in the early 1990s, he added: “We used to recover on Fridays. People would be afraid to go slower on weekends.”

“Maybe that’s kind of where we could be,” he said.

Register now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

Cramer says stock market needs ‘full dropout’ to find bottom

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