Cramer : We've Seen This 'Brexit' Movie Before

Cramer said the situation is not as bad the dot-com bust in the early 2000s or the financial meltdown in 2008. "In fact, we've seen this story before," he said. In 2011, the S&P 500 sunk nearly 20% on fears of a Greek default and a European slowdown that threatened to drag the global economy into a recession.

As for the current situation, Cramer asked, is it really worth ditching high-quality stocks to run for the hills? Of course not.
So investors should wait on the sidelines for now. Rest assured this "bad" moment isn't as bad as some of the other situations we've faced in the not-too-distant past, Cramer said.

Is the home improvement industry improving? During the "Off the Charts" segment, Cramer took a closer look with Real Money contributor Suz Smith. She said several good buying opportunities are in the offing.

One stock she likes is Masco (MAS) . The stock recently broke below its trading range, but should find support near its 200-day moving average. If this level holds and when combined with an oversold condition, the stock could be setting up for a bounce.

She also likes Sherwin-Williams (SHW) and Whirlpool (WHR) . Positive investment flows from institutional investors coupled with the consolidation pattern both stocks display sets them up for a potential pop, Cramer said Smith's research.

However, one stock she doesn't like quite yet is Home Depot (HD) . Although this is an institutional favorite and pullbacks tend to be short-lived, Smith believes the stock could fall a bit further from its current levels after breaking below its 200-day moving average near $126. She says the stock could decline toward $121 before finding some support
So should investors buy? Cramer said with a valuation of slightly less than 19 times earnings, the stock is cheaper than many of its peers despite having superior growth. At just 20 times next year's earnings the stock is at $164, 14% above current levels.