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On Thursday, following a significant sell-off, Mad Money host and former fund manager Jim Cramer stated that he feels the recent market volatility and general downward movement could continue. Nonetheless, he feels investors should use this broad weakness to seek out opportunities in those investments they wanted to buy.

Cramer more specifically suggested that investors should look at those stocks that don't have earnings risk, but which are going down with the overall market. Additionally, he suggesting looking at dividend paying investments with yield protection. He went on to mention that telecom giant and Dog of the Dow Verizon (NYSE:VZ) has a 5.5% dividend yield and that large-cap MLP Kinder Morgan Energy Partners (NYSE:KMP) yields just under 7%.

Additionally, Cramer noted that consumer goods producer Unilever (NYSE:UN) provides a 4% yield and just reported a strong quarter. Also, he noted that energy utility Consolidated Edison (NYSE:ED) is yielding almost 5%, and that he expects the utility to increase its dividend this year.

Other than ED, several large energy utilities have a history of dividend growth and maintaining a yield that is above average for equities and treasury bonds, such as Southern Company (NYSE:SO) and Dominion Resources (NYSE:D). Many mid-cap MLPs are also known for their high yields, often above 6%, and consistent cash flows. Nonetheless, many of them tend to go down with the price of oil, even if those MLPs don't have much exposure to oil price. They usually have exposure to demand more-so than to price.

Cramer suggests investors look at that short list of dividend paying investments they wanted to make anyway and consider buying on their further weakness. By so doing, he proposes you may be able to not only obtain some capital appreciation, but also secure yourself an above average income stream.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Cramer's Short List After the Steep Sell-Off