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On Wednesday, following a significant sell-off that took the Dow down over 500 points, "Mad Money" host and former fund manager Jim Cramer stated that he believes the day’s selling was fueled by European banking risk and that the recent market volatility and general downward movement could continue. As a result, Cramer stated you need a market battle plan.

Cramer stated that Europe could be more complicated than the United States, but that it is still probably not as bad as it looks. Additionally, Cramer noted that Europe will probably have little problem nationalizing banks, as a worst case scenario. Nonetheless, Cramer stated that he does not think the markets are going back to their March of 2009 lows.

Cramer stated you should stick to his stock shopping list, which he mentioned yesterday. He added that today could have been a good day to scale into some of those stocks, but that investors should wait for the stocks to come to their price. Additionally, Cramer noted that Con Ed (NYSE:ED) and Enterprise Products Partners (NYSE:EPD) were both actually up today, showing the strength of the names on his list.

Cramer also stated Verizon (NYSE:VZ) fell slightly, but not exactly to where he wants it to go before investors should buy it. Specifically, Cramer stated you should wait for VZ to go to at least a 6% yield and that you should wait for a 5% yield on Bristol-Myers Squibb (NYSE:BMY).

Cramer discussed the difference between silver and gold, noting that gold is a purer currency while silver is also an industrial metal, and that he would prefer investors use Gold as their allocation over silver for this distinction. Cramer usually suggests that investors choose the SPDR Gold ETF (NYSEARCA:GLD) if they want to invest in gold, but also has recently stated that he feels gold may be due for a pullback.

Cramer was asked about a food investment and he suggested Hershey (NYSE:HSY), noting it was down $1.50 per share today and that it tends to do well when commodity costs go down.

Cramer also discussed Avnet (NYSE:AVT) in depth, stating it reported a solid quarter Wednesday morning. The company also introduced a stock buyback plan for $500 million, or about 12% of the company. Cramer stated he used to use AVT as a technology sector indicator. Cramer spoke with AVT’s CEO, Richard Hamada, who added that the strong quarter came from strong performance across several units of the company, including cloud and mobility. Mr. Hamada also stated that AVT guided towards a slightly more cautious outlook because of the market environment that they currently see and general seasonality.

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

Source: Cramer's Battle Plan After Wednesday's Steep Sell-Off