Cramer Sees More Downside For The Market

On CNBC's "Squawk Box," Jim Cramer said that in the current market environment, he would look at stocks that are 10% from their highs and that have no exposure to China.

These stocks are interesting to him because they are pulled down by the entire S&P 500.

Cramer said he's unworried about exposure to China because Hong Kong could explode next, although that would be the next big thing that he would be concerned about.

Facebook, Inc. FB is staying clear of China, but it is such a big part of the S&P 500 that investors have to let it come down, said Cramer. He added that he is not running from this market because there is some real value being created.

Target Corporation TGT is one of the stocks that Cramer would consider buying: it has very little tariff exposure, but it is trading lower because it is a part of the retail sector, he said.

RH RH has a delta of 1% to China, said Cramer. He would take a closer look at this name.

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