“These geniuses are saying it's bad news that gasoline is going down,” Cramer exclaimed. “Is it possible that we need to worry about lower gasoline prices like we do higher gasoline prices? Is there anyone, anyone who is watching who really believes that we need to fear gasoline going down to $3.50 like we feared it going up to $4.50 or even $5 where we believed it was headed by Memorial Day?”

(RELATED: Cramer's Plays on $5 Gas )

Surprisingly, though, many retail stocks fell on account of falling oil prices. To Cramer, that doesn’t make any sense because, 1) retailers need lower oil prices, 2) a lower gas price means consumers can spending money on other things, like at retailers.

Companies that use a lot of energy, such as Clorox, Hershey and Kimberly-Clark, also saw shares fall Tuesday. Energy is the biggest input cost for these companies, so with commodity prices falling, each company should have seen their shares soar Tuesday. It didn’t matter, though.

Any company with European exposure could see its stock fall, Cramer said, but investors didn’t need to hurry up and sell today. They could have waited for a bounce, especially since most stocks bounced back significantly intraday. In other words, there was probably a much better time to sell. Either way, it definitely wasn’t time to panic.

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