Cramer analyzes Thursday's market action: ‘The time for big gains may be behind us for a bit'

CNBC's Jim Cramer reviewed reason's for Thursday's market pullback, saying there may be some time before Wall Street sees another rally.

"The market's still too overbought, and we got too hopeful and now reality, with its positives that get rewarded, still, and its negatives that are punished, has set in," he said."So the time for big gains may be behind us for a bit as we recharge and shed our Panglossian rose-colored glasses.

He also named companies that might have done well in a more generous market, but have seen their stocks sink even after decent earnings reports, including "This market's punishing the weak while rewarding the strong," he said."It's no longer making excuses for poor performance. In some cases, it's not even embracing good performance after the monster move we've had in the last two weeks."

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