Cramer's advice after another down day for stocks: Hunker down and wait for better prices

CNBC's Jim Cramer on Tuesday urged investors to not overreact to Wall Street's recent declines, suggesting the weakness was overdue and could eventually turn into an opportunity to buy quality stocks at discounts.

"After a day like today, all you can do is patiently hunker down and wait for lower prices," Cramer said onAdditional declines may be on the horizon, as investors grapple with rising oil prices and higher bond yields tied to, Cramer said. The market has marched higher since late October, and he said eventually a pullback was in order."What really matters is that we haven't had a sell-off in so long that we've forgotten to handle them," Cramer said.

In assessing the factors behind the declines this week, Cramer indicated he's not overly concerned with the longer-term implications for stocks. "Yes, we've got higher rates, but the impact on the economy is not profound," Cramer said."Meanwhile, the impact on the market is what you'd usually expect: People pay less for stocks when rates go up. We've just kind of forgotten that happens."

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