Market euphoria is coming to an end after rampant speculation overtook Wall Street, CNBC’s Jim Cramer said after stocks fell sharply on Monday.

“As soon as the speculators are blown out … and the stocks that have already fallen sharply start a rally, we can find a tradable floor,” said the Mad Money presenter. “We’re close, but the speculators aren’t completely crushed yet.”

The Dow Jones Industrial Average fell more than 700 points on Monday, hitting its worst day since October when all 30 stocks in the index fell. Both the S&P 500 and the Nasdaq Composite were down more than 1%.

Cramer suggested that investors look for buying opportunities in stocks that have already suffered a 10% to 20% decline. He also recommended investors adding a bank stock to their portfolio after the group took a hit despite strong earnings reports.

“I think you watch the speculators get blown into the kingdom as the pandemic stocks come back and the big industrial companies try to bottom out,” he said. “The rails, the aerospace industry is different from Boeing … and the infrastructure stocks all make a lot of sense down here because they’re deep down from their highs.

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However, Cramer pointed to a silver lining on the horizon of the oil trade. Speculation in oil has slowed dramatically, he said after OPEC agreed over the weekend to boost production.

West Texas Intermediate crude oil futures fell below $ 70 for the first time in more than a month, a significant level. US oil would end the day at $ 66.42 a barrel, down more than 7% for its worst day since September.

Without the deal, Cramer predicted that oil could have cost as much as $ 100 a barrel.

“The collapse of crude oil is actually good news for the broader market … it means lower costs for everyone,” said Cramer. “Also, some of the better oils at these levels are too good to ignore [like] Chevron with a yield of 5.6%. “