Stock Market Will Likely Be Forming A Bottom, Jim Cramer!

CNBC's Jim Cramer said Thursday he believes the stock market is nearing a bottom after a challenging start to the new year.

Early to buy aggressively based on a 10-point checklist you use to determine when stocks have bottomed. Here are the key points at a glance:

CNBC’s Jim Cramer said he believes the stock market is getting closer to an investable bottom.
However, the “Mad Money” host said the market’s steep turnaround late in session “inspired a lot of terror.”
That signals the market “still has some work to do” before reaching a trough, Cramer said.

"Considering we've ticked a lot of boxes now, that means we have something that we didn't have two weeks ago," Cramer said.

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However, he said that the market's sharp reversal at the end of Thursday's session "incited a lot of scares" and that the market "still has a lot to do" before bottoming out.
For example, Cramer said he's seeing a "disgusting level of negativity" on Wall Street now.

While citing the American Association of Individual Investors' sentiment poll showing nearly 47% of members have a pessimistic outlook a week ago.

"This is an overwhelming level of negativity," Cramer said, adding that he is also looking at analyst downgrades at a number of companies, from AMD to Ford Motor.

Two weeks ago, Procter and Gamble served as an example, he said. To be sure, Cramer said the image is too opaque to check a few boxes on his list.

Obviously including whether cash on the site is ready to come in and buy the dip. Nevertheless, he emphasized that he was "a little more confident" about the stock than two weeks ago.