This is what Cramer wants investors to do amidst the market sell-off

The three most widely followed U.S. indices are down up to 3.0% in September, fascinating investors to consider buying the dip. Mad Money host Jim Cramer, however, holds a different opinion.

Cramer’s remarks on CNBC’s “Squawk Box”

On CNBC’s “Squawk Box”, Cramer said this morning that it was time to sell.

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I do think we’ll get to a buy point. We’re just not there yet as too many people are now discovering that there’s a real weakness.

Cramer cited several reasons that could continue to weigh on the market, including the semiconductor shortage, housing demand at close to historic lows, and ongoing issues with China. He added:

Suddenly, there’s a lot of things that’ve combined to be negative. These are the kind of things that aren’t sorted out until people say, wait a second, maybe I have too much in. I’ve got to wait it out.

According to Cramer, late September to early October “seasonally” tend to be the weakest for the stock market every year.

Let’s ride it out, let’s watch. You’re going to get to a buy point, but not yet.

Mohamed El-Erian agrees

Also on Monday, Allianz and Gramercy advisor Mohamed El-Erian agreed that so far, investors who bought the dip had taken a hit. In his interview with CNBC’s “Squawk Box”, he said:

The big question is, do you get a market accident or a policy mistake that shakes the behavioural conditioning of the markets to always buy the dip. This is what will be tested over the next few sessions. So far, the buyers of the dip have gotten hurt because it has been one of the longer dips we’ve had for a while.