Keep some cash on hand [Video]

CNBC’s Jim Cramer said Wednesday that he doesn’t feel great about the stock market right now, but is optimistic for the longer term.

Cramer said the market’s not so ugly that cash is king and investors should bail completely from it, but he indicated that it’s still a good idea to have some on hand.

“We’ve been in this sell-off for over a month, and I still think it’s a dicier time than most investors seem to believe,” he said. “That’s OK. We have cash for the charitable trust — I hope you have some, too. Cash may not be king right here, but it certainly isn’t pawn either.”

One cause for concern is the pull of the bond market, Cramer said, with some investors enticed by risk-free Treasurys. Stocks will decline if long-term bond yields continue to rise, he added, pointing out that this week’s slew of colossal bond auctions could hurt …