Cramer: We are not in the clear, yet

Cramer: In event-driven mode
Cramer: In event-driven mode   

Events drive the market now. That means when there is a negative headline, the market tanks. And when there is an absence of negative news, the market bounces, like it did on Thursday when it recouped much of the 206-point deficit in the Dow.

Jim Cramer is not sounding the all clear bell just yet.

The "Mad Money" host says the market bounced because it was oversold and the hedge funds gone wild have been margined out of the picture now. He thinks perhaps a better term for Thursday's market is complacency.

Some may think that all is well again, but that is why Cramer has his checklist. He is looking for a market with an investable bottom, not a tradable bottom. Until the items on his checklist are completed, problems are not resolved.

"Remember, I want to be opportunistic, and I want to make us as much money as possible, but I'm also willing to risk some upside if we don't have enough things going right to keep us from getting blindsided," added Cramer.

Let's take a look at Cramer's checklist and review the good, the bad and the ugly.

Industrial smoke coming from chimneys
George Clerk | Getty Images

Checked Boxes:
Oil prices: Oil found its footing on Thursday as it is evident that the market wants oil low, but not too low. However, nothing substantial happened to make Cramer think it can bounce yet.

Stocks : Cramer was happy when he saw a few key speculative stocks get pancaked, such as Netflix when it failed to live up to the high expectations of investors and got crushed as a result.

Earning beats and raises: The healthcare sector had good news on Thursday, with United Healthcare putting up good numbers

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Half-checked boxes:
Cramer thought it was totally bizarre when Goldman Sachs reported a great number, but the stock was then hammered. He was excited when he saw that stocks were at a low at the opening on Thursday, because it meant that the weak hands were shaking out. Unfortunately, they rose for the rest of the day, making this a half checked box.

Unchecked boxes:
The market still has a ways to go, with plenty more unchecked boxes. Ebola is not under control, and both tech and the charts have not stabilized. Cramer is not happy with what is happening overseas, as issues in China and Russia and concerning ISIS still persist.

As a result, Cramer is not sounding the horn yet. "I would like to see a preponderance of boxes before I sound an even tepid all clear."

Call Cramer: 1-800-743-CNBC

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