Cramer Remix: Oil news you've been waiting for

Now that the impending doom of the Fed meeting is over, Jim Cramer turned his attention to all of the things that brought us here—profit outlooks, opportunity and pent up demand for stocks. Perhaps oil might have reached a bottom in it's rebound today?

"We've become very binary again, hanging on every word from the Fed, hoping and praying it won't do something stupid. While we're hoping and praying, the money stacks up on the sidelines," Cramer added.

But what ever happened to the concept of faith?

Given that the U.S. has the strongest economy in the developed world; Cramer thinks it would be nice if people gave the Fed a little credit. Instead, people keep getting them wrong and misjudge Janet Yellen.

And many people have stepped to the sidelines or sell their positions as they wait for the bad news to be over. Waiting to pounce on good news is the oldest trick in the book! Cramer anticipates that money will roll back into the technology and industrial sectors, which were two areas that were weak on Tuesday.

"Be careful because that could change tomorrow," Cramer said.

Read More Cramer: $$ rolling into this sector—thanks to Fed

Howard Schultz, chairman and CEO of Starbucks
Adam Jeffery | CNBC
Howard Schultz, chairman and CEO of Starbucks

All this week, Cramer has been honoring the NCAA March Madness by creating his own bracketology for "Mad Money." His goal is to use the NCAA college tournament to teach investors about stock picking.

So far, he has revealed his top picks for the South, East and Midwest regions. Now, he's completing his grid by naming his top stocks for the West.

"In a perfect world, people would spend the same amount of effort picking and analyzing their own stocks, which is why every year I try to equate the March Madness with your portfolio," said the "Mad Money" host.

The No. 1 seed in the western region is the University of Wisconsin. The story behind this team is all about offense—for every 100 possessions they score an average of 124 points. Wowzer! Head Coach Bo Ryan has been with the school for 14 years and has taken the team to the NCAA tournament every season.

To Cramer, the Wisconsin Badgers remind him of Wells Fargo. It has awesome offense in the form of accelerating revenue growth at 3.8 percent in the latest quarter, from negative 1.5 percent in the first quarter of 2014.

Read More Cramer's March Madness: Top western stock picks

This week, the CEO of Starbucks, Howard Schultz, received a lot of raised eyebrows for the latest Starbucks campaign called "Race Together."

The CEO basically set out to encourage a national conversation on race relations, which aligns with the company's socially conscious image. Part of the campaign calls for baristas to write the words "Race Together" on customers' cups to invite a casual dialog about race relations in America.

In its annual shareholder meeting, Schultz spent a lot of time discussing the campaign, along with the two-for-one split announced on Wednesday.

Read More Starbucks CEO speaks out to Cramer on race

Mike Mears, Magellan Midstream CEO
Scott Mlyn | CNBC
Mike Mears, Magellan Midstream CEO

With the price of oil rebounding dramatically on Wednesday after plunging to a new low of $42, Cramer is a bit unclear how to handle pipeline-focused master limited partnerships.

"Oil at this level actually is low enough that you're going to catch a bottom," he said.

Since oil's collapse began, Cramer has advocated for the pipeline companies because, while the price of oil has dropped, high production still translates to a need for pipelines.

This could be the reason why Magellan Midstream Partners' stock jumped on Wednesday, despite the nasty decline in crude. Magellan transports various things, among them gasoline and diesel, and also operates a storage business that holds 95 million barrels of total storage, including crude oil and refined petroleum products.

To find out how the company will be affected by oil prices going forward, Cramer spoke with Magellan Midstream Partners CEO Mike Mears.

"First of all, when you look at crude oil, I mean, the market needs crude oil. And we transport crude oil. Partnerships transport it. Magellan transports it. The market needs the product, so it's going to move," Mears said.

Aside from oil, another topic on Cramer's mind on Wednesday was the biotechs. Why is no one taking profits on this pesky group?

The "Mad Money" host has seen a lot of action breaking out from this group lately, especially Regeneron, which just hit a new all-time high. Additionally, Esperion went for a run after its anti-cholesterol pill showed positive results.

"Some of this is because the Pharmacyclics came at such a high price and had so many potential suitors that the short sellers seem to be giving up," Cramer said.

Perhaps it is time to turn the microscope on this sector?

Cramer also took the time to give his take on a few caller favorite stocks in the Lightning Round:

Dicerna Pharmaceuticals: "This company has been around for a while...I think it should have struck gold already by now. I'm on hold on this one."

Ziopharm Oncology: "This one is too much of a battleground. It's been up and down, and up and down. I have to say don't buy because the longs and shorts are going at it with this one."

Read MoreLightning Round: This should have struck gold already

Correction: This story has been updated to reflect that Magellan Midstream has 95 million barrels of storage that includes crude oil and refined petroleum product. It previously stated more than 95 million barrels of crude oil.