There was no sugar coating it — Friday was a nasty day. Jim Cramer once again considered the market to be pure crazy town, with lower oil prices bringing stocks down. That seemed completely counterintuitive, as cheap oil should be like a tax cut for investors. But Cramer is still concerned.

"Those big institutions who sell stocks off the falling price of oil are thinking that the lower petroleum goes, the more likely it is we will have big defaults in the high yield bond market," the "Mad Money" host said.

This concept took a tone of urgency on Friday when investors learned that Third Avenue Focused Credit Fund barred redemptions because the market for junk bonds was too illiquid. This proved to Cramer that these types of junk bond funds are proving to be disastrous investments, and he reiterated his view that investors should never risk their principal just to get a little extra yield.

"I've urged you never reach for yield since the show began. I reiterate that admonition," Cramer said. (Tweet This)

With this in mind, Cramer went down the list of stocks and events he will be watching next week:

Monday: Fund Redemptions?
Cramer will be on the lookout for more stories about mutual fund redemptions. He anticipates that this will dominate the headlines because financial advisors may call their clients to urge them to sell junk bonds.

Read more from Mad Money with Jim Cramer

Cramer Remix: This stock's the benchmark of bad
Cramer: This kind of call can be brutal business
Cramer: Risky stocks to sell ahead of a rate hike

Tuesday: 3M analyst meeting
This company certainly needs a better economy worldwide than what it has right now. However, 3M is so well-run Cramer is willing to hold this stock as a core portfolio position in his charitable trust.

Wednesday: FedEx, Fed decision
Fed decision: If the Fed decides to tighten and there is a big sell-off, Cramer recommended picking up Accenture and General Mills near the close. Both have put up great numbers and rarely come in. He likes them both ahead of their Thursday quarterly reports.

Thursday: Delta analyst meeting
Cramer is interested to hear what Delta has to say as the airlines have taken a beating recently over terrorism fears and a weak economy. He anticipates Delta will have positive commentary, but warned to be careful for those who own Boeing since Delta is prone to mentioning a glut of wide-body planes.

Friday: Blackberry, Lennar, Darden
Lennar: Cramer does not like the odds of buying this stock so close to a rate hike, as it will be the first housing company to report after the Fed meeting.

Ultimately, Cramer is not sanguine about the stock market right now and thinks it is time to do some selling and lock in some gains. He is concerned about the high yield bond fund debacle and a Fed rate hike into a slowing economy.

"We are still very close to the highs, which is why I recommend locking down some gains and raising some cash. You might need it," Cramer said.

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com