With Tuesday's opening bell only hours away, investors continue to grapple with the biggest one-day decline in stocks since early August. The cause of the selloff remains unclear with some pros wondering if it's a sign of trouble to come.
While many catalysts likely influenced the price action, Jim Cramer thinks an important part of the weakness stems from comments made by China's finance minister who indicated that his nation would not increase stimulus measures in response to weak data.
Although the commentary sounds relatively bearish, Cramer thinks there's more to it than most investors realize.
Read MoreBehind the drop: Cramer's critical catalyst.
Turning attention to the slew of recent IPOs in the market, Cramer ranked his favorites, with Alibaba (BABA) taking third place. "It's trading at 36 times next year's earnings estimates, a slightly lower multiple than Facebook. However, it's growing faster than Facebook and is incredibly profitable," Cramer said. That sounds promising. Of course, no stock is ever a buy, unless its priced right and Alibaba is still up sharply from its IPO price. What now?
Read MoreToo high? Cramer on Alibaba, & other new stocks
Also, Cramer looked at the Street's keen interest in fracking and related sand stocks, such as U.S. Silica (SLCA) as a bet on the renaissance in domestic oil and gas. Although Cramer believes in the theme wholeheartedly, Cramer questioned whether these stocks were the best ways to play it.
Read MoreAfter big gains, stocks Cramer would avoid
Elsewhere in the market, Cramer talked about the emerging chatter that Apple Pay and other mobile payment systems could make credit cards obsolete. Cramer thinks the opposite is true. "Mobile payment advances aren't killing the credit card business, they're actually giving it a major boost."
That is, "You may not have to physically carry around an actual card anymore," but that doesn't hurt companies such as Visa (V) or MasterCard (MA). They still process the transaction.
"So when you hear about explosive sales for the new iPhones, you should think good things about these companies. They actually benefit from all the mobile payment innovations. I see both stocks heading higher, although, right at this moment I think Visa is the more priceless of the two," Cramer said.
In the Lightning Round, Cramer called Transocean (RIG) "a house of pain," and said that as much as he likes EOG Resources (EOG), he doesn't expect it to rally as long as the price of crude declines.
Finally, Cramer took a close look at Clorox, which rallied over 7 percent on Friday. According to chatter, in the recent past, Clorox rejected a takeover offer from an unnamed suitor that put a 20 percent premium on Clorox's market price.
Although Cramer said that a takeover could not be ruled out, "Would I buy Clorox (CLX)? Nope, I'm a seller. This stock does not belong up here on earnings or revenues and I can't recommend it solely on takeover speculation."
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