Investors just aren't sure what is real anymore. Wednesday, they saw stocks soar, and Thursday they plummeted. But could the dip in the market on Thursday mean that it might be time to start buying?
Stocks ended sharply lower on Thursday with lingering concern of the strength of the global economy and the effect of corporate earnings, with the Dow Jones industrial average (.DJI) falling 335 points, or 1.97 percent, and the S&P 500 (.INX) losing 40 points, or 2.07 percent. Jim Cramer thinks that Thursday's selloff is the real deal, as it is caused by events occurring around the globe.
Read MoreCramer: Dispelling the market's smoke and mirrors
Amid all of the market turmoil, a letter from Carl Icahn to Tim Cook, the CEO of Apple (AAPL), drew its own attention. In the letter, which was first posted on Twitter (TWTR), Icahn said that while Cook has done a fantastic job, there is so much more to do. Icahn proposed that the tech giant make a tender offer to get the stock rallying again, because he believes that Apple is undervalued.
Cramer's take away from this is that Icahn believes that Cook is not giving it all he's got. "I only wish there were other CEOs as shareholder friendly yet as strong in the creation, development and execution of terrific products as Cook," the "Mad Money" host said.
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Despite ugly days like Thursday, there are still robust bull markets in individual sectors, and one in particular stands out: the cybersecurity space. Cramer says investors should be on the lookout for stocks that are tied to powerful long-term themes that are not reliant on the weakness in Europe, Middle East or China.
Cyberark Software (CYBR) is a small Israeli cyber security firm that went public in September and saw its stock rally 87 percent on the first day of trading. Though the stock has fallen 5 percent since that debut, Cramer thinks it could have some legs to grow.
Cramer still favors Palo Alto Networks (PANW), he would like to wait until the first quarter is completed as a public company before recommending Cyberark as a long-term investment. He recommends that as a trade, it makes sense to buy Cyberark into the weakness over the next week and half before the IPO quiet period ends, and then wait for analysts to roll out the research.
"It's not watertight as Noah's ark, but it might be able to withstand the storm of selling without the stink of those two-by- two animals, like bulls, and yes, bears."
Read More Cramer: The next cyber play
Another sector that remains strong is restaurants. Zoe's Kitchen (ZOES) is the rapidly growing Mediterranean fast food chain with 125 locations. Cramer is seeing some similarity between Zoe's kitchen and Chipotle (CMG), which he thinks is a huge compliment. Zoe's Kitchen reported a huge quarter after they came public in April, starting at $15 and climbing to $25 and now has worked even higher to even $32 after the pullback on Thursday.
"Everyone tends to be more educated around better eating, and they're looking for better options. And that educated consumer is trying to find that. And there just are not many places in the space today that you can go do that and feel good about what you're looking for," said Zoe's Kitchen CEO David Miles.
Zoe is one of the early adopters of social media, which gives it the competitive edge to talk with their customers and interact. Another interesting point raised by Cramer, is the demographic of the customer for a $9 price point tends to be wealthier. That is the demographic that Zoe's Kitchen is geared toward.
Though playing fields such as cybersecurity and restaurants are remaining stable, the energy sector has seen prices tumbling. Cramer sat down with the CEO of Magellan Midstream Partners (MMP) Michael Mears, to discuss where the industry is headed.
If the U.S. is not able to export, could oil drop to $60 or $70 a barrel? Cramer asked. "I think that might be a little extreme. Certainly there is a point where there is going to be an impact on price and an impact on production if we don't allow exports," said Mears.
As for the lightning round, Cramer continued his cautious warnings on various stocks.
Timkensteel Corp (TMST): "Klaus Kleinfeld is saying that aluminum is replacing steel in a lot of situations. I don't think this calls for panic, but people sure can't handle any negatives right now," Cramer said.
Martin Midstream Partners (MMLP): "They've crushed that thing. I think it's overdone. But everyday I say that, it gets more overdone. If I were to start a position in MMLP, I would start it tomorrow but then hold back for the next level. Be careful."