How did it happen? What could have been going on behind the scenes that caused the market on Wednesday to drop and have short rally at the end?
Jim Cramer thinks that what happened on Wednesday was not about the market news and has more to do with how large money firms dealt with the selloff and the flawed mechanics of the market. Cramer has indeed been in the trenches, and knows it can get nasty.
Remember the 10-point checklist that Cramer shared on Monday of what needs to happen in order for the economy to have a sustainable rally? It seems like we may have taken a step backward instead of forward on that checklist.
"We sure got a whoosh down and we rallied from it. That is a good sign. We are oversold," said Cramer. He does see a few bargains in the safer stocks that yield 3 percent now that oil came down and the 10-year Treasury is below 3 percent.
"This market is guilty until proven innocent and remains treacherous until the bigger issues are ultimately resolved," he said. The "Mad Money" host added that he thinks that we will see more selling next time there is a bad earnings report, an Ebola outbreak, foreign saber rattling, or an oil drop. Until that time, investors nervously watch and wait for better days ahead.
Read MoreMarket guilty until proven innocent: Cramer
Oil seems to be playing limbo these days, with a game of just how low can it go. Cramer views this as a position of panic. Everything will overreact and overshoot, including oil. And that is exactly what is happening right now.
The CEO Continental Resources (CLR), Ronald Hamm did not rule out that oil can trade through the $70s when he spoke with Cramer on Tuesday. On the opposing perspective, Cheniere Energy (LNG) CEO Charif Souki ruled it in, stating "I think the price of oil could go to $70, and maybe even lower. You need to look at will the U.S. export oil or not, because we seemed to be saturated with staying in the United States right now. The infrastructure simply cannot take the oil anymore from production to the refineries. We have saturated the ability to move one place to another."
So what is down the pipeline for oil next? With the Saudi's flooding the market, Cramer believes this will kill the U.S. drilling programs and over-leveraged oil companies will go bust. Pipelines will not be built because the producers can't pay the bills. Eventually the Saudi's will hit rock bottom on a price that is intolerable and will take out spare capacity. Then storage space will come back, and refineries that were once closed will re-open.
"No need to speculate on a bottom of oil, yet. But there will come a time when the majors are going to be too cheap to ignore," Cramer said. When that happens, investors can then gobble them up and enjoy the dividends in peace.
Read MoreHow low can oil go? Cramer speculates the limbo
In Cramer's long history of the stock market, he knows that there are two ways to look at what is happening in the market right now. First, is the perspective of the tremendous havoc and fear where stocks are being slaughtered everywhere. Second, is to re-frame the approach in a long term view, and see the opportunity that Wednesday's market could bring.
The "Mad Money" host sees the market is giving up gains because of what is happening in Europe, China, Ebola and ISIS. As the stock market continues to search for a support level to bounce back, Cramer recommends having a level-headed mindset, and a long-term view. He reminded his viewers that Europe did go down a few years ago, and it actually turned out to be a remarkable time to buy U.S. stocks.
"In the end, the longer-term benefits to the consumer from cheaper oil and ultra-low interest rates far exceed the long-term ruination of a stock market that clearly peaked a month ago when Alibaba came public," said Cramer.
To be clear, Cramer is not saying that the market is safe and to start buying. In fact, he thinks the panic that the market is experiencing can take us down even further. However when the smoke clears, he thinks consumers may see the serious boost they are getting here, even if the market is ignoring it.
Read MoreCramer: Long-term perks outweigh short-term loss
When the economy slows, Cramer has observed that the money managers tend to circle back to growth stocks that are dependable. One of those stocks, in his opinion, is Salesforce.com (CRM) which seems to be on track for this year. It is just that high lying secular growth stocks have gone out of style.
Cramer spoke with Salesforce.com CEO Mark Benioff on Wednesday, to gain insight on where he sees the company headed and how they are faring in the markets. Cramer added that in his experience, in a market slow down European companies tend to invest more money into technology and less money into hiring.
"We saw amazing growth in Germany, they have rebuilt themselves using Salesforce. They have SAP on the backend, but the front office is all Salesforce. In the major customers that we have … we see that the more they invest in mobility, social networks, and building the next generation customer systems, the better they are doing and the faster they are growing," added Benioff.
One stock that actually went up on Wednesday was Federal Realty Investment Trust (FRT). Cramer sat down with President and CEO Don Wood, to gain perspective on how this company has kept its head above water in this market, and where they see it headed.
Cramer broached the subject of the idea that with online stores like Amazon (AMZN), the shopping center has lost its relevance.
"When you hear that the internet is killing retail, I think that is really short hand. I think it is short hand for consumer behavior is changing. I couldn't agree more and I don't think the two things are disconnected," said Wood.
With the outbreak of Ebola, Cramer also fears that this could impact real estate industry as well. Wood advised that in the real estate industry, it is important to take a long term view of events and not worry as much about solvable day to day issues.
"I think this is a day to day issue that can be solved. It is devastating, and a terrible thing. I'm glad I live here. However I don't see this as a behavior changer for any long term period of time," said Wood.
In the Lightning Round, Cramer continued to encourage his fans to look for stocks with reasons behind the volatile market.
Taylor Morrison Home (TMHC): "In this market it is not sustainable, so you are not going to buy a home builder. You'll get a chance in another whoosh down"
GW Pharmaceuticals (GWPH): "A speculative stock, and they are getting hammered here. The news was actually quite good for GW, but no one cares right now and this stock has risk."