After all, the "Mad Money" host noted the market is already down 7 percent. Cramer doesn't think another 3 percent to the downside is out of the realm of possibility. He stopped short of calling it a bear market, though.
"I think we're holding in," Cramer said. "It's a bad market, but we could be substantially down from Monday and we're not."
Stocks tumbled amid worries over increased turmoil on the Greek debt situation, but Cramer argued it's not a "Greek tragedy."
Cramer also pointed out that Friday is options expiration, or the date on which an options or futures contract is no longer valid. The expiration date tends to create volatility. So if the market continues to fall during this period, he thinks that could be a bad sign. If the market goes up, however, then maybe the sell-off is options-related.
Meanwhile,oil prices slipped to near $98 a barrel. But is that a bad thing, Cramer asked. After all, lower oil prices leads to lower gas prices, which helps the consumer. So if oil prices are falling because there is an increase in supply, he thinks that's a good thing. On the other hand, if oil prices are falling because of weak demand, that would be bad. But Cramer doesn't think that's the case because copper demand is strong.
Elsewhere in the market, Pandora made its market debut on Wednesday. It opened at $20 a share. The Internet radio said it currently has 90 million subscribers, but Cramer isn't impressed. He said the company could have twice as much and it wouldn't matter to him. To Cramer, the most important thing is whether a company is making money and at this time, Pandora isn't turning a profit. So he would flip the stock.
—CNBC.com with wires
Call Cramer: 1-800-743-CNBC
Questions for Cramer? firstname.lastname@example.org
Questions, comments, suggestions for the Mad Money website? email@example.com