Cramer thinks next week could be tough. "It's not a bad idea to raise some cash," he said.
Largely the Mad Money host fears investors may be facing something of a two-pronged storm that could leave real damage in its wake.
Cramer's first concern involves expectations that the Fed may telegraph higher rates by the language it doesn't use in Wednesday's statement. Because of that expectation, rates in the bond market spiked on Friday.
"Interest rates moved up very big with the 10-year Treasury climbing up to 2.6 percent. I know, historically that's not high but we know from the spring of 2013 that the velocity of the move is what freaks people out and causes them to sell stocks," Cramer noted.
And, to make the market all the more worrisome, Alibaba is expected to IPO late next week. "This deal, which comes next Friday, is going to be huge, requiring fund managers to raise money." In turn, Cramer believes pros will sell Apple, Google, Facebook and similar stocks.
If that selloff in tech occurs as investors shun cyclical stocks due to an expectation of higher interest rates, Cramer fears the market could turn ugly. That's the two pronged storm. "It all seems a bit ominous to me," he said.
It's through this lens that Cramer will be viewing a string of smaller events that could present opportunity. That is, with one eye on the broader market, here's what Cramer will be watching in the week ahead.