Here's what Cramer's watching for from the Fed

Only three things matter to the market right now; the Fed, the Fed and the Fed.

Cramer is hoping in its statement on Wednesday that the Federal Reserve effectively says, "Yes, we're winding down our bond buying program, but we recognize that recent employment figures have not been strong and the rest of the world is weaker, so we must stay vigilant to keep the economy on a growth track."

That's just one of the things that Cramer says "needs to go right to get the market beyond these levels." What else needs to go right?

Read MoreCramer: Will Alibaba kill bull or feed it?

Jim Cramer Mad Money
Source: CNBC

Cramer noted that a recent article in the New Yorker had really captured his attention with author Dr. Jerome Groopman talking about new drugs that control cancer without killing it. Given the effectiveness of this new treatment, Cramer thinks the maker of the drug, Agios (AGIO), belongs on your radar. "Plenty could go wrong, so it's not for the faint of heart. However, if all goes right, the maker of these drugs could be a terrific investment."

Read MoreCramer: Could new drug ultimately arrest cancer?

In addition, Cramer turned to technical analysis from Carolyn Boroden to determine if sell offs in Apple (AAPL) and Amazon (AMZN) presented opportunities.

Read MoreSeeking opportunity, Cramer eyes Apple decline

Cramer is also tuned into LifeLock (LOCK), a company that provides identity theft protection services on a subscription basis. Given the recent security breach at Home Depot, Cramer wonders if more people will be looking to protect themselves with a service such as LifeLock.

In the Lightning Round, Cramer talked with several callers about airlines stocks. "I'd rather own Southwest (LUV) right now," he said. "They've got momentum. After that I'd go with Spirit (SAVE). Then I like American (AAL), then Delta (DAL), then United (UAL)." He also noted that Ciena (CIEN) was too inconsistent and said he'd ring the register on at least a portion of a position in RF Micro Devices (RFMD).

And Cramer also looked at the state of the global economy. "The world is slowing. It might even be slowing fast. At times like this we need to be thinking about what's happening overseas because it is controlling all of the industrial stocks, which are going down for real reasons that have nothing to do with the Alibaba cash-raising effort," Cramer said.