Monday marked another day of stocks tumbling, though hopes rose during a short-lived rally. The Dow Jones industrial average (.DJI) fell 223 points, or 1.35 percent and the (.SPX) fell 31 points, or 1.65 percent.
Jim Cramer once again reiterated that investors face a treacherous market, with fears that stocks exposed to the travel and leisure sector could go even lower. He noted that there is a genuine sense of panic, because the market was not able to stand its ground after the Federal Reserve indicated that there is no hurry to raise rates, we got a good China export number for September, and there were even rumblings of peace in Ukraine.
So what do we need to do in order to have a sustained rally?
Cramer provided a 10-step to-do list of what needs to be addressed in our environment before a bull market can stay, starting with the containment of Ebola, a resolution of the ISIS crisis and oil prices finding their footing.
Read MoreCramer's 10 steps to a market rally
The CBOE Volatility Index (VIX), otherwise known as the VIX or the fear gauge, will tell investors about the mood of the market after last week's sell-off. Cramer turned to a resident VIX expert Mark Sebastian, founder of OptionPitTrading.com.
Last Friday the VIX surged above 20 for the first time in ages. It typically rallies when the S&P goes down, but according to Sebastian, the fact that it crossed above 20 is a sign that the market is bottoming out because it has panicked.
Sebastian thinks that the current rally in the volatility index could be a sign of 2010- and 2011-like territory. He expects the VIX will break above 25 before the market bottoms, which means that investors could have another day of bear markets before Sebastian recommends it is wise to start buying.
Though plenty of stocks are in bear territory currently, Cramer said that doesn't mean that investors should throw in the towel and sell everything. Historically, the plummeting price of crude oil is good news for restaurant stocks—every dollar that people do not spend at the gas pump is redirected to lunch and dinner. Even the declining price of staple crops like wheat and corn are a good thing for restaurants, as they can boost their margins and save on costs.
But since Cramer thinks this is a treacherous market, he doesn't want investors to put all of their eggs in one basket with restaurant stocks. So what should we look for?
Investors need a company that has an ace up its sleeve and the potential to instantly unlock value for shareholders. Cramer recommends looking for a restaurant play that can break itself up and make shareholders money in the process.
Cramer thinks he should be taken seriously when he says that the restaurant chain Jack in the Box has a lot going for it, and could have a tremendous upside if management breaks up the business. He thinks Qdoba could go much higher in valuation if Jack in the Box were to spin off Qdoba as a separate publicly traded company, much like in 2006 when McDonald's spun off Chipotle.
"Memo to Jack in the Box, you can unlock a tremendous amount of value if you simply break up your business—I don't care if you sell Qdoba, or merely spin off a minority stake in the chain via IPO, either way you'll be doing your shareholders a favor," Cramer added.
Even without the breakup, he still thinks this stock is worth buying into the weakness that has overcome the market due to Ebola, and despite the decrease in oil prices.
Flash back to a few weeks ago and the market focus was on the decline in fuel costs, with Ebola in the back of investors' minds. Now the focus has shifted, with Ebola front and center. As a result, so has the focus on travel and leisure stocks.
Wondering which portion of a travel and leisure portfolio could be affected? Look no further than cruise stocks.
Cramer thinks that the disruption to this group has been so radical, that these stocks, without Ebola on the scene, would have fallen just half as far in the general market sell-off.
He even recently profiled cruise stocks as having tremendous momentum because they are main beneficiary when oil prices drop. However even Cramer knows that investing is about being adaptable, and being able to adjust your perspective as things change.
"In fact, I think that cruise ships might be the most vulnerable of the travel and leisure cohort, maybe even more than airplanes. Which themselves have a huge problem. It's simply disruptive to their business," Cramer added.
Cramer then sat down with the great music legend Neil Young. What some might not know is that Young doesn't just make music, he also tries to change the way that people listen to music with his company, Pono.
Pono is a planned digital ecosystem for playing high definition audio, which incudes an online store and music player coming out in the first quarter of next year. This will allow music listeners to hear songs the way they were meant to be heard, rather than in digital form of MP3 files.
"Pono brings the feeling of the music right to you. It gives you goosebumps. Because that's what missing. You can feel the music," said Young.
Pono is also working with Harman (HAR) to have their equipment released within the 2016 model Lincoln Continental, and stated that Tesla (TSLA) will also be implementing the sound system into their models when they are ready with their store.
Many investors can also make comparisons to Apple's iPod/iPhone. Young shared with the "Mad Money" host that he spoke with Steve Jobs about his intention to release Pono to improve the music experience.
"Steve Jobs would have loved this. He was a real music lover, and listened to vinyl in his living room. I talked to him about it, and he understood why we were doing this…They made a lot of inroads to this, we are just perfecting it," said Young.
Ahead of earnings this week, Cramer also gave his take on investor stock picks on the Lightning Round.
Vivint Solar (VSLR): "Too speculative, when first solar is getting hit as hard as it is I'm not going to go out down the food chain to Vivint
General Electric (GE): "You have to stay the course with GE… I'm not going to cut and run"
Read More Lightning Round: Disney, GE & More