Restaurants couldn't save the market on Monday. Biotech couldn't save the market, and even good news from Europe couldn't save the day.
At first, Jim Cramer thought Monday would be a day to run with the bulls when he saw Europe was rallying. Then a parade of horribleness ensued when four gut-punches took the market down, making the "Mad Money" host even more inclined to warn investors to stay away from oil stocks.
First, oil took down the market. Then three more punches from Tiffany's miss, SanDisk taking down the technology sector and then American Airlines announcing a seat mileage shortfall took it down further.
With the mixture of news swirling ariybd, Cramer wants investors to remember the typical pattern with oil: On the first big decline, the market gets slammed. Then it will go down again and consolidate, and the market will stabilize. When the next set of earnings is released, the market is day-to-day and either rallies or falls.
One bright star on a gloomy day was Alcoa's beat on analyst expectations in its quarterly earnings report on Monday. The big aluminum maker is always the first company to report in earnings season, and gives insight on everything from automotive, commercial construction and aerospace.
Cramer spoke with Kleinfeld shortly after earnings were reported on Monday and was curious as to what he expects Alcoa to look like at the end of the year.
"The good news is that we love aerospace and we love automotive, particularly as there is growth in the business. And then you see the aluminum growth on top of it, because we are replacing existing materials and we are innovating," Kleinfeld said.
However, in opposition oil was certainly no bright star on Monday. At what point during oil's decline does it signal that oil has become too low for its own good?
The "Mad Money" host has seen a few bearish signs lingering in the oil patch that have caused him concern, and he's starting to think companies are in more trouble than they realize. Especially if oil drops below $40, which could easily happen.
"While I remain a bull on what lower oil can mean for our economy, there's just no way, yet, to be bullish on this group," he said.
Read More Cramer: How we know when oil is too low
One of the events on Cramer's radar this week was the kickoff of the JPMorgan healthcare conference. He can always count on new information being revealed, and get a good sense of how the health industry is doing.
At the meeting the Cramer fave speculative biotech company, Acorda Therapeutics announced stronger than expected sales figures for its drug Ampyra. This is a drug that enables multiple sclerosis patients with the ability to walk, and is being tested for the use with stroke victims and those with cerebral palsy.
To learn more about the future of Ampyra, Cramer spoke with Acorda CEO Ron Cohen who explained that it takes time for a drug such as Ampyra to penetrate the market.
"This was blazing new trails. There had never been a medication to improve walking before we were approved in 2010… and after a while people get educated and make that transition where it is now standard of care," Cohen said.
Another Cramer fave biotech is NPS Pharmaceuticals, up 45 percent in the past month. Wowzer!
On Sunday, Ireland-based Shire PLC agreed to acquire NPS Pharma for an all cash deal of $5.2 billion, or $46 a share.
Cramer started recommending NPS back in October 2012, when the stock was trading at $8.24. It now trades at $45, and the "Mad Money" host said it's time to ring the register on this hot biotech play.
To learn more, Cramer sat down with NPS Pharmaceuticals CEO Dr. Francois Nader.
"It will be a bumpy ride, and it's absolutely not a linear growth. Remember, it is one patient at a time; every patient counts. So some quarters you have many more patients and others you don't. What you need to look at is the trend, and not really at the point-per-point basis," he said.
Zimmer Holdings: "I think Zimmer is going higher. I like Edwards Lifesciences, I like Zimmer. I think these are the sweet spots in this marketplace. I know they're up a lot, maybe they come in and then you pull the trigger.
British Petroleum: "Don't short it, or you've got to pay that dividend. But I don't want to own BP, it's got too much risk there. Way too much risk."