One topic that Cramer spends a lot of time trying to figure out is the long-term trends that drive stocks higher. However, just because a theme is big doesn't mean it is positive, and it is just as important to be able to spot a long-term downturn so you can protect your portfolio.
That is why Cramer took a look at two of the ugliest themes out there right now, the secular declines in both personal computers and coal.
Coal production in the U.S. has been falling steadily for years. From 2008 to 2014, domestic coal production fell by an average of 2.5 percent per year. It has accelerated dramatically, as production for 2015 is down 8.4 percent year to date. And thanks to new regulations and the rise of natural gas, Cramer said that coal production is not coming back.
"When it comes to coal, the trend is not your friend, and this downturn shows no signs of abating any time soon," Cramer said.
As for PCs, this market is also in a downtrend thanks to competition from tablets and mobile devices that reduce the need to own a PC. The severity of the decline has surprised a lot of investors, with worldwide PC sales dropping 9.5 percent year-over-year in the second quarter.
As a result, Cramer warned investors to avoid anything with coal exposure and to be very cautious about anything connected to the personal computer.
Back in the old days, Cramer saw that investors reached for the same stocks after a selloff. They were starved for growth and went for the good old FANG stocks: Facebook, Amazon, Netflix and Google.
But, thanks to the convergence of various events coming together, Cramer sees that FANG has revived itself in the market. First was the predicted slowdown of technology, because so many companies are linked to the downtrend in personal computer use. At the same time, the strong dollar took away the upside of leading industrial stocks.
"Don't forget, we are going to get a rate hike this fall and that will further boost the dollar, so hedge fund managers are trying to get ahead of that monumental change," the "Mad Money" host said.
There are also some junior FANGs out there, too, that investors are reaching for in a slower growth environment. Cramer listed those as Ambarella, PayPal and the four horsemen of big pharma: Biogen, Celgene, Gilead and Regeneron.
The "Mad Money" host also included two inverted drug companies, Allergan and Valeant, to the mix as sought after pharma plays for being able to crack the code of buying drug companies and integrating them to boost earnings.
"My advice is to buy them ONLY when the market is getting hammered. They come back the fastest, but they go down the fastest, too," Cramer said.
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In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Alibaba: "We want to stay away from Alibaba. The only we want to play Alibaba is through Yahoo, and there we are actually worried about the tax consequences. But Yahoo is a cheap way to play it because it's kind of worth nothing after they get rid of Alibaba."
Under Armour: "OK, here is the problem with Under Armour, the stock just ran. It was languishing for the last two weeks, nobody wanted it. Suddenly it goes to a 52-week high and everybody wants it! I say as much as I like Kevin Plank [Under Armour CEO], you have to wait for a pullback which the company will give you. It's just that there is a lot of heat right now because they have endorsed the right people, but let's just wait until it comes in a bit."
Read MoreLightning Round: The cheap way to play Alibaba