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Cramer Remix: The Fed needs to do this now

At this point, it is clear to Jim Cramer that the stock market is inevitably going down. That's just the way it is. But that doesn't mean investors have to sit back and do nothing about it.

"I do find it helpful to figure out what would reverse that ineluctable sense of retreat so if I spotted it…I would know that the overwhelming propensity for a declining session isn't as written in stone as we thought," the "Mad Money" host said.

So, what are the topics on Cramer's radar that could signal a market reversal if they changed? He went down the list.

First, the Fed needs to declare 2015 a rate-hike free zone. They need to do it now, Cramer says, because it has to recognize the strong-dollar perils that America and its trading partners would face if a rate hike happened soon. (Tweet This)

Second, the Chinese market needs to reset. Cramer wants to see a Chinese version of the Nasdaq 2000 crash play out, as the Shanghai Composite index is filled with stocks that are ridiculously overvalued. By his calculations, it has to lose 35 to 40 percent of its value.

Until that happens, Cramer wants investors to be aware that there are plenty of U.S. companies with stocks that are vulnerable to China's decline.

Third, commodities have to bottom, which seems to have no real floor in sight due to opaque demand. But more importantly, the miners have not stopped pumping more of what the world does not need. Glencore, BHP, Vale all have to blink and none of them have. Thus, there is no bottom in sight.

Oil is not done going down until the Saudis say so. (Tweet This)

Read MoreCramer: Fed, China, oil—Will the market gloom end?

A pump jack and pipes at an oil field near Bakersfield, California.
Lucy Nicholson | Reuters
A pump jack and pipes at an oil field near Bakersfield, California.

Cramer has hereby announced that Aug. 4, will live in infamy. When it comes to stock market battles, the day that Disney reported was a battle on Wall Street, and investors have been paying the price ever since.

"I think you can say that Aug. 4 was the day the growth music died, at least for now," the "Mad Money" host said. (Tweet This)

Prior to that date, Disney's stock had become the must-own growth stock of 2015. And going into that fateful day when it reported, it was the best performing stock of the Dow Jones industrial average. In fact, it was too hot.

What disturbed Cramer the most is that when he looked back at Disney, it was priced to perfection and isn't anymore. And if Disney isn't perfect anymore, then maybe there isn't much else out there that is perfect.

That is why Disney's fall is so important.

If a company can fall from $122 to $100 in just a couple of weeks on no number cuts, then just imagine what could happen to any other stock that actually misses the numbers.

Suddenly, the media space, which has been one of the greatest safe havens out there, has become one of the most dangerous sectors.

"This market has gotten narrower and narrower by the day. Stocks have been under distribution for ages, meaning they have been sold relentlessly and not necessarily to good hands," Cramer said. (Tweet This)

Read MoreCramer: What Disney's fall signals for the market

Employees of SunEdison install photovoltaic solar panels in Hillsborough, New Jersey.
Robert Nickelsberg | Getty Images
Employees of SunEdison install photovoltaic solar panels in Hillsborough, New Jersey.

SunEdison has suddenly fallen into free fall, leaving Cramer wondering what the heck he should do with the stock. How could he have been so wrong about this one?

Until one month ago, SunEdison was one of the hottest stocks out there. From January 2013 to July 20 of this year, the stock jumped more than seven times its value. It is known as a major renewable energy development play that finances, builds, owns and operates various solar and wind power plants.

But that all changed recently when it lost about 60 percent of its value since July 20.

"First, let me just say—mea culpa! Clearly, I was wrong to get behind this one. It was a mistake to recommend SunEdison and I own that," the Cramer said. (Tweet This)

Last week SunEdison announced a big partnership with Dominion, one of the largest utilities in the country. Then, on Monday, it announced a two-part capital raising plan to address funding worries.

At these levels, Cramer has to believe that the stock has been hugely stripped of risk and represents real value. On the other hand, the stock is still in free fall so buying it now would be like catching a falling knife.

"I got SunEdison wrong. The company overextended itself, continuing to make big acquisitions when it became clear that the market had turned against them…I think that long-term investors can start to gradually build a position here on the way down." Cramer said.

Read More Cramer: Mea culpa! Why I was wrong on SunEdison

After the worst day of the year for the averages, Cramer was happy to hear some positive news from Salesforce. Known as the king of cloud computing, it reported a 1-cent earnings beat from an 18-cent basis and better-than-expected revenues.

The company also raised its full-year revenue guidance, and is on track to become the fastest enterprise software company to reach $7 billion in annual revenue run late this year.

To hear more about its fantastic quarter, Cramer spoke with Salesforce Chairman and CEO Marc Benioff.

"This is the best quarter we have ever had. You can see these numbers are just incredible, and we see having an unbelievable year. Next year, we are going to be the fourth-largest software company in the world, that's our goal," Benioff said.

In the Lightning Round, Cramer gave his take on a few caller favorite stocks:

Palo Alto Networks & Cyberark: "These are both very good companies, but they are high-growth companies, and my theme for tonight is right now we are not paying as much for growth as we were. This means the stocks have to come down to levels where people find buyers, whether it be Disney, Palo Alto or Cyberark."

Opko Health: "They made the acquisition, and no one liked the acquisition. The stock has been going down ever since. We need to have Dr. Frost come back on and explain to us why he did the acquisition because it has clearly hurt the stock a lot."

Read MoreLightning Round: No one liked this acquisition