Jim Cramer waved goodbye to September and a horrendous third quarter on Wednesday. The market declined almost 10 percent during that time, and every rally turned out to be a trap or a sucker's game, even though it ended on a positive note.
"We did not see a lot of buying today, we just saw an absence of selling. They are different, and a pause in selling can take us higher, but not so high that it is worth plunging in with both feet," the "Mad Money" host said.
Cramer pointed out that investors are still in a bear market that needs to run its course. And most of the bear markets that he has lived through had to do with overvaluation, coupled with a shock to the system that created the wave of stocks for sale.
This bear market is certainly similar. Stocks did get expensive, but that is because interest rates have been so low. However, valuations have not been insane.
The best comparison that Cramer finds to this bear is from 2011, when stocks plunged 17 percent from peak to trough, even as though many stocks far exceeded that decline.
"If a 2011-style bear market plays out, I believe that the Dow is roughly 1,000 points away from hitting what could be an intermediate term bottom, and the has another 90 points to fall…before we can get a long-lasting bounce," Cramer said.
Another stock that has taken a beating lately is Whole Foods Market, down 37 percent for the year. Is there anything this company can do to get some respect on Wall Street, or is it time for it to stop trying to please investors and take a different approach?
"In other words, may the way everyone is looking at Whole Foods is the wrong way to evaluate the company," Cramer said.
After a recent trip to its store in Brooklyn, NY Cramer now thinks that the market might be missing something very important about Whole Foods. And yes, Cramer does recognize it has some problems.
On Tuesday the company announced it was slashing 1,500 jobs in the next 8 weeks to lower prices and be able to compete. That told Cramer it isn't expecting a blowout quarter, because it wouldn't lay off that many people ahead of a stellar quarter.
So while it could be a long time before Whole Foods gets any credit from the market, considering all of the things that this company has going for it, Cramer thinks it could be a great time for Whole Foods to take itself private or for another leveraged buyout firm to step in and do it for them.
"Here is a company that is simply too good for this market. It deserves better," Cramer said.
Even in a bear market like this one, Cramer wants investors to be thinking about how to assemble a portfolio that will bounce back quickly when the smoke clears.
That means the members of Cramer's FANG group are back, baby. FANG is his acronym for Facebook, Amazon, Netflix and Google. After the selloff the market had this quarter, many of these names were hit hard.
"They can now be bought at significant discounts to where they were trading just a few weeks ago, although there's no guarantee they're done going down," the "Mad Money" host said.
Desperate shareholders dumped these stocks fast during the selloff, but at a certain point, Cramer said these growth stocks will become so attractive that investors will want to buy them back gradually.
However, Cramer warned that these are exactly the kind of stocks that a troubled hedge fund will sell in order to raise money. That could translate to many more opportunities ahead to buy them at lower prices.
Read More Cramer: The FANG is back, baby!
With September coming to a close and the third quarter ending, Cramer decided to figure out what was really behind the horrendous market decline.
What if commodities crashed and none of the producers blinked?
That is pretty much what happened this quarter. Many major commodities slumped double digits, with oil's 25 percent decline leading the way. Yet there were almost no supply cuts.
Many investors wanted to focus on the Federal Reserve as the driving force behind stocks, but Cramer disagreed. There is certainly no doubt that the Fed played a major role, but the real culprit behind the destruction was the commodity market.
Going into Friday's non-farm payroll report, Cramer decided to check in with Paychex. The company stands as the country's No. 2 payroll processer that specializes in small and medium sized businesses, with a growing human resources and benefits outsourcing business.
Cramer always says, to get a real read on the state of hiring in this country, he has to speak with Paychex. The company reported a strong quarter on Wednesday, with higher than expected revenues even as its full-year guidance remained unchanged.
To hear more, Cramer spoke with Paychex CEO Marty Mucci.
"In the small business sector we are still seeing solid growth. It has decreased a little bit from last year's peak but we are definitely seeing 4 years of sustained higher employment growth in those companies under 50 employees than our base year of 2004 in our index," Mucci said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Qorvo: "The last quarter I did not like. If you are going to be in that semiconductor business, you have to stick with Skyworks Solutions."
Apogee Enterprises: "When I think of glass now, and I know it's not a major part of the business now, but when I think of coatings and infrastructure I am going to send you to PPG Industries. I don't know if you have looked at PPG now but this thing is now down to $87 from $118. That one is a buy buy buy."