Jim Cramer is used to seeing negativity in the stock market, but sometimes there is too much. The first is poison, and the second is the antidote.
"That is my summary of what is bubbling up underneath in what has suddenly become a very treacherous market," the "Mad Money" host said.
So what the heck happened?
It was a very discouraging day for the bulls, because there was a bizarre combination of company prospects fading at the exact same time as Federal Reserve officials talking about the need to raise rates.
Another group of stocks that Cramer thinks could work in this environment are those that reflect too much negativity and could be bought either for trade or an investment.
He also deemed the defense stocks to become the most talked about non-social issue in the coming months ahead. He recommended owning stocks like Raytheon going into every presidential debate, as candidates will trip over one another to discuss how they want a stronger Army, Navy and Air Force.
Just as Cramer was figuring out the direction of the overall market, the price of crude oil once again broke down and brought the whole market with it.
And Cramer has known for months now that hedge funds will tend to sell stocks whenever oil breaks down, and that is just what happened on Thursday. The reason for this is because they think that whenever oil goes down, then that means the economy isn't strong enough to grow on its own. So if the Fed tightens, the stock market will be in trouble.
Usually lower oil prices are bad for the stock market, but good for the real world. The extra cash in consumer pockets translates to higher purchasing power.
But there is a problem.
Cramer was thrown off when he saw a stock like Macy's crash right before his eyes on Wednesday, especially since shoppers will benefit from lower gasoline prices. The hideous quarter from Macy's proved that the decline in oil is not translating into additional sales.
"That is what has made these last few days so jarring," Cramer said.
The online food space has grown tremendously in the past 18 months. And as much as Cramer likes to order food for delivery, he is wondering what the heck happened to GrubHub.
GrubHub is the No. 1 online food ordering platform that is also behind Seamless, AllMenus.com and MenuPages.com. It went public back in April last year, and investors went totally gaga for the stock. It was hailed as the darling of high-growth Internet plays that could disrupt the restaurant business.
Now the stock has fallen off of a cliff.
But worst of all, GrubHub's daily average orders—a very important key metric—increased by just 22.5 percent, down from 33 percent at the end of 2015. GrubHub claimed there were weather and service outages, but in Cramer's opinion there is clearly a trend here that shows GrubHub is slowing.
At the end of the day, there is nothing worse for a company's earnings than competition. GrubHub may have not had much competition when it came public 18 months ago, but now there is a lot more competition and it is evident in its decelerating growth rate.
"Maybe GrubHub can turn things around, but I suggest you wait and see if the growth here can stabilize, because at the moment this former high flier has now entered the danger zone, making it too risky for me," Cramer said.
Read More Cramer: Why GrubHub is in danger zone
While it has been a difficult time for restaurant stocks lately, one stock got its groove back on Thursday. Popeyes Louisiana Kitchen is the fried chicken chain with 2,475 locations, predominantly within the U.S.
Popeyes has had a tough year, with its stock down 9 percent as of Wednesday's close. But then the company reported tremendous results, delivering a 2-cent earnings beat from a 45-cent basis, in-line revenues and strong global same-store sales growth.
Additionally management raised its full-year earnings and same-store sales forecasts, which sent the stock soaring more than 6 percent Thursday.
Can this stock continue to climb? To find out, Cramer spoke with Popeyes' CEO Cheryl Bachelder.
"We continued to doing what we do best, Jim. We had excellent product innovation this quarter, we had excellent media with our spokesperson Annie and we covered the country with exciting reasons to come in to Popeyes … It's a competitive category, you have to win and this was a winning quarter for Popeyes," Bachelder said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
National-Oilwell Varco: "I hate to say it, but even with a long-term time horizon you should wait because I think that the building of rigs and the drilling equipment is just nowhere near bottoming yet. You've got some time before you need to pull the trigger."
Esperion Therapeutics: "If you need a tax loss against something that is a win, I would take it. Esperion had data that was very good about anti-cholesterol but then it turns out that the Regeneron guys are doing quite well with the current one — although not well enough and that is really hurting Esperion."