Cramer Remix: China is a phony market

This was a nasty week, and Jim Cramer was thankful when it finally ended. Unfortunately, he does not expect anything good from this market in the near-term.

It made sense to Cramer that the market would go higher with China being able to mount a rally on Friday and nonfarm payroll data showing bountiful job gains — but that was not the case, as the Dow dropped triple digits in the close.

"As I've told you all week, do not expect anything good from this market," the "Mad Money" host said. (Tweet This)

Cramer speculated that the only reason the Chinese market rallied was because its government propped up the market with buying. That is great short term but will not be sustainable in the long run. Especially since Cramer believes that the Chinese government is making these moves up as it goes along.

"Put simply, it's a phony market. We have lost all confidence in the Chinese Communists' ability to run either their stock exchanges or for that matter, their economy, and that loss of faith is translating into genuine fear of some sort of systematic crisis that could hurt worldwide growth," Cramer said.

Read MoreCramer's game plan: Pain now, gain later

The real rub for Cramer is that in the world of marginal growth, China has basically been the main buyer of every raw good out there. Now it has turned into a seller, dumping everything from aluminum to steel into the world market.

The problem with China is that, unlike the United States, China was a place for emerging markets to sell goods, especially natural resources. Without Chinese demand, there will be too much of everything that involves commercial construction, notably the metals and mining equipment.

The loss of China translates into a loss of global growth and emerging growth. The impact to the economy is felt in the ripple effects by every U.S. company that exports goods overseas.

"Look, I'm not saying we've lost China. I am saying that the real worries about China don't have much to do with its stock market," Cramer said.

Read MoreCramer: My REAL worry for China (it's not stocks)

Many people have ruminated about the future direction of oil prices, but there is one guy who actually got the lower-for-longer call right before it happened. Cramer considers Rusty Braziel to be one of the most respected authorities of the energy space. Braziel is the president and principal energy markets consultant for RBN Energy, a one-stop shop for energy data, analysis and market commentary.

Given how important the price of oil has become to the direction for the stock market, Cramer considered it crucial to get a reality check from Braziel.

"Let's say the Saudis reduce their production. So, what's going to happen? Prices go back up. Then U.S. producers are going to jump in there, produce more. And if they do, then the prices are going to go right back down. So, now the Saudis have got less market share and less price. Why would they do that? It would just be nuts," Braziel said.

If a company is kicked out of the Dow Jones industrial average, should the stock be bought or sold? That was the question on Cramer's mind on Friday, and he was surprised at what he found.

"You would think that being booted out of the Dow would be a death sentence for a given stock, but when you look at the performance of the last 10 stocks to have been kicked out, on average they have actually roared higher and performed much better once they were no longer a part of the venerable index," the "Mad Money" host said.

How could being removed from the most watched index on Earth be viewed more as a blessing than a curse?

Cramer explained that futures and ETFs create some very strange dynamics in the market that cause totally unrelated stocks to trade together because they are in the same basket.

Once a stock is kicked out of the Dow, it is no longer held hostage to the Dow futures traders who don't care about individual companies and are only interested in betting on the direction of the index.

Read More Cramer: Stocks dumped by the Dow—a shocking result

In this extremely difficult environment, Cramer recommended circling the wagons around the stock of high-quality companies that have strong positive catalysts and less exposure to the weakness of the global economy.

Charles River Laboratories is the contract research organization that provides universities and biopharma businesses with everything needed to discover new drugs and conduct early-stage clinical trials. Cramer regards it as the arms dealer to the pharma and biotech industries.

On Thursday, Charles River announced it would acquire competitor WIL Research for $585 million in cash. The acquisition will not only expand its client base and boost scale, but it will also allow the company to diversify into niche high-end service areas like safety assessments.

To learn more, Cramer spoke with Charles River Chairman and CEO James Foster.

"It expands our capabilities dramatically. It is a company that we have admired and respected for years as a scientific peer of ours…so larger capability, some new activities and expanded geographic reach and great science," Foster said.

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

Tesla Motors: "I have no desire to buy Tesla in this market. This is a very, very tough market. There is speculation that people want to be in it. I don't want to be in it."

Agrium: "No, way too hard. Did you see the way Potash trades? I think that it's still not too late to get out of Agrium."

Read MoreLightning Round: Not too late to get out of this