The market sentiment has become more negative than Jim Cramer can remember in recent years. That is why Cramer decided to dig a little deeper to figure out when the market will have a real investable bottom and not just an oversold rally.
"Sentiment can't cause a rally on its own. Something fundamental has to change," the "Mad Money" host said.
In order to answer the question of when the market will bottom, Cramer referred back to the checklist he created on Jan. 11 of what needs to happen before a genuine bottom can occur.
Unfortunately when Cramer reviewed the checklist, not many boxes were checked off — even after the insane torture that stocks have been through so far this month.
After Cramer went down the list, he understood exactly why the bottom has been so hard to find.
He went down the list to share the status of where the market stands on each checkbox:
No. 1, the Fed needs to change it narrative that it plans to hike interest rates no matter what. The market cannot handle it right now, and if it does not change its message Cramer fears the economy could be next to head downhill.
Read More Cramer: When the market torture will end
The sell-off on Wednesday was absolutely hideous, but in Cramer's opinion — it wasn't bad enough.
"It's not panic; it's methodical. It's not nuts; it's algorithmic. It's not erratic; it's actually in sync with the rest of the world," the "Mad Money" host said.
As of Wednesday's market close, the was down 9 percent for the year. At one point during the day it was down 12 percent, which was painful for many investors.
"All that decline means is that our stock market is pretty much in line with many of the other markets around the globe," Cramer explained.(Tweet This)
Read More Cramer: That sell-off wasn't hideous enough
One stock that has been totally obliterated in the last seven months is Oracle. Could this be a good time to buy on weakness?
Oracle's legacy business has struggled, but under the leadership of CEO Mark Hurd, the company has made an aggressive push into the cloud. The company saw its cloud based software-as-a-service grow 38 percent in the last quarter, and management indicated that could explode to 50 percent in the current quarter.
Hurd attributed the staggering cloud growth to the company's improved technology and its sales force being more accustomed to selling cloud products. As a result, customers have referred the product to other customers.
"The combination of all of those have led to great success," Hurd said.
Cramer officially declared Wednesday BOGO day for the oil market.
BOGO is a term often used in retail to mean buy one, get one free. When a food or consumer products company is in a price war, usually one of the competitors will throw in a BOGO deal to annihilate its competition.
"Nothing strikes more fear in the heart of a consumer products company than a buy one, get one price war," the "Mad Money" host said.(Tweet This)
The real losers of this price war are the oil producers of the United States, especially those that have hedges that will come off in 2016 and are frantically trying to cover debt payments.
"BOGO in the oil patch is not like a price war, it is like a real war, meaning it is good for absolutely nothing," Cramer said. (Tweet This)
Read More Cramer: Oil's ugly price war just got worse
On such a hideous day on the market, Cramer still considers it part of his job to remain constructive. He urged investors to look for domestically focused companies with no relationship to the weakness of the rest of the world.
That is why Cramer focused his attention on American telecommunication plays. After all, a wireless provider does not care if the foreign market falls apart or the price of oil goes down and its subscriber count isn't impacted by the Fed raising rates.
"In short, I think the wireless industry is as safe as it gets, even as I acknowledge that the wireless stocks can still be dragged down with the rest of the market," Cramer said.
Cramer considered Sprint horrendous, but liked T-Mobile on weakness for those investors with a high tolerance. And for investors that are focused on capital preservation and income, he recommended Verizon after it reports Thursday.
In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:
SolarCity: "I ain't gonna play SolarCity, you kidding me? We've got First Solar if we are going to go down that path, which is a company that has a good balance sheet and isn't relying on the kindness of strangers in the government."
SM Energy: "No! We are not recommending any of these oil stocks. Remember — fossil fuels, we are just against them. That's my new plan for the next 30 years of this show."
Read More Lightning Round: I'm against it for the next 30 yrs