Many investors breathed a sigh of relief when the Federal Reserve announced it would leave rates unchanged on Wednesday. But Jim Cramer says the market isn't in the clear yet, and he's got a game plan prepared.
Cramer was pleased that the Fed recognized that employment in the U.S. only grew by 38,000 jobs last month. It clearly knew that the economy is only slowly growing, and rate hikes shouldn't be on autopilot.
The uncertainty surrounding a Brexit was palpable in the market on Wednesday, and it prevented stocks from heading higher after the Fed announced its decision.
"I think more people are worried about this British vote than they would be otherwise, because they sure weren't worried a few weeks ago," Cramer said.
So, with the Fed out of the picture and oil and a Brexit in scope, Cramer will remain cautious until oil drops $3. That is when the market will fall 3 to 5 percent ahead of the vote in the U.K.
"That is when you put some of that mad money to work in higher yielding all domestic equities. That is the game plan, you just have to be ready to implement it," Cramer said.