Jim Cramer thought the vicious linkage between oil and the market had finally ended. That theory went down the tube on Wednesday when a sharp decline in crude and worried money managers took down stocks.

It could have been a lot worse, though.

"This whole day could have been a lot worse, and it was for most of the session. But I saw many of the same buyers who had marked up stocks earlier in the week back in there supporting them after they got hit," the "Mad Money" host said.

Cramer noticed a pattern surrounding "marking up." This happens when money managers bid up their own stock at the end of the month to make it look as if their fund has performed better than it actually has. The SEC monitors the last day of trading in a given month to ensure that no money manager inflates performance, Cramer explained.

"I have noticed another pattern creeping into this racket: instead of doing it on the last day, the mark-up happens three days before the end of the month," Cramer said.

However, given the hammering that Salesforce stock took after-hours Wednesday and the expectation of lower oil prices in the future, Cramer anticipated that the selling will continue into Thursday.

Cloud giant Salesforce fell more than 6 percent in after-hours trading on Wednesday after the company reported seemingly disappointing quarterly guidance, prompting Jim Cramer to wonder if the stock has been punished enough.

In an interview with Cramer, Salesforce CEO Marc Benioff confirmed that while the quarter was strong from a top and bottom line perspective, foreign exchange had a dramatic impact on the quarter. This stemmed from both Brexit and the fall in value of the great British pound, which is how the company rolls up its currencies.

"I'll tell you that even through all of that, though, we are raising our revenue guidance for the year," Benioff said.

Historically, September has been a weak month for stocks. Cramer's research indicated that September has been down an average of 1 percent going all the way back to the 1890s.

Cramer explained the decline, saying that the 1 percent isn't material enough to warrant the fear it seems to generate. He speculated that seasonality of employees taking off for the summer, especially in technology, could behind it.

Additionally, stocks don't tend to reflect the seasonal slowdown. They reflect an absence of data points, which presumes a positive bias, not a negative one. Takeovers have played a big role too, so the stocks have run up going into September.

Just five months after returning from medical leave from a heart transplant, and about a year after taking over United Continental, Oscar Munoz is moving full steam ahead.

"I think it's a group that at a point in time, we may have the best board in the industry, along with the best management team. So we are ready to go," Munoz said.

In an interview with Cramer, Munoz said he understands the headwinds that a cyclical industry like airlines faces. Before joining United, Munoz worked at railroad giant CSX for more than a decade.

"My job, our job, the new team's job is to prepare for all sorts of the ups and downs. And right now we are facing a little bit of headwind with regards to the economy and fuel," Munoz said. "That is why you put a great team together, that's why you put a strategy that takes care of all the different sort of cyclical events, and then when it pops up you're ready to go.

Beer and chicken wing chain Buffalo Wild Wings' stock price has made a dramatic resurgence in the last six weeks, but Jim Cramer's still not hungry for it.

After an epic multi-year rally, Buffalo Wild Wings reported a series of disappointing numbers that caused the stock to plunge to $134 in mid-July from $200 at its peak 12-months ago. But in the past six weeks, shares rose 20 percent from July lows.

Cramer suspected that some of the move is because the company reported a better-than-feared quarter in July, and also because activist Marcato Capital got involved, and purchased 5.1 percent.

But Cramer's still not biting.

"Until we see some evidence of a turnaround, I don't care that there is an activist at the gate, you need to stay on the sidelines with this one," he said.

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

Potash merger talks with Agrium: "I like it. I think at this level, Potash is a buy because together you get that retail operation of Agrium and the wholesale of Potash. It makes sense. Stay in that one."

Incyte Corp: "That's highly speculative. It does have a good franchise ... I think I want to hold off for now. I think September could be a dicey month for stocks like that."