With the market volatility on his mind, Cramer decided to take a look at the charts to find out what could be in store for the CBOE volatility index, known as the VIX. The VIX measures perceived levels of volatility in the S&P 500 in the near future. Wall Street often refers to it as the fear gauge because it is considered a reliable proxy for the amount of fear in the markets.
To do this, Cramer turned to Mark Sebastian, a technician and founder of OptionPit.com and a colleague of Cramer's at RealMoney.com. Sebastian pointed out that the last time the Fed tightened in December, there was a big spike in VIX, and it continued into February as the market sold off.
However, Sebastian's main concern is that the Fed keeps sending mixed signals, which is causing a tremendous amount of uncertainty in the market, and that is why the VIX has been spiking recently.
The charts ultimately indicated to Sebastian that the market turbulence is far from over.
"Keep an eye on the VIX, if it starts to go down along with the S&P 500, that could signal that the fear of the Fed is finally baked in and it's time to start buying. For now, though, as I have been stressing for weeks, it's not worth the risk to be a hero," Cramer said.
On a hideous day in the market, Cramer likes to focus on what stocks are worth buying on the way down. One group that has been flying high are the medical device stocks, which have roared higher because they are one sub-section of the health care group that investors feel safe investing in.
Boston Scientific is the maker of pacemakers, defibrillators, drug-eluting stents and various other products relating to cardiovascular, endoscopy and urology illnesses. The stock has rallied nearly 30 percent this year.
"Here is a company that seems to be firing on all cylinders," Cramer said.
In its last quarter reported in July, Boston Scientific reported strong earnings. Cramer noted that this was exactly the kind of secular growth story that would work regardless of what the Fed did. He spoke with the company's Chairman and CEO Michael Mahoney, who commented on the strength of the business.
"The second quarter we grew 10 percent, we had five of our seven businesses growing double-digits. This year we guided to 200 basis points of margin improvement and strong double-digit EPS growth. So, really high performance, but more to come," Mahoney said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Penske Automotive Group: "I'm worried about Penske. Why? Because that stock has the most British exposure ... and it's had a very big run. I say ka-ching, ka-ching."
Silver Run Acquisitions: "No, that's a spec, I don't like specs. We don't really know what they're up to."