Cramer likes to use the market's stronger days to talk about what worries him, and on Monday, his chief worry centered on the actions of the Federal Reserve.
"This is a new position for me," he admitted. "Even after this weekend's positive trade news, I feel a bit of trepidation in the wake of the Fed's most recent rate hike."
Problem No. 1? While short-term rates went up, long-term rates failed to rise with them, making shares of banks — which make money on the difference between long and short rates — give up their gains.
His second issue was with the housing stocks, which, despite the strength of the homebuilding business, have been sliding since the Fed announced it would hike rates once more in 2018 and three times in 2019.
Third and fourth was the weakness in the auto market and in China's manufacturing data, both of which could have a bearing on the U.S. economy's growth in the future.
Cramer said the market could get a reprieve from the Labor Department's nonfarm payroll on Friday, but only if the results are just right.
"If they're weak, all of these forces will come into play and the recession drumbeat will be too loud to ignore," he warned. "I am not saying that will definitely happen — we could get a great number — but it's an ugly possibility that we at least have to look out for."