Although markets have cooled off slightly from all-time highs, most indices remain near the records.

With the markets continuously flip-flopping as it searches for direction from the Fed later this month, Cramer said he remains neutral and his keeping a significant amount of cash in his Action Alerts PLUS portfolio.

"I look at what's expensive. And I say, um, that's where the worry is. I look at what's cheap. Those finally started moving up and those aren't shorts. 
The analysts who are getting negative should be directly attacking the IPOs. That's where the expensive stuff is," Cramer said.

In the video above, Cramer explains what it would take to get him more confident in the markets going forward.

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