The long overdue selloff has arrived, Jim Cramer told his Mad Money viewers Thursday. But don't be too anxious to do some buying just yet, because there are still some obstacles to overcome.

What are those obstacles? Cramer identified 10 things he said are signaling that the bottom is not yet at hand.

First is FAANG, Cramer's high-growth cohort that is still beloved by the media. Until we see some negative articles that "the end is near," we haven't yet seen the bottom. Second are the drugs stocks, which are also too high. These stocks should be clobbered if bond yields are rising.

The third worry is that dividends are too low to offer stocks protection against the decline. Shares need to fall until we see a lot more yields north of 4%. Fourth, we're not seeing many analyst downgrades yet. Likewise, not a lot of the negativity seen by the chartists is baked into the market, either.

Sixth, the cyclicals are still among the market's leaders, and those stocks need to decline before the bottom will appear. The same applies to the cloud kings and oil prices.

Finally, Cramer noted that Federal Reserve Chair Jay Powell needs to stop talking, because his hawkish comments are only spooking an already wary market. And lastly, we need to see some weakness in the U.S. dollar, which remains very strong.

We don't need to see all of these worries rectified, Cramer concluded, but until at least some of them are, be prepared for more selling.

Cramer and the AAP team have their eye on Amazon (AMZN) , Walt Disney Co. (DIS) and more. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Executive Decision: Constellation Brands

For his "Executive Decision" segment, Cramer welcomed back Rob Sands, CEO of Constellation Brands (STZ) , the beer, wine and spirits company that just posted a strong beat-and-raise quarter with double-digit growth. Shares ended the day up 5.5%.

Sands said that Constellation operates in all of the hottest sub-categories in the industry, like high-end imported Mexican beers, for example, and those categories have strong growth drivers. There are demographic trends pulling in the company's favor and it has a portfolio of very strong brands.

Wine is also an area where Constellation has leading brands that are in high demand, which is why the company can deliver high single-digit growth.

Constellation is playing offense, not defense, when it comes to cannabis, Sands added. The company has invested in Canopy Growth Corp (CGC) , a leading player in that space. Consumers will eventually see all sorts of products that include both CBD and eventually THC components. Beer, wines, spirits, even water, are all possible. There are also huge international opportunities ahead for Constellation, he said.

Over on Real Money, Cramer says focus on the long term amid this bond squall. Get more of his insights with a free trial subscription to Real Money.

Executive Decision: Chipotle Mexican Grill

In his second "Executive Decision" segment, Cramer sat down with Brian Niccol and Jack Hartung, CEO and CFO of Chipotle Mexican Grill (CMG) , the restaurant chain with shares that are up 54% for the the year.

Hartung admitted that Chipotle got knocked on its heels after multiple food safety incidents, during which time the company stopped talking about what makes it so special. But as they move forward, everyone is excited for the future and the company is once again talking about food with integrity.

Niccol added that the ethos at Chipotle was never lost and the brand resonates more than ever with millennials and younger consumers that demand fresh, organic foods.

When asked about labor costs, Hartung noted that Chipotle has always paid more than minimum wage, but more importantly, the company gives employees a future. In just a few years, employees can move from hourly to salaried, and advance to store management.

Niccol added that Chipotle is also investing in digital, delivery and loyalty programs, and has just rolled out their first loyalty program in three markets. A loyalty rewards program has been the most-requested feature, he said.

Am I Diversified?

In the "Am I Diversified" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets.

The first portfolio included Lowe's (LOW) , Walt Disney, Apple (AAPL) , Alibaba (BABA) and Activision Blizzard (ATVI) .

Cramer said this portfolio has perfect diversification.

The second portfolio's top holdings included Alphabet (GOOGL) , Walt Disney, Amazon, AT&T (T) and Monmouth (MNR) .

Cramer said that Amazon and Alphabet were too similar and he'd sell Google and add a healthcare stock like UnitedHealth Group (UNH) .

The third portfolio had Apple, Amazon, American Electric Power (AEP) , Amgen (AMGN) and Adobe Systems (ADBE)  as its top five stocks.

Cramer once again identified Apple, Amazon and Adobe as too similar.

No-Huddle Offense

In his "No-Huddle Offense" segment, Cramer reminded viewers that over the long term, it's a stock's appreciation that makes the most money, not its yield. While many investors are rushing to dump stocks like Clorox (CLX) and Colgate-Palmolive (CG) to snap up those juicy 3.2% Treasury yields, the smart money should be patient and wait for an opportunity to buy.

In the short term, it's perfectly understandable why you'd want a 3.2% from bonds versus a 2.7% yield from Clorox. After all, Clorox trades at 22 times earnings but only has a 7% growth rate. Add to that rising commodity and transportation costs and it's easy to see why investors are fleeing the stock.

But never forget that Clorox, as with all soft goods companies, have two ways to make you money, and the appreciation in their share price over the decades far outweighs that tiny differential in dividend yield.

Lightning Round

In the Lightning Round, Cramer was bullish on Raytheon (RTN) , Nektar Therapeutics (NKTR) and Align Technology (ALGN) .

Cramer was bearish on Anheuser-Busch InBev (BUD) , Alteryx (AYX) , Walker & Dunlop (WD) , Kratos Defense & Security (KTOS) and Johnson Controls (JCI) .

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At the time of publication, Cramer's Action Alerts PLUS had a position in DIS, AMZN, AAPL, GOOGL, UNH, AMGN, RTN.

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