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NEW YORK ( TheStreet) -- "Until this market knows what it wants, stocks are going to continue to drift lower," Jim Cramer warned his "Mad Money" TV show viewers Tuesday. He said investors don't even know what to wish for at this point, as he outlined 10 uncertainties in the market.

1. Oil prices. Cramer said the market wants lower oil prices, but only if those prices come from an over supply of oil and not from weaker demand.

2.Earnings estimates. Cramer said the earnings estimates have gotten too high and they need to fall to where they can easily be beaten.

3. U.S. debt downgrade. He said the consensus view is that a downgrade of U.S. debt would be bad, but some in the market now think it would spur genuine reform in Congress and the White House if it occurred.

4. Unemployment. Unemployment may be bad, said Cramer, but some in the markets feel that high unemployment keeps the Federal Reserve and rising interest rates at bay.

5. Chinese hard landing. Cramer said the markets fear that the Chinese will kill their economic growth by raising interest rates too much.

6. Rotation into soft goods. Cramer said there's simply not enough money coming into the markets to send the consumer stocks and the industrial growth names up at the same time.

7. Technicals aren't bad enough. Cramer said the market needs to fall harder in order to get a trampoline effect to the upside.

8. Economy needs more stimulus. We can't afford it, said Cramer, but our economy clearly needs more stimulus to offset the effects of the housing market.

9. Weak dollar. A weak dollar is supposed to be good for the markets, so why have they been falling as the greenback weakens?

10. Too many bulls. Despite all of the weakness in the markets, Cramer said there are still far too many bulls looking for a quick rebound.

Cramer said until at least some of these uncertainties are answered, and the market knows for certain what it wants, stocks are unfortunately doomed to the hot and cold pattern they've been stuck in for what seems like forever.

Risky REITs

In the "Off The Charts" segment, Cramer went head to head with colleague Tim Collins over the chart of the iShares Dow Jones Real Estate ( IYR) ETF, which tracks the commercial REITs. The ETF is currently up 8.6% for the year, but Collins feels those gains may be in jeopardy.

Looking at the daily chart, Collins noted that the ETF have been in a downtrend since April, but shot up in late-May, only to quickly retrace to the downside. Collins said this was a false rally, as it occurred on light volume. Instead, he sees the ETF in risk of breaking it's long-term support level and heading sharply lower.

Collins also noted the ETF's stochastics, which shows an oversold condition. Normally, an oversold condition has been a sign to buy, but Collins noted that this time, the ETF has seen no additional buying. Collins sees the ETF falling to $58 or $56.50 a share.

Turning to the fundamentals, Cramer said he agrees with Collins, and the REITs have become too risky. He advised locking in profits amidst the dangerous looking charts. "It's time to cut and run," he concluded.

Ford's Upbeat Outlook

In the "Executive Decision" segment, Cramer once again sat down with Alan Mullaly, president and CEO of Ford ( F), a somewhat forgotten stock since the company reported disappointing results in January which sent shares down 25% from its highs.

Mullaly was upbeat on Ford's turnaround, announcing that the company has paid down another $3.1 billion in debt and is headed ultimately towards having only $10 billion in debt on what will be the simplest balance sheet the company has ever had. He said operations worldwide are now profitable and Ford is producing a full family of vehicles in every market around the globe.

When asked about upcoming labor talks and increased competition from government-sponsored competitors, Mullaly stood by his decision to support his competitors in the American auto market's darkest hour. Regarding labor talks, Mullaly said that for the first time in many years, Ford is growing. He said the company is increasing production and making better products than ever before, which gives labor talks a new dynamic since everyone wants to share in that growth. "Everyone knows where Ford is going," he noted.

Turning towards Ford's overseas operations, Mullaly said that Ford is positioned with a full line of vehicles globally, and is prepared for the time when 45% of the world's auto demand comes from the Asia Pacific region of the world.

Mullaly also commented on many other areas of Ford's business, including Ford Sync, which helps drivers keep their hands on the wheel through a voice-activated navigation, entertainment and information system. Mullaly also noted that while truck sales are lower in the leisure market, they're still strong for small businesses.

Cramer once again reiterated his support for Mullaly and for Ford.

Oil and Gas Play

In a second "Executive Decision" segment, Cramer spoke with Kelcy Warren, chairman and CEO of Energy Transfer Partners ( ETP), an oil and gas pipeline master limited partnership with a juicy 7.9% dividend. Shares of Energy Transfer Partners are just off their 52-week lows after the company delivered a 31-cent-a-share earnings miss during its most recent quarter.

Warren explained that the earnings shortfall was due in part to what they called "basis," the cost differential of oil and gas in different parts of the country. He said with basis being extremely low, there's simply less money to be made moving oil from place to place. Warren also pinned the weakness on weak seasonality.

Warren was bullish however, on the company's propane business, which he said is also seasonal and driven by the economy. He said his company is committed to its propane business in part because of its low tax basis.

When asked about liquified natural gas, Warren explained that Energy Transfer Partners will be making liquified products a much bigger part of its business going forward. He said our country is gearing up to become an exporter of natural gas, and as that happens, his company will likely need to offer more equity to make it happen.

Finally, when asked whether Energy Transfer's dividend is likely to be cut, Warren said absolutely not. Warren said he's extremely disappointed that his company has not been able to raise distributions as of late, but they're certainly not at any risk of being cut.

Cramer said Energy Transfer Partners is a buy and investors should own it.

Lightning Round

Cramer was bullish on Chesapeake Energy ( CHK), Booz Allen Hamilton ( BAH) and Kinder Morgan Energy Partners ( KMP).

He was bearish on Imperial Sugar Co ( IPSU), Micron Technology ( MU), Crestwood Midstream Partners ( CMLP) and VeriFone ( PAY).

Sensible Merger

In his "No Huddle Offense" segment, Cramer said that everyone knows that the lumber, packaging and paper business is awful right now. So what does International Paper ( IP) see in Temple-Inland ( TIN) that made it want to start a hostile takeover of the company?

In a word, Cramer said synergies. He said despite the fact that the paper business is awful, building products are downright dreadful and corrugated products will be in less demand as the economy ships less, International Paper is looking towards the long term, and sees a place where synergies can be attained and numbers can be boosted. Plus, said Cramer, it also sees a regulatory environment where the merger is likely to be approved.

So while the markets may be focused on the day to day, in the long run, Cramer said this paper merger makes perfect sense.

--Written by Scott Rutt in Washington, D.C.

To contact the writer of this article, click here: Scott Rutt.

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At the time of publication, Cramer was not long any equities mentioned.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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