Looking at Boeing's daily chart, Collins now sees the stock's gap lower to $131 as a new ceiling for the stock. He felt that $122 to $125 a share will be the critical range and falling below $122 would indicate further weakness, perhaps as low as $110 a share.

Collins also took aim at the commodity channel index, or CCI, which is currently less that -200, an incredibly oversold condition.

Looking at Boeing's weekly chart, Collins pointed out a similar decline in August 2011, with a gap lower and a very oversold CCI. That weakness led to a second leg lower, just as Collins fears today.

But while Collins took a wait-and-see approach, Cramer said the fundamentals at Boeing remain strong, with airlines flush with cash. Cramer said he'd be a buyer of Boeing into continued weakness.

Executive Decision: Jack Hartung

For his "Executive Decision" segment, Cramer spoke with Jack Hartung, CFO of Chipotle Mexican Grill (CMG), which just delivered a surprise 9.3% pop in same-store sales.

Hartung commented on Chipotle's marketing efforts, which include sponsoring a new online video series entitled Farmed and Dangerous that pokes fun at the traditional food chain. He said Chipotle doesn't believe in marketing around gimmicks and promotions but would rather create curiosity and get people thinking about where their food comes from.

When asked why Chipotle doesn't just create an inexpensive menu using cheap ingredients, Hartung said that in the short term cheap ingredients may be appealing, but over the long term Chipotle's strategy of food with integrity is better for animals, crops, family farms and the health of consumers. By charging a fair price for great food, Chipotle has seen strong returns, he added.

How does Chipotle create its success? It's not by skimping on the food, Hartung said. Instead, the company creates efficiencies by having small restaurants and a simple menu with not a lot of marketing.

Cramer said he remains a huge fan of Chipotle.

Lightning Round

In the Lightning Round, Cramer was bullish on Alcoa (AA), Wendy's (WEN), LyondellBasel (LYB), Medivation (MDVN), Kinder Morgan Energy Partners (KMP) and Sirius XM Radio (SIRI).

Cramer was bearish on Baidu.com (BIDU) and Atmos Energy (ATO).

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