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NEW YORK ( TheStreet) -- The markets are going to see a lot more selling until the larger issues get resolved, Jim Cramer told his Mad Money TV show viewers Wednesday after a roller-coaster day that at one point saw the Dow Jones Industrial Average down almost 500 points.

In order to dissect today's action, Cramer referred back to his Monday list of 10 positive things that need to happen before the markets can have a sustainable rally. Topping that list was getting the Ebola scare under control, something that decidedly didn't happen as another health care worker contracted the virus. That news will continue to pressure everything related to travel, Cramer said, including airlines, cruises, casinos and hotels.

Then there was the surprise news that Abbvie (ABBV - Get Report) was dropping its bid for Shire (SHPG) , news that sent Shire shares down a whopping 30%. Cramer explained that hedge funds will often buy into deals like Shire, as they're almost certain to make at a least a small profit when the acquisition closes. But when a deal goes bad, those hedge funds are forced to liquidate in order to meet their margin requirements, which is often enough pressure to bring the whole market lower.

Cramer said the next nail in the market's coffin was the news that Wal-Mart (WMT - Get Report) was cutting its growth forecast. Wal-Mart should be flourishing in an economy with cheap gasoline, Cramer added, so if things are slow at Wal-Mart, we may be in trouble.

Add all of these fears to plummeting oil prices and interest rates and it's easy to see why so many investors were heading for the exits. Cramer said until his top 10 list starts getting resolved, the markets will continue to be news-driven, with stocks being guilty until proven innocent.

How Low Can Oil Go?

How low can oil prices go? Cramer said he got differing opinions from Harold Hamm of Continental Resources (CLR - Get Report) and Charif Souki of Cheniere Energy (LNG - Get Report) on last night's show.

Cramer said it's true that there is a lot of oil sloshing around the globe at the moment. Saudi Arabia is not cutting production to maintain prices, as it normally would in a slowing economy. Meanwhile, the U.S. is increasing its own production to the tune of a million barrels a day every year.

But no matter where oil prices ultimately end up, Cramer said one thing is almost certain -- oil prices will overshoot to the downside before heading higher. There's no need to speculate yet on when or where the bottom will be, he concluded, but eventually the oil stocks will become too cheap to ignore and their bountiful dividends will pay you to wait for the correction to start in earnest.

Taking a Longer-Term View

There are two ways investors can look at the market, Cramer told viewers. They can look at the short term, where panic and havoc rules the day, or they can take a longer-term view and see the opportunities the market's weakness is creating.

In the short term, yes, things look ugly, Cramer admitted. Ebola is spreading virtually unchecked, tensions with Russia continue and Germany seems to be doing nothing about the faltering European economy. Meanwhile, hedge funds seem to be on the wrong side of just about every trade that was hot early in the year, forcing the markets to give back not only this year's gains but some of last year's as well.

But over the longer term, Europe really doesn't matter, Cramer explained. The markets lost Europe in 2011 and that was a great time to buy stocks, in hindsight. In today's markets, with low oil prices and interest rates, the U.S. consumer can only benefit. In fact, given enough time, Cramer said, the benefits of low oil and interest rates will far exceed the short-term negatives.

Cramer reiterated that it's not safe to buy into the weakness quite yet, but investors need to understand a healthy American consumer will eventually be too bullish to ignore. When the smoke clears, investors need to be ready.

Executive Decision: Marc Benioff

For his "Executive Decision" segment, Cramer spoke with Marc Benioff, chairman and CEO of (CRM - Get Report) , which is currently hosting its annual Dreamforce user conference in San Francisco.

Among the highlights debuting at this year's conference were a new analytics cloud, a new mobile app development platform and a customer success program, Benioff said.

Benioff also noted that behind every new mobile app that customers interact with are next-generation back-end systems powering them. Salesforce, he said, provides many of the new platforms to make that happen.

Cramer reminded viewers that in a slowing economic environment, investors often return to growth stocks. Salesforce is one of those growth companies they should keep in mind.

Lightning Round

In the Lightning Round, Cramer was bullish on Lennar (LEN - Get Report) , GW Pharmaceuticals (GWPH) , RPM International (RPM - Get Report) , Rite Aid (RAD - Get Report) , Lockheed Martin (LMT - Get Report) and Opko Health (OPK - Get Report) .

Cramer was bearish on Taylor Morrison Home (TMHC) and Compressco Partners (GSJK) .

Executive Decision: Don Wood

In his second "Executive Decision" segment, Cramer sat down with Don Wood, president and CEO of Federal Realty Investment Trust (FRT - Get Report) , a real estate investment trust that currently yields 2.8%

Is the Internet is killing the bricks-and-mortar retail? Wood said no but added that customer behavior is changing and retail is struggling to catch up.

Today's customer is focused more than ever on efficiency and on value, with the social experience playing a more important role. That means that lifestyle centers, not just "malls," are what today's customers are seeking, he said.

What does the "mall" of today look like? Wood said it's a vibrant place where people can live, work, shop and play, with music, theater, restaurants and shopping all rolled into one experience.

With forward thinking views like that, Cramer said, it's no wonder Federal Realty is at the top of its game.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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

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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.