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NEW YORK (TheStreet) -- With a chaotic September now in the rear-view mirror, Jim Cramer told his Mad Money viewers Wednesday he's no longer as bearish as he was, but he's also not yet ready to be a bull. What would make him change his mind? Cramer laid out the seven issues that are holding the markets back.

The first "pillar of weakness": stock prices themselves. Cramer said they need to fall about another 1,000 points on the Dow Jones Industrial Average before getting so ridiculously cheap that no one would want to sell.

Second, the Federal Reserve needs to make up its mind already and stop giving investors conflicting statements practically every day.

Third on Cramer's list: the black holes that are Volkswagen (VLKAY) , Petrobras (PBR - Get Report) and Glencore (GLCNF) . The markets need closure on these troubled entities.

Fourth, Cramer said he's looking for a stable U.S. dollar against the world's currencies and for China to break out of its funk and see its stock market finally hit bottom.

Lastly, energy prices need to find their footing and stabilize, while the earnings estimates for many stocks need to come down to meet the new global realities.

Only when the markets can get resolution on these seven issues will it be able to sustain a meaningful rally.

Take Whole Foods Private

Is Wall Street missing the mark valuing Whole Foods Market (WFM) ? It's no secret the company's stock has been in the doldrums for the past two quarters and is down 37% for the year, but Cramer suggested perhaps this is a company that's simply too good for the market to understand.

Shares of Whole Foods have been on the decline ever since the company announced slowing same-store sales earlier this year. However, Cramer noted Whole Foods has a lot going for it, which is why same-store sales is the wrong metric on which to focus.

Whole Foods stores generate an astounding $936 in sales per square foot. Its next closest competitor, Kroger (KR - Get Report) , clocks in at just $669 per square foot. Whole Foods' stores are also gorgeous, and have become popular destinations for the legions of customers in the communities that surround them.

Add to that the company's beautiful balance sheet, its $350 million in free cash flow and its stock buyback program, along with the hundreds of new locations where Whole Foods could still expand, and there's a ton to like about this misunderstood grocer.

Cramer suggested Whole Foods would be better off taking itself private than trying to appease Wall Street. It may be a long time until the company garners the respect it deserves.

Cramer Fantasy Portfolio: Wide Receivers, Tight Ends

For the fourth installment of his "Fantasy Portfolio" series, Cramer offered up his picks for wide receivers and tight ends. He said for these important positions, he's returning to FANG, or the stocks of Facebook (FB - Get Report) , (AMZN - Get Report) , Netflix (NFLX - Get Report) and Google (GOOGL - Get Report) . Cramer currently holds Facebook and Google in his charitable trust, Action Alerts PLUS.

Cramer said after trading sideways last year, Google gave Wall Street what it needed, a restructuring that will help analysts properly value a company that trades at just 18 times earnings. Likewise, Amazon is also offering analysts more transparency into its web services business, allowing this stock to bounce back from its lows. That allowed both of these stocks to make Cramer's wide receiver list.

As for tight ends, Cramer said Facebook still has a ton of growth ahead but trades at 32 times earnings, less than it did just a month ago. Netflix is the riskiest of the bunch, as this stock has risen 111% for the year. Cramer noted Netflix shares are $26 off their highs from just two months ago.

Executive Decision: Marty Mucci

For his "Executive Decision" segment, Cramer spoke with Marty Mucci, president and CEO of Paychex (PAYX - Get Report) , the payroll processor that just delivered a 7-cents-a-share earnings beat.

Mucci said things are going well at Paychex, as his company is offering more products than ever before and customers are buying more bundles of those offerings. He cited the human resources and Affordable Care Act services as being particularly strong.

When asked about the effects of the Affordable Care Act on companies today, Mucci said the law is very complex and is not something companies can manage by themselves. Paychex can offer advice and make recommendations every step of the way, he noted.

Turning to the health of the overall economy, Mucci said small business formation continues to grow, although not at the pace of last year. Overall, however, he said companies with fewer than 50 employees are continuing to pick up momentum.

Lightning Round

In the Lightning Round, Cramer was bullish on Skyworks Solutions (SWKS - Get Report) , PPG Industries (PPG - Get Report) , Illumina (ILMN - Get Report) , Inovio Pharmaceutical (INO - Get Report) and Kinder Morgan (KMI - Get Report) .

Cramer was bearish on Qorvo (QRVO - Get Report) , Apogee Enterprises (APOG - Get Report) , New York Mortgage Trust (NYMT - Get Report) and NRG Energy (NRG - Get Report) .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said it's the commodity producers, not the Fed, that is responsible for the market's volatility.

Cramer explained that after the financial crisis, the consensus was the U.S. would be mired in slower growth for years, while China would pick up the slack with higher growth. That led commodity producers to ramp up production and make mega-mergers to meet what they expected to be red-hot demand.

But now reality is setting in. The U.S. economy is picking up steam, while China's growth has seemingly fallen off a cliff. Yet, despite this weakness, most commodity producers still haven't blinked and are only now considering throttling down production.

It won't be until all hope is lost in China that supply will finally meet demand and prices will begin to stabilize, Cramer concluded.

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

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At the time of publication, Cramer's Action Alerts PLUS had a position in FB and GOOGL.