Updated from Jan. 8 at 8:10 p.m.

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Investors need to sit back and wait for further weakness, Jim Cramer told his Mad Money viewers Friday. The markets are still being held hostage by the Federal Reserve and world events, he said, and that means this week's game plan should not involve a lot of buying.

On Monday, Cramer said he's waiting to hear from Alcoa (AA - Get Report) , which will likely not report good earnings even though shares now trade for less than the sum of its parts.

Next, on Tuesday, it's CSX (CSX - Get Report) reporting, along with an investor day for Monster Beverage (MNST - Get Report) . Cramer said CSX is not a good stock but Monster is worth speculating on after a strong year last year.

Wednesday brings earnings from supermarket Supervalu (SVU) , but Cramer said he'd rather buy Kroger (KR - Get Report) or Whole Foods Market (WFM) rather than this stock, which has been cut in half.

Then, on Thursday, it will be JPMorgan Chase (JPM - Get Report) and Intel (INTC - Get Report) that have Cramer's attention. He said the banks are under a ton of pressure but Intel still has a good story to tell.

Finally, on Friday, it's banking day, with earnings from Wells Fargo (WFC - Get Report) , a stock Cramer owns for his charitable trust, Action Alerts PLUS, along with Citigroup (C - Get Report) , PNC Financial (PNC - Get Report) and US Bancorp (USB - Get Report) . Cramer advised steering clear of this whole sector.

Dow Exiles

When a company gets booted from the Dow Jones Industrial Average or the S&P 500 index, does that mean hitting the sell button? Cramer took a look and concluded otherwise.

There have been 10 stocks exiled from the Dow in recent years, including such venerable names as AT&T (T - Get Report) , Alcoa, Bank of America (BAC - Get Report) and General Motors (GM - Get Report) . Cramer said with the exception of General Motors, which went bankrupt, the rest of these stocks would have actually made you money had you bought them a few days after the announcement and held them for the next 12 months.

In fact, some exiles, like Citigroup (C - Get Report) would have made you 35% while others, like Altria (MO - Get Report) and Honeywell (HON - Get Report) , would have made you substantially more.

How can this phenomenon be true? Cramer said it's because not being in a much-watched index means not falling victim to the futures market or the $2.1 trillion index fund market, which are now so huge they toss individual stocks around like playthings. Being left to stand on your own and having your share price reflect your own company's earnings, it seems, is a good thing.

Blame the Chinese

It's the growth of the Chinese economy, not that nation's embarrassing stock market, that's the real threat to the global market, Cramer told viewers, and it's important for investors to understand the difference.

Cramer explained that the world just expects too much from the Chinese when it comes to their financial markets. The world wants both transparency and stability, but in reality the Chinese markets are suffering from a bubble they created.

But the real issue is the Chinese economy. The Chinese used to be the buyers of just about everything, buoying emerging markets around the globe that were supplying it with raw materials. However, China has become a seller of commodities, and it seems that everything from mining equipment to cell phones to autos may be suffering from the weakness China is causing.

Executive Decision: Rusty Braziel

For his "Executive Decision" segment, Cramer sat down with Rusty Braziel, president and principal energy consultant at RBN Energy, a provider of energy market advisory services. According to Cramer, Braziel is the only one who made the right "lower for longer" call on the price of oil last year.

Braziel said that oil prices are being driven by supply, not demand. For prices to go back up, either the U.S. or Saudi Arabia needs to cut production. The problem is, most U.S. producers can still make money at $50, $40 and even $30 a barrel oil, so there is no incentive to cut.

Likewise with Saudi Arabia. Braziel said if the Saudis cut production, the U.S. will ramp back up and then the kingdom will have less market share and lower prices.

Natural gas is a different story, Braziel noted. Demand will be increasing over the next few years. This demand will easily be met because the U.S. is flush with gas.

When asked where he sees oil prices going from here, Braziel likened today to 1986, where, after a brief recovery, oil traded in a tight range for a next 14 years. In other words, energy could be very cheap for a very long time.

Lightning Round

In the Lightning Round, Cramer was bullish on RR Donnelley (RRD - Get Report) .

Cramer was bearish on Tesla Motors (TSLA - Get Report) , Agrium (AGU) and A. O. Smith (AOS - Get Report) .

Executive Decision: James Foster

In his second "Executive Decision" segment, Cramer spoke with James Foster, chairman, president and CEO of Charles River Labs (CRL - Get Report) , the drug testing provider that saw its stock rise over 25% in 2015.

Foster said the company's recent acquisition of WIL Research will expand its capabilities dramatically, giving them a bigger global footprint as well as more exposure to the environmental testing industry.

Foster noted Charles River contributed to 55% of all the drugs approved last year and was proud to make such a large contribution to the industry. He said the company works now with all major pharma and biotech companies around the globe and is getting safer drugs to market faster than ever before.

In a tough market, Cramer said stocks like Charles River are exactly what investors should be seeking.

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