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First, Cramer said the Federal Reserve needs to change its narrative. The Fed needs to know its own strength for moving markets and stop letting individual governors speak whenever they feel like it. The Fed needs one voice and needs to return to a "data-driven" model and stop talking about hiking rates four times in 2016.
Second, Cramer said there needs to be more political certainty on who our candidates might be and whether or not they're going to take a pro-business or anti-business stance on the issues at hand.
Third, Cramer said China needs to clean up its act. The Shanghai stock market needs to return to its 2014 levels and the Chinese government needs to provide some real stimulus.
Next, Cramer noted that commodities need to find a bottom. The stock market cannot stage a meaningful rally with so many raw materials continuing their free fall. Entire emerging market economies depend on commodities finding a foothold.
Cramer's Checklist, Part 2
Continuing with his list of what's wrong with the market and what needs to change before a solid bottom can be formed, Cramer said oil prices need to stop going down. With seemingly no end in sight, falling oil makes investing in oil companies big and small worrisome.
Sixth on Cramer's list is the geopolitical situation, which needs to improve. We simply cannot worry about ISIS, Syria, Russia and now North Korea all at the same time.
Eighth, the dollar needs to stop going high while, ninth and tenth, mergers and acquisitions and initial public offerings need to return. Cramer said the markets also need to fully realize the peak in certain industries, such as housing, autos and even cell phones.
Next, Cramer said the markets need broader leadership and investors' lists of favorite stocks need to expand beyond Facebook (FB - Get Report) , a stock Cramer owns for his charitable trust, Action Alerts PLUS, and Tesla Motors (TSLA - Get Report) .
Finally, Cramer said overall sentiment needs to get a lot worse, finally forcing all those thinking about selling to actually sell so we can at last create that tradable bottom.
Can Under Armour Recover?
What happens to a beloved momentum stock when it loses it's mojo? Look no further than share of Under Armour (UA - Get Report) , which slid 6.7% today after an analyst downgraded the stock from hold to outright sell.
Citing near-term uncertainty, thanks, in part, to price cuts of winter apparel, the analyst clearly sees some short-term pain ahead for the engine of growth that is Under Armour. Cramer said the stock trades at a lofty 55 times earnings, compared to just 17 times for the average stock, and that means any doubt about the company's performance will have a big effect.
How can Under Armour recover? Simple. Prove the analysts dead wrong when the company reports earnings later this month. If sales are slow as predicted however, expect a lot more days like today.
Executive Decision: Klaus Kleinfeld
For his "Executive Decision" segment, Cramer kicked off earnings season by speaking with Klaus Kleinfeld, chairman and CEO of Alcoa (AA - Get Report) , the aluminum producer splitting itself in two to create a commodity producer and an high-tech aluminum solutions provider.
Kleinfeld said there's been lots of volatility in the aluminum market, but Alcoa remains well positioned in all of the high growth markets including transportation, construction and aerospace. If all of those areas, he added, Alcoa is growing faster than the market.
When asked about demand for aluminum, Kleinfeld explained production cuts around the globe are working and global demand is expected to increase by 6%, meaning there will be a deficit of aluminum, which will stabilize pricing.
On the value-added side of the business, Kleinfeld said there is no shortage of innovation. Thanks to many smart acquisitions, areas like jet engines continues to see lots of innovation, as do titanium products.
With share prices stagnant, Cramer said Alcoa remains a buy.
Cramer was bearish on Groupon (GRPN - Get Report) , Buckeye Partners (BPL - Get Report) , XPO Logistics (XPO - Get Report) , Merck (MRK - Get Report) , Trinity Industries (TRN - Get Report) and Devon Energy (DVN - Get Report) .
Executive Decision: Tim Walbert
In his second "Executive Decision" segment, Cramer sat down with Tim Walbert, chairman, president and CEO of Horizon Pharmaceuticals (HZNP - Get Report) , the orphan drugmaker that closed down 4.7% today and is off 50% from its high last year.
Walbert addressed concerns about drug pricing by explaining the list price on the company's drugs helps subsidize those patients in need, and most patients pay only $10 for Horizon products as a result. He added the strong cash flows generated by Horizon's existing drugs is helping to fund its expansion into the orphan drug space.
When asked about those orphan drugs, Walbert said the market for bladder cancer, for example, is estimated to be between $300 million and $500 million for Horizon by 2020.
Cramer said with the drug stocks under so much pressure, perhaps these stocks have been beaten up enough.
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