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The Federal Reserve let us down again, Jim Cramer announced to his Mad Money viewers Wednesday. That means there's more pain ahead for stocks and investors need to remain cautious and keep their cash on the sidelines.

Cramer said the Fed needed to take the possibility of a March rate hike off the table. By not doing so, the central bank made things much worse for stocks, as uncertainty will continue percolating through the markets.

Cramer then returned to his "checklist for finding a bottom" to see if there's anything positive investors could use to counter the Fed.

The political uncertainty has not gotten better, nor have things in China where the Shanghai markets have closed well below the key 3,000 level. Cramer said there are also no bottoms forming for commodities or oil, and the strong U.S. dollar continues to weigh on stocks.

The geopolitical tensions with North Korea appear to have died down somewhat, so that may be seen as a positive. Beyond that, the markets have seen no real leadership nor sizable merger activity.

All in all, Cramer said there are still far too many unchecked boxes on his list. That's why investors will need to remain vigilant.

Executive Decision: David Demshur

For his "Executive Decision" segment, Cramer spoke with David Demshur, chairman and CEO of Core Labs (CLB) , the high-tech oil services company that has seen its shares decline 60% from its all-time highs two years ago.

Demshur said Core Labs' mission remains the same, helping customers produce more oil and gas from every well. He said because of Core Labs, the amount of drilling activity in the U.S. can decline with the output remaining the same.

When asked about the current oil glut, Demshur predicts supply and demand for oil to balance out in the second half of 2016. He said every well depletes over time, and this year the global depletion rate is forecast at about 2.6 million barrels a day. That means 2.6 million barrels of new capacity must be brought online just to break even.

Add that number to the projected increase in demand of 1.2 million barrels a day, and it's easy to see how the current oversupply will soon dry up.

When asked whether oil could plummet as it did in 1986, Demshur said not to worry. Back then, he noted, there was 10 to 12 million barrels a day of spare capacity. Today there's only about one million.

Own Apple, Don't Trade It

How do you value a company that's like no other? That was Cramer's question as he dove into the latest earnings from Apple (AAPL) , a stock he owns for his charitable trust, Action Alerts PLUS.

Cramer said Apple is the greatest wealth creator of our generation, and the company now has one billion active devices around the globe. Yet, four times every year the analysts struggle to value Apple.

Now that Apple essentially owns the cell phone market, and that market appears to be softening for the first time, these traditional analysts are struggling to find another category to replace those lost revenue. But they're not finding any juggernauts in iPads, Apple TVs or Apple Watches.

Cramer said he can't blame these analysts. After all, they saw the declines in mainframes, mini computers and most recently PCs. Why wouldn't Apple and its cell phones follow the same pattern?

But Cramer said unlike your old PC, Apple products are loved like no other and have brand loyalty that's off the charts. Apple also has something else -- service revenue that were up 23% year over year.

Cramer said Apple can't be seen as just a hardware company because all those apps, music and movies being downloaded to Apple devices are translating into billions in revenue.

Services, Cramer concluded, will be the key metric to follow for Apple, which is why the stock is a bargain.

Executive Decision: Michael McGarry

In his second "Executive Decision" segment, Cramer checked in with Michael McGarry, president and CEO of PPG (PPG) , the chemicals and coatings maker with shares 20% off their high.

McGarry said he still sees room to grow in the auto market, with even China still having a little upside left. Meanwhile, in aerospace, McGarry said he was disappointed with the build rates in the fourth quarter but sees growth returning in the first quarter.

Looks at markets overseas, McGarry sees expanding sales in Mexico, where last quarter saw a 7% gain. He is also bullish on Europe, where PPG saw a 3% gain in the fourth quarter.

Given all of these positives, Cramer said PPG is a bargain at these "doom and gloom" prices.

Lightning Round

In the Lightning Round, Cramer was bullish on Cisco Systems (CSCO) and McDonald's (MCD) .

Cramer was bearish on Alcatel Lucent (ALU) , Sprint (S) , Abiomed (ABMD) , Dunkin Brands (DNKN) , Seaspan (SSW) and uniQure (QURE) .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer pondered whether the jarring forecasts from Boeing (BA) signal a problem with Boeing or a problem with the entire aerospace cohort.

Cramer said perhaps the problem is indeed with Boeing, as United Technologies (UTX) reported strong sales of its next-generation engines while Alcoa (AA) saw strong demand for its aerospace aluminum.

Cramer said the fact remains that Boeing sells its planes in U.S. dollars, while rival Airbus  (EADSY) sells its planes in depressed euros. That means Airbus planes are on sale while Boeing's prices are increasing.

Cramer said to use the weakness in Boeing to buy Honeywell (HON) .

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 AAPL and CSCO.

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