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With the Federal Reserve's decision to leave interest rates unchanged, it's "one big bad event down, one to go," Jim Cramer told his Mad Money viewers Wednesday. The next big event? The "Brexit" vote next week.

On June 23, Britain will vote on whether to stay in the European Union. Investors are right to be worried about the results, Cramer said, but it's important to have a game plan going into next week.

Stocks rallied after the Fed's announcement but ultimately closed lower as oil prices continued to head south. As a result, investors need to remain cautious, Cramer said. Oil could be headed to $45 per barrel, some $3 per barrel lower than current levels. With the high correlation oil has with stocks, this will likely weigh on U.S. equities.

Combined with escalating fears over a potential "Brexit," Cramer wants investors to be ready to buy next week, not right now. He's waiting to see oil move closer to $45 and for stocks to decline by another 3% to 5%.

If that happens, investors should start shopping for high-quality, domestic-oriented stocks including AT&T (T) , General Mills (GIS)  and Bristol-Myers Squibb (BMY) , among others. He likes utility stocks including Action Alerts PLUS holding American Electric Power (AEP) or Dominion Resources (D) .

Executive Decision: Perry Sook

For his "Executive Decision" segment, Cramer spoke with Perry Sook, the chairman and CEO of Nexstar Broadcasting (NXST)  Earlier this week, Cramer took at a look at some of the best plays investors can make to take advantage of the upcoming election cycle. One of those stocks was Nexstar.

Speaking about the company's $4.6 billion acquisition of Media General (MEG) , Sook said shareholders from both parties have approved the deal and the company has made what it feels are reasonably divestitures in order to receive approval.

Cramer wanted to know about the debt the company would be using to take on such a big deal, given that Nexstar itself only has a market cap of $2.3 billion. Sook remained confident in the company's strategy, explaining that the business' high margins coupled with the increased cash flow from the deal will allow Nexstar to "plow through that debt pretty quickly."

He also doesn't expect revenue to fall off a cliff following the 2016 election. Barring a large economic slowdown, business should be good, he said. The company has a large local affiliates reach and that's good for local advertising, which remains strong.

Avoid Valeant

There's no stock more controversial than Valeant Pharmaceuticals (VRX) . With shares down some 90% from the all-time highs and trading at less than three times its expected earnings, Cramer took a closer look.

He said Valeant has made acquisition after acquisition to fuel its growth. Valeant buys a company and slashes its R&D, boosting short-term profits at the expense of future drug prospects. Coupled with its "precarious debt position," this company has a lot to overcome, Cramer explained.

Three of the company's biggest businesses include dermatology, ophthalmology and gastrointestinal treatments.

Dermatology sales plunged 43% year over year, while ophthalmology fell 30% year over year. The company could sell some of its dermatology units, but it's likely to be for less than what Valeant paid for them. Bausch & Lomb could also be considered for a sale — which could be a good fit at Action Alerts PLUS holding Allergan (AGN) , given that its CEO Brent Saunders used to run Bausch & Lomb -- but Valeant likely won't get a good return on its $8.7 billion purchase it made in 2013.

Even without the bad reputation, dangerous debt load and loss of credibility, the outlook for Valeant's three businesses remains bad, Cramer said, which is why investors must avoid this company.

Executive Decision: Mark Butler

In his second "Executive Decision" segment, Cramer spoke to President and CEO Mark Butler of Ollie's Bargain Outlet  (OLLI) , a pocket of strength in a retail sector that continues to struggle. Shares are up 40% on the year and the company's latest earnings results were great, Cramer said. Ollie's beat on EPS and revenue estimates while same-store sales grew 6%.

There's a charm in telling the truth, Butler said, explaining that the company is honest with its customers about the name-brand products it offers at steep discounts. Sometimes it's a packaging or color change, other times it's a bankruptcy or too much inventory. Either way, it ends up at Ollie's and customers are able to scoop up a great deal.

"A bargain will never, ever go out of style," Butler said, and Americans, especially in today's economy, love a good bargain. The company plans on expanding from 212 locations to 950, and while it may be a new concept to Wall Street, Butler's been involved for more than three decades. He also owns a lot of the stock.

He explained that the business isn't all that seasonal, although the second quarter does tend to see a slight boost compared to the others. In all, Butler said he's very pleased with where the business is at and where it's headed.

Lightning Round

On Wednesday's "Mad Money Lightning Round," Jim Cramer was bullish on Freeport-McMoRan (FCX) , Altria (MO) , Philip Morris (PM) , Senior Housing Properties Trust (SNH) , Starwood Property Trust (STWD) , Universal Display (OLED) and Southwest Airlines (LUV) .

He was bearish on Shire (SHPG) , Northern Tier Energy (NTI) and Delta Air Lines (DAL) .

No Huddle Offense

Finally, Jim Cramer touched on Lululemon Athletica (LULU) , after he "jousted" with founder Chip Wilson on CNBC's "Squawk on the Street" Wednesday. With the company's latest earnings report showing a remarkable turnaround and strong momentum, why is Wilson so downbeat on the company?

He told Cramer Lululemon only seems impressive because Cramer has set the bar low. Wilson criticized the board members -- despite two having his backing -- and argued the business should be much bigger by now.

Cramer agreed the turnaround took a little longer to get underway than initially expected, but now the company is doing great, as evidenced by its strong revenue growth and 8% constant-currency same-store sales growth. As for the stock, it's up 35% on the year. 

Cramer thought blaming the board members was "absurd," given the company's strong results. He pointed out that Wilson did not say what the company should be doing instead of its current strategy. In the end, there are plenty of other retailers to pick on than the rapidly improving Lululemon, 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 AEP and AGN.

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