Jim Cramer thinks that there "are still some opportunities" for investors in this market. 

But he also warns that investors should approach the market cautiously. 

Cramer also discussed Jamie Dimon, CEO of JP Morgan Chase (JPM) , who changed his view on the economy and the rising interest rates. Cramer said that Dimon's new view differs from the one Dimon had when he sat down with Cramer in Sept. 

JP Morgan is Real Money's stock of the day

"The Fed has to change its tune," Cramer said. "It has to listen to people like Jamie Dimon, who are in the thick of it. They're not doing any work. They're not crazy, they're lazy."