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Cramer Remix: Why Glencore is my biggest worry

Jim Cramer watched as the averages plunged on Monday, yet again. To him it is almost as if everything that investors once liked they now hate, and everything they once hated they kinda-sort like. Not any more than that, this is why the market keeps getting hammered.

That is why the "Mad Money" host took the time to explain how and why things are hated, especially the groups that used to be liked.

The first hate group is commodity risk. China is not just slowing these days; its industrial demand appears to be exhausted. That means anything that helps to extract or produce commodities is performing terribly.

The second hated group on Wall Street is anything oil and gas, which is hated furiously right now. The dislike extends to every part of the oil complex. This includes independent oil and gas companies, big oil companies, service companies, master limited partnerships and pipelines. There is no escaping!

The absolute three worries of Cramer by far are Petrobras, Glencore and Volkswagen. Especially Petrobras, as it has $170 billion in debt, which will be extremely difficult to pay as the Brazilian real weakens against the dollar.

"Once again I cannot stress enough that Petrobras and Glencore are two of my three biggest worries about this market, with the third being Volkswagen and its conceivable rigging of the diesel emissions tests. All three could have unfathomable downside," Cramer said.

Cramer has finally reached the point where he can clearly see that the main force behind the market's bear phase is not just earnings. Investors are worried about credit, specifically pertaining to high-yield bonds.

"If your company needs debt in order to grow, then your stock is being punished, and there is not much that can be done except to watch the carnage, wait it out, or just take a loss," the "Mad Money" host said.

Cramer cited the case of a>