While the market has fallen 9% from its April highs, Mad Money host Jim Cramer believes the worst is over.

The financial reform bill appears set to pass. While the bill itself may not be entirely satisfactory to Wall Street, at least the market will not longer be weighed down by uncertainty.

The debt crisis in Europe appears to be contained. Just a month ago, Banco Santander (STD: 8.59 0.00%) was trading at a 52-week low, but has since jumped 50%.

It seems that the only remaining obstacles left to address are the Gulf oil spill and unemployment. Fortunately, it seems as though BP (BP: 46.60 0.00%) is nearing a solution to stop the oil spill. Of course it will take some time before the labor markets return to full strength.

Overall Cramer is very optimistic and he feels that we have already experienced the market lows for this year.