Meanwhile, the bears have gotten the best of is TimkenSteel. After being spun off in July, it had a beautiful rally. However, over the past month and a half, the stock has fallen from $50 in September to $36.
Though the company delivered a 3-cent earnings beat, Cramer suspects that the weakness experienced by the stock is due to worries about the global economy and the utilization of aluminum instead of steel.
Tim Timken, CEO of Timken Steel, shared his views with Cramer.
"If you look at the numbers we put out last week, they were good … Obviously, we did it in a market that is troubled by trends in oil prices, and I think we are being dragged down by that," Timken said.
If a stock like Timken Steel can be taken to the woodshed, Cramer just understand why the market is making no sense. Especially when it comes to oil.
Most of the companies in the S&P 500 actually benefit from lower oil prices.
So how the heck are there 317 million Americans fooled into thinking that lower oil is bad news, leading to the S&P to close down on Tuesday? He thinks the market is acting foolish, and suspects that it is the hedge funds causing the problem.
"I've simply come to the conclusion that it's just too darned hard for most of the hedge fund managers with their fancy algorithms who trade every minute to understand. No wonder they keep missing the big picture," Cramer said.
At the end of the day, it's those pesky hedge funds causing trouble for the market.
Read MoreCramer: The real fools bringing down oil
Craziness continued in the Lightning Round, when Cramer gave his take on a few caller favorites:
General Electric: "This one's really hard because my charitable trust is back and forth on this. It might be a wallpaper, but it's an inexpensive stock with good yield and I think you should hold on to it. I'm not telling you to rush out and buy it. Just hold on to it."
Acadia Pharmaceuticals: "We like Acadia. I want to own it. Anything that is working on Parkinson's disease is really important and I think they have a really good situation."
Read MoreLightning Round: Wait to make a stand on this stock