The current environment makes it increasingly difficult for investors to get behind companies that are competing overseas. Especially with such a healthy job market in the U.S. and much lower prices at the pump. Thus, Cramer is focused on domestic companies with exposure to the consumer and a healthy dividend.
One of those companies is Federal Realty Investment Trust, a high-quality real estate trust that owns 87 shopping center properties in wealthy populated areas within the Northeast, Mid-Atlantic, California, Florida and Texas.
Cramer has liked this stock for years, although it has been on fire lately, up 11 percent since the beginning of the year. Can it keep roaring, or is it due for a pullback? To find out, Cramer sat down with Federal Realty CEO Don Wood.
"During the recession we were setting up for a development pipeline of great mostly mixed-use, but also shopping center developments over the next 10 years. We are delivering on them now," Wood said.
And while domestic stocks like Federal Realty are staying strong, even Cramer has to admit—sometimes the stock market is dumber than a bag of hammers.
This is exactly what he was thinking on Wednesday night when Micron reported an upside surprise and the stock immediately rose. But then as soon as the conference call began, management lowered numbers on account of sluggish chip sales. Investors quickly realized there was more homework to be done, and it went right back down. Yet somehow the stock ultimately stabilized, closing down just 40 cents on Thursday.
Cramer saw the same actions occur with Kimberly-Clark and Procter & Gamble when BMO downgraded both stocks due to currency exposure. But what the heck are they supposed to do?
That's exactly what happens when your company is located in the country with the strongest currency in the world, and they got hit hard translating overseas earnings back into dollars. They are also competing with foreign goods that can be offered at cheaper prices made in countries with cheaper currencies.
Judging by the fact that these stocks seem to react fairly positively amid negative news, Cramer thinks that investors could be in for a few positive surprises ahead even if they report negative earnings.
"That's why you have to stay close to all of these international stocks before they report," Cramer said.
Ultimately it's a strange process, and sometimes the market is just plain wrong. But in the meantime, Cramer expects further declines in international stocks and he thinks there will be a reluctance to sell the stocks even if the earnings are hideous.
Read More Cramer: The trick to trading international stocks
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Hasbro: "I like Hasbro. I think that Hasbro's taking it to Mattel."
Altria Group: "This is at the right level, because of interest rates. So I say if you can stomach a tobacco stock, pull the trigger."
Read MoreLightning Round: Don't get in this crossfire