Cramer Remix: A sign that the market could rally

Jim Cramer has basically accepted the fact that the Federal Reserve will be raising interest rates soon. But if he were just looking at the fundamentals of the economy right now, one would think they should be cutting them instead!

"The data for pretty much every industry I follow is coming up short, yet at the same time, it's become a matter of when, not if, the rate hike will occur," the "Mad Money" host said.

So, why not just go out and sell everything in your portfolio? Cramer is banking on two reasons to stick around.

First, the Fed execs could come to their senses and stop talking about how a raise in rates is inevitable. Second, there are actually positives happening outside the U.S. that could ultimately reverse America's export deficiency.

With this in mind, Cramer took into account a few international events to see how they play out on the world stage when crafting his game plan. If Greece finally finds a way to resolve things in Europe, Cramer thinks the stock market could rocket much higher based on the fact that a Greece deal could lead to a stronger euro.

However, if a rate hike occurs without a deal in Greece, the dollar could soar. And considering the fact that in the past decade, the month of June has brought the Dow Jones industrial average lower 80 percent of the time, the negative trend could continue if the dollar stays strong.

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The patriot missile is manufactured at Raytheon's Integrated Air Defense Center in Andover.
John Tlumacki | The Boston Globe | Getty Images
The patriot missile is manufactured at Raytheon's Integrated Air Defense Center in Andover.

With personal political views aside, Jim Cramer could not help but notice that investors are witnessing one of the greatest ironic moments in history right now.

In the United States, President Obama has made a conscious decision to stop trying to be the world's policeman. Regardless of how anyone feels about that policy, the fact remains that Congress has made vast cuts to defense spending.

Thus, the U.S. is no longer "Team America World Police."

So, given that the U.S. has scaled back its foreign defense budget, one would think that the aerospace and defense groups are doing terribly. Right?

Wrong! This is because Obama has notified allies around the globe that they need to start fending for themselves. As a result, the government has also taken a much more permissive attitude toward selling military hardware to foreign regimes.

"In short, the Obama administration may not want to be the world's policeman, but they seem happy for the United States to become the world's arms dealer," the "Mad Money" host said. (Tweet This)

Put all of this together, Cramer thinks that Raytheon is the one to buy. Its missile defense system—and because it only trades at 14.5 times next year's earnings with a solid yield—makes the company attractive, he said.

He likes Lockheed Martin at current levels, which is also inexpensive. And the "Mad Money" host also suspects that the stock could get a boost when the F-35 Joint Strike Fighter is likely to be declared ready for combat by the Marines this summer, and the Air Force is expected to follow up next year.

Read MoreCramer: Best defense stocks ripping up the market

Now that the school year is coming to an end, Cramer thought this would be a good time to catch up on some homework. For Cramer, that's homework that needed to be done when he couldn't previously answer a caller's questions about a particular stock.

First up was Dynavax Technologies. While Cramer did know the stock, he wanted to do more research on it because it had recently had a big run. After reviewing the stock, Cramer was willing to give his blessing for speculation, but only because of the anticipation of its big hepatitis B-related drugs later this year.

Another stock was MiMedx Group, which is a company that provides regenerative biomaterials made from human amniotic tissue that can be surgically used for things like skin grafts. Once Cramer reviewed this one further he noted how expensive the stock is at 35 times next year's earnings. However, given the growth rate, Cramer is willing to justify paying that much as long as the stock is below $9 before buying.

Jim Cramer's Burger Love.
CNBC
Jim Cramer's Burger Love.

Friday was yet another nasty day on the market, which prompted Cramer to want to talk about irrationality. Somehow, one of the most boring groups in the market has found a way to start trading in a completely nonsensical way. Burger stocks!

The "Mad Money" host has found that this group is no longer driven by valuations and fundamentals and is instead driven by feelings, whims and portfolio managers' taste preferences.

"I'm addressing this topic because I want you to understand that not everything makes sense at a given time in the market. It's not that you can't comprehend things, it's just that often things are incomprehensible," Cramer said.

What makes Cramer think the burger group is suffering from irrational fever? Symptoms include craziness for burger related IPOs, lack of respect for the high-quality names like Jack in the Box, surprise winners like Red Robin and the way that investors trade in and out of McDonald's.

"If you would have told me six months ago that the hamburger group would become the most emotional and even whimsical cohort in the market, I would have laughed you out of the room. Turns out the joke is on anyone who is trying to apply valuation metrics to this crazy industry," Cramer said.

So, if you are an investor looking for value, then Jack in the Box is the way to go. If you want a potential turnaround, then buy McDonald's. But if you just want a good hamburger—without the stock—then Shake Shack is the way to go.

Read More Cramer declares burger war—stocks are irrational!

After Friday's rally in the airline stocks, Cramer thinks this is a fantastic time for investors to trim their portfolios into strength.

"Why? Because the airlines are a hard sell right now, and I don't mean they're difficult to part with," the "Mad Money" host said.

What he meant is that the airline cohort has been falling fast lately, and investors should take advantage of the bounce they saw on Friday.

If you think about it, there really isn't any group that has been able to bounce back quickly from a hammering and come out on the other side as if nothing happened.

Some may say that biotechs and cloud stocks have, but they are both well-below where they were previously.

At the moment, Cramer sees that estimates for airlines are too high, and stocks imply don't bottom ahead of earnings estimate cuts. They bottom after the estimates come down.

Thus, Cramer recommends waiting for the estimate cuts, downgrades and chartists to claim this group is the worst—then jumping in and doing some buying. No matter where they are, Cramer is willing to bet that they will be cheaper than where they are now. Once that happens, Southwest would be the first airline he nabs.

In the Lightning Round, Cramer gave his take on a few caller favorite stocks:

Achillion Pharmaceuticals: "They gave up the upside when they made that deal...We have to be very, very careful. I do not want to own that stock."

Retail Opportunuty Invest Corp: "We are going to wait on the REITs because of all of this Fed rate hike talk. Unless it yields more than 5 percent, we are pulling back."

Read MoreLightning Round: Time to take a profit on this