The S&P 500 (.SPX) closed higher on Friday, rallying back above a key technical level, one day after sharp declines triggered talk of a correction. The day's gains were broad with all 10 primary S&P 500 sectors ending higher on the day. What gives?
"I'm telling you, it didn't get a lot of attention, but this Russia Ukraine nat gas pact is what made the market go up," Cramer said.
According to a New York Times report, "European officials said they had brokered a deal between Russia and Ukraine aimed at ensuring gas flows to keep factories running and homes warm over the coming six months, despite a dispute between Moscow and Kiev over the size of Ukraine's outstanding bills."
"Because Russia Ukraine is what drove the market down. Peace could send the market back up, but we have to see if we really get it," Cramer added.
Despite these developments, the week ahead could still be rather unpredictable, after an unexpected event left many pros stunned and wondering what happens now.
Specifically, famed fund manager Bill Gross announced plans to leave Pimco, the company he helped launch over 40 years ago. And he's wasting no time getting right back to work. Gross is joining Janus Capital Group (JNS), effective Sept. 29.
"Normally I wouldn't give a hoot about some bond manager leaving a firm, but Bill is Pimco, or was Pimco, and I have to believe that his exodus will create an exodus of capital in the bond market. This matters because Pimco is so big, with $2 trillion in assets under management."
However, just because an event is unexpected doesn't necessarily make it negative for investors. What would Cramer do?
Looking ahead in the week, Cramer turned his attention to the jobs report due Friday. Again, he says investors should prepare. "This one will be big big big! I've studied these payroll reports, and, as I've told you so many times before, if we get two weak payroll numbers in a row then the stock market almost always gets clobbered. A lot hinges on these numbers."
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However, if you're looking to put money to work in stocks right away, Cramer suggests looking at long-term themes that should continue to deliver, regardless of what happens in the global economy.
One of the many themes that Cramer advocates is the growing opportunity in fleet cards with FleetCor (FLT) among his favorite picks in the space.
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After Finish Line (FINL) reported what many investors considered to be a disappointing quarter, Cramer spoke with CEO Glenn Lyon to determine what happened and if Friday's sharp selloff presented an opportunity.
"Despite the underperformance in the quarter, management maintained its full-year outlook, which suggests to me that they think this was a one-off problem," Cramer said. And on "Mad Money," Lyon confirmed Cramer's observations. "We're going to get this right back on track," he said.
Looking at the stock, down more than 10 percent, "I would think this (decline) kind of look likes an opportunity," Lyon added.
In the Lightning Round Cramer called MGM Resorts (MGM): the best casino stock though he also said he'd still be really careful of the whole space. Also he said Ecolab (ECL) was "a nice consistent gainer."
Finally, Cramer went over his homework. "After Larry in Massachusetts asked me about Alliance Data Systems (ADS) I told him I'd have to do more work," Cramer said. Upon crunching some numbers, "I definitely think Alliance Data Systems is worth owning. At a time when retailers are increasingly relying on their own branded credit cards and loyalty programs, while shifting their ad budgets toward data-driven marketing, this is exactly the kind of company that should benefit."