Now that the Fed has blinked and Wall Street knows the world isn't going to end, traders can go back to looking at price-to-earnings multiples in an environment where interest rates are declining, Cramer said during Stop Trading! today.
"It's a return to taking a look and seeing what's cheap, now that we no longer feel that we're going to lose our jobs everyday when we come in," he said.
With Schlumberger at 17 times earnings, he thinks the stock could quickly move back to $95, where it was before it reported. In fact, he's surprised today's options expiration didn't boost SLB to $90.
A trader on the floor of the NYSE told Erin Burnett that Texas Intruments hadn't repurchased any shares for at least a couple of weeks even though Cramer called the buyback one of the most aggressive in tech.
With the market on somewhat firmer ground, "I think that they should show some gumption and step up to the plate," Cramer said.