Oil hit new lows on Monday, finally breaking the basement level of $80 that it has been tiptoeing around for days. Almost immediately, the slippery slope effect kicked in and market dropped. After all if oil goes down, than that must mean the economy is going down too, right?
"Lower oil is like lower taxes. It's a huge win. Which is why the central premise that the market must go down on oil's weakness is just hogwash," said Jim Cramer.
In a market that doesn't make sense, he thinks it is time to change investor mindset and think opportunistically.
Cramer's key to picking stocks: Companies that have good prospects for the future and are doing better than the average company but haven't been discovered yet.
Though Cramer might get a lot of #criticism, he let the cat out of the bag when he backed Twitter (TWTR).
"Twitter, I'm going to take a lot of heat. I'm going to say it, that I think Twitter is a great long-term investment. Let people throw it away, let people criticize me. But you know what? I've got real things to criticize me over. Don't criticize me over liking Twitter, Yahoo (YHOO) or Alibaba (BABA)."
In response, Allergan's management has taken drastic measures to keep Valeant off of its tail. The result? Stellar earnings reported on Monday. Cramer spoke with CEO David Pyott to gain further clarity on the direction of Allergan.
"We have a huge momentum in sales growth. With 17 percent sales growth this quarter, it was the very best quarter in all of our 64 years as a company," said Pyott.