One area where Cramer is comfortably skeptical is retail. In his experience, he knows stocks that run up in advance of earnings will trade down when they report—even if they report good numbers.
Yet, for some reason, investors didn't seem to understand why Home Depot stock dropped 2 percent on Tuesday when it announced that sales exceeded expectations.
"I blame this selloff conundrum on the run-up that started last week with the astounding success of Macy's stock, even as the guidance offered by management on the conference call was nothing to write home about," said the "Mad Money" host.
Read More Cramer: Retail stocks run amok
One stock that Cramer says could take off is Alkermes. This company is one of Cramer's favorite biopharma stocks, historically known for taking existing drugs and making them better. Alkermes specializes in drug-delivery technology, to create longer acting formulas for existing medications.
So people with diabetes, schizophrenia or bipolar disorder take their medication through extended release injections that would only need to be taken once a month.
To gain further insight on what upside could be in Alkermes' pipeline, Cramer sat down with CEO Richard Pops.
"The idea of a once a month injection for a schizophrenia patient, where we know reliably that the patient has adequate levels of medicine for an entire month is a very powerful thing. Part of the disease is patient's inability, or unwillingness, to take their medication every day," Pops said.
Though the stock market continues to climb higher, the price of energy is coming down in a big way. Cramer circled back to PPG Industries, a chemical company that has gotten out of all things commodity in order to become a pure specialty chemical player. Talk about good timing!
PPG has focused on creating value through intelligent acquisitions of companies like Comex, giving it more exposure in Latin America. Thought the company was hit badly during the slowdown fears in September, it delivered strong results when it reported in October. It's even had a 418 percent gain with reinvested dividends since Cramer first spotted it in 2009.
Cramer spoke with Charles Bunch, CEO of PPG, to find out if this recent acquisition of Comex could send the stock higher.
"We are already the leader in automotive OEM and large industrial customer, so we think it's a great fit for us, good synergies and we are going to start seeing the results in our first quarter of operation," Bunch said.
Cramer's skepticism continued into the Lightning Round, when he gave his take on a few caller favorites:
Transocean: "That is the biggest house of pain out there right now, along with Seadrill and ESV. I can't wish this one on anybody. I think this stock still has more downgrades to go, and is only 3 or 4 points from the bottom but a lot of people can't take that level of pain. You have to judge weather you can take it."
Diplomat Pharmacy: "This is a highly speculative situation. We know very little about how the company is doing, you have to have some sort of edge, and I do not."
Read MoreLightning Round: The biggest house of pain