Mad Money

Cramer Remix: Get a steal on this steel stock

Cramer: The steel stock to buy

Finally! Jim Cramer is overjoyed that someone knocked some sense into CEOs in the U.S. They're starting to realize what great benefits there are to a strong dollar and are taking action. Heck, even the steel stocks look like they are making a comeback!

One example of a CEO taking action was when FedEx CEO Fred Smith took the bull by the horns and made the decision to acquire Dutch freight forwarding company TNT Express for $4.8 billion.

"This transformative deal encapsulates all of the good happening right now that is neither celebrated nor even talked about," the "Mad Money" host said.

From Cramer's perspective, it is as if no one is recognizing the upside to a strong dollar lately. There are lots of upsides!

Yes, a strong dollar does make it harder for U.S. companies to compete overseas. But it also means that U.S. companies can get more bang for their buck if they took an opportunistic approach and made overseas acquisitions.

"With so many cheap opportunities over there thanks to the favorable exchange rate, I have to wonder if our companies can afford not to take action," Cramer added.

So this FedEx deal is not just a random one-off transaction. Cramer thinks this is just the beginning of a trend, and he thinks there are dozens of other CEOs that have been waiting on the sidelines waiting for the all clear signal before making a move.

FedEx is the signal.

Read More Cramer: FedEx deal signals huge trend is coming

Carnival cruise ship Destiny in port in Key West, Fla.
Karen Bleier | AFP | Getty Images

While CEO's could take advantage of the opportunity overseas, here in the U.S. the metals and mining sector has been one of the most hideous groups in the entire stock market. This weakness includes steel, especially considering that the S&P metals and mining ETF is down 35 percent in the past year.

But Cramer can't help but think—could the stocks have gotten so low that they are now cheap enough that they're worth buying?

Cramer recently saw the same turmoil in the steel space when JPMorgan raised its price target for Nucor and Steel Dynamics, and Nomura cut estimates the next day.

"This has not been a good environment for steel producers, but if you have to own a steel stock, Nucor is the one to buy as an investment," Cramer said.

In the short-term, he still thinks that the estimates need to come down a bit. However as a long-term investment, Cramer considers Nucor to be a well-run company with a terrific dividend.

Another group that has made a terrific turnaround lately, are the cruise stocks. There was a time not long ago, when Cramer only associated the word "disaster" to Carnival Cruise Lines. Between a ship sinking, engine room fires, sick passengers—it seemed the company was doomed.

So how the heck did Carnival make such a turnaround that its stock keeps hitting new high after new high?

At its lowest point, the stock traded to approximately $33 a share, but has been steadily making a climb up to the $48 that it closed at on Tuesday.

"There is no question that some of the strength here has to do with a rising tide simply lifting all boats. Obviously Carnival, which is the largest cruise line, and the rest of the industry are huge beneficiaries from the decline in oil prices," the "Mad Money" host said.

But clearly Carnival has done more than just benefit from the decline in fuel costs. To start, the company said it has seen a healthier demand in theCaribbean, which is a big deal since it controls about 50 percent of the market and it has been suffering from a glut of ships.

Additionally, both the European and Chinese cruise markets are looking better, and Carnival expects about one million passengers to hit the seas this year.

So in the next market-wide selloff, Cramer recommended that investors jump in and take advantage of any pullback in the stock. And considering how it keeps reaching new highs, this could be long overdue.

Read More Cramer: All aboard! Carnival's big turnaround

Cramer considers transportation stocks to be one of the most important groups. Investors always need to watch them, because when transports outperform, that means commerce is strong and vice versa. This one little group can give a powerful read on what's happening with the economy.

This is exactly the reason why Cramer is concerned. While the averages have been up for the past few days, transports have been performing terribly in relation to the rest of the market.

Could the transports be headed into dangerous territory?

To find out the "Mad Money" host turned to Bob Lang, a technician and founder of ExplosiveOptions.net, and colleague at TheStreet.com.

After assessing the charts, Lang thinks there could be more downside ahead. The biggest red flag in his perspective is when the Dow Jones Transportation index fell below its 200-day moving average for the first time since October.

"As far as Lang is concerned, the transports are now a falling knife. He thinks it's very dangerous to try to catch this plummeting group," Cramer added

It could be very dangerous to try to catch the downward group, as all of the big boys are unloading these stocks at a rapid pace. Instead, Lang recommended that it would be better for investors to wait for the group to bottom and then allow it to prove itself.

Read More Cramer: Danger ahead—transports a 'falling knife'

One conference call that blew Cramer away recently was for Restoration Hardware. It is a rare occasion when an executive advises investors to not bother buying its stock unless you're in it for the long-term.

That is basically what happened on the company conference call, one that Cramer considers to be one of the best calls of the year. CEO Gary Friedman has vowed to do things new and different by reinventing the world of furniture and fixtures—it's all about creativity.

But it's not just about furniture to Cramer. Restoration Hardware's business model can be applied on a larger scale, too.

"I'm thinking about Gary's strategy because it is sorely needed for a host of other stocks, too, particularly the biotechs that are trying to do things new and different with a long-range view."

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

Mannkind Corp: "Your patience should wear thin, and that's why you should sell it! I'm not a believer in Mannkind."

Salesforce.com: "I like Salesforce.com. It's got momentum and Marc Benioff is putting up the points and they're taking share. What's not to like?"

Read MoreLightning Round: I'm not a believer in this