The Dow plunged triple digits on Tuesday as investors worried about a slowing economy, the strong dollar and an imminent interest rate raise by the Fed. Basically, to Jim Cramer, it felt like everything went wrong.
"What's good for the stock goose isn't necessarily good for the stock gander. Not everything can be bad all at once!" the "Mad Money" host said.
Cramer added that this especially applies to stocks like Whole Foods, which is just too low to sell right now. However, that doesn't mean the stock is bad news. So with that said, Cramer tore apart the remaining market rubble to see where the hidden bargains can be found.
The first element that weighed down the averages on Tuesday was the fast growing strength of the dollar. And while many view this trend as being negative for all companies, Cramer does not agree.
"I personally believe that the euro has bottomed and the dollar has peaked," he added. (Tweet This)
Another trend that stuck out to Cramer was the oil patch. It was under immense pressure on Tuesday, and Cramer suspects that this was the group that set a dark cloud over the entire market. Oil stocks have become strong winners lately, but the strong dollar and news that Iraq will increase oil production put a dent in the price of crude.
But again, just because oil was clubbed doesn't mean the entire market should be. There are plenty of stocks that rally from lower oil and gas prices, such as the restaurant, retail and airliners.
And while there were plenty of negative rumors in the market that could be true, Cramer wanted investors to realize that even if these are legitimate worries—there are still stocks that are worth buying.
What the heck happened to Noodles & Co? When this company came public in 2013, it was one of the hottest IPOs of the year. Now Cramer considers it one of the biggest dogs—not only for the restaurant sector, but perhaps the entire market!
When Noodles initially went public, it talked a big game. The stock almost tripled in the first few days of trading, then spent the next six months trading sideways. Once the lockup on insider selling expired, it got totally pummeled.
Has one of the hottest IPOs of 2013 now gone completely cold? How could investors have been so excited about a company that turned out to be nothing but a wet fish?
In Cramer's perspective, the main reason it has underperformed is pretty simple. The company just hasn't met Wall Street's expectations, both on the bottom and top line. It has completely failed to establish a positive trend for same-store- sales growth, despite management's overly optimistic guidance.
"I think you can boil down all of the problems with Noodles to one key issue, which is that management was way too optimistic and promotional during the honeymoon period after the company came public," Cramer added.
Cramer wouldn't touch this one with a 10-foot pole. In fact, he thinks it is still way too expensive, considering that it trades at 32 times next year's earnings estimates. That is higher than Starbucks, Panera or even Chipotle.
Read More Cramer: Woof! Steer clear of this restaurant dog
Another stock that has Cramer concerned lately, is Shake Shack. Despite the fact that it was down almost 8 percent on Tuesday, Cramer thinks the short-sellers will bring this one down even further.
"The truth is that the rally in Shake Shack, which was finally halted today, has much more to do with the mechanics of the stock market than it does with the fundamentals of this burger chain," said the "Mad Money" host.
It really comes down to the small number of shares that trade currently, just 5.6 million. This means that the underwriters who placed the shares in the IPO had their syndicate desks give the stock to clients that seemed unwilling to sell them.
Why does this matter? Because these portfolio managers recognize the obscene overvaluation of the Shake Shack store—at $40 million—and the stock's price. Thus many have shorted the stock in anticipation that the sellers will recognize this as well.
If anything, Cramer considers any pre-market purchases in Shake Shack to be abnormal. In his opinion, the stock's sky-high valuation is simply a product of a flawed short-selling process. So while the burger may be juicy, Cramer thinks it could be time to get out of the stock while you still can.
Cramer also thought it was worth taking a closer look at what the future could hold for the euro. To get an expert opinion on the topic, the "Mad Money" host turned to Carley Garner—technician; co-founder of DeCarley Trading; author of "A Trader's First Book on Commodities;" and colleague of Cramer's at RealMoney.com.
"When the euro is weak versus that dollar, that makes it much harder for U.S.-based international companies to compete with European ones, especially in Europe itself. With a weak euro, all of the profits that our multinationals make in the euro zone translate back into fewer dollars," Cramer explained.
In fact, it wasn't that long ago that experts thought that the euro and dollar would reach a 1-to-1 exchange rate. And it really seemed like that would happen a few months ago, until the rate hit $1.04 and never went below that level. But just because the currencies didn't reach parity back in March doesn't mean it couldn't happen.
Garner pointed out that ever since the euro bottomed back in March, bearish sentiment has been growing, and many think that the currency is set to plummet any minute now.
Everyone except for Garner, that is.
"She believes the euro is going higher, and anyone who thinks it's richly valued is just kidding themselves," Cramer added. (Tweet This)
Read More Cramer: Boom! Snapback rally of the euro coming
After a nasty day of trading, Cramer thinks investors need to find a stock with a powerful long-term theme that will keep working regardless of what happens in Europe or a strong dollar.
That is why he has had his eye on Alliance Data Systems, the largest provider of transaction-based market and customer loyalty solutions. It reported a strong quarter last month, indicating strength across the board and raised its guidance.
This was the first time the company had reported since it acquired Conversant for $2.3 billion. Could this deal pay off and bring further profits to investor pockets? To find out Cramer sat down with Ed Heffernan, CEO of Alliance Data Systems.
"We have been referred to as the largest company no one has ever heard of—that's probably a good thing. That's our job is to sort of be behind the scenes," Heffernan said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Prothena Corp: "I think this stock's a good one, This is one of those stocks I've been looking at as being a great spec for the second half of 2015, and it's been a winner. I think it's going to stay a winner. I want to own Prothena."
Chesapeake Energy: "I think that this is actually not one of my favorites. I think that it's an expensive stock and the group is headed lower right now. I would be careful with this one."
Read More Lightning Round: Great spec for the second half of 2015
