On Tuesday, one stock made Jim Cramer cringe at the very thought of it: Lumber Liquidators. A caller asked about it in the Lightning Round, and Cramer responded by saying that this company was so bad he wouldn't even say its name. Yikes!
There are plenty of other businesses to talk about though. Last week, the market flooded with 13 initial public offerings, making it the busiest week for IPOs in 2015. And Cramer sees that this wasn't just one isolated incident, as the market has had a steady acceleration of IPOs this year.
Could they all be good for investing, or could some be toxic for your portfolio?
"Regular viewers know that I don't like it when we get deluged with so many new issues. The stock market is just like any other market: it's all about supply and demand. These IPOs all represent additional supply, and when the supply goes up while demand stays the same, you can expect prices to go down," the "Mad Money" host said.
That in mind, Cramer walked investors through the most important IPOs of last week.
Last Thursday a small-cap medical technology company called Glaukos came public at $18 a share and then skyrocketed to $31.22 on its first day of trading. The company is focused on creating products and procedures that change the way glaucoma is treated.
In particular, it has pioneered a procedure known as micro-invasive glaucoma surgery. Thus far, the company has had rapid revenue growth but is still far from profitable. And even with all of its snazzy technology, it's not clear to Cramer how Glaukos will ever turn a profit.
Finally, there is TransUnion, which went public last Thursday at $22.50 and jumped up to $25.40 on its first day of trading. While some may know TransUnion as a simple credit reporting agency, the company considers itself to be a sophisticated information provider.
However, the "Mad Money" host is not a fan of TransUnion. The company is unprofitable and was cash-flow negative in 2013 and 2014 with an ugly balance sheet in debt for $3 billion. Granted, the company plans to use most of the some $700 million it raised in the IPO to pay down the debt, but it still won't leave it in a great position.
"I am not impressed by last week's crop of IPOs…These are not high-quality companies, and it worries me that we're seeing so many of them come public at the same time," Cramer added.
So, while Cramer does not bring good news with most of the IPOs, it is his job to look out for investors and make sure these vicious IPOs don't wreak havoc on their portfolio.
Cramer saw crosscurrents galore in the market on Tuesday as the drama with Europe and Greece continued. And while both the Greeks and Germans behaved badly, in his opinion, there were a few things that were quite reassuring for investors.
In reality, this isn't just a problem for Greece. It would be a problem just for the Greeks if they owed the European Union a couple billion euros. But Greece owes the European Union 300 billion euros, which means the whole European Union has a problem.
"With Greece on standby, we get to see what the market forsook yesterday that it shouldn't have, which is the kind of constructive exercise this show was made for," the "Mad Money" host said.
Cramer saw Tuesday as a chance for investors to pounce on themes that are working right now.
The first is biotech, and many investors crowded into this group on Tuesday. Second, the market gravitated to the oil plays, where there are furious rumors of deals. Finally, the speculative stocks all roared back as well. When the smoke clears, Cramer always expects stocks like Netflix to bounce back the hardest. Tesla soared because that's what it does, as did Amazon. Cramer also saw two of his faves—Ambarella and Fitbit—bounce back nicely as well.
Cramer also reminded investors that companies don't stop creating value just because investors fear Greece. There were a whole host of companies on Tuesday that proved there is plenty more value that can be created in the market.
One of those companies was Pentair, the maker of water filtration systems. It had a tremendous jump because of pressure from Trian Group, the hedge fund run by well-known activist Nelson Peltz. Cramer sided with Peltz, as he thinks it would be a good idea for this company to make an acquisition to expand further.
The "Mad Money" host also liked what he saw with insurance broker monsters Willis Group and Towers Watson, when they decided to merge with an $8.7 billion deal. It will take advantage of the loophole that gives them a way around American tax laws by being domiciled in Ireland.
It was stocks like these that nicely took the news flow away from Greece, and managed to make shareholders even richer than they were the day before.
After Monday's colossal beatdown of the averages, Cramer sees a lot of panic in the market as investors question where we could be headed and for how long.
This is exactly why the "Mad Money" host likes to turn to the charts to see what could be in store for the future, because they emotional component from trading to analyze the market from a quantitative angle.
To get a sneak peek at the future, Cramer turned to Carolyn Boroden, a technician, owner of FibonacciQueen.com and one of Cramer's colleagues at RealMoney.com, to get the inside scoop on where the could be headed.
Cramer last spoke with Boroden on June 9, and her research determined that the market was due for a nasty correction, but she wasn't sure how big that correction would be. She said that the crucial level for the S&P would be the May 6 level of 2,067, and if we held above that level, then things wouldn't be too bad.
Ultimately, the oracle of the charts suggests that Monday's vicious selloff probably isn't finished. And while it is possible that the S&P could bottom this week and then rebound, Boroden noted that the rebound wouldn't last for long.
"The charts indicate we could be entering a very difficult period here, and I have to agree that if we do not get a Greek deal shortly, she's going to be dead right on her assumptions," Cramer said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Altisource Portfolio Solutions: "I don't know. It does seem to have bottomed, but in the housing sector I am going with Lennar. That's my play."
Platform Specialty Products: "Remember the guy came on and was bullish and said he was going to deliver? So far he has delivered! I like that guy. That guy had conviction."
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