If Jim Cramer didn't know any better when he looked at the commodities market these past few days, he would think that Greece was bringing the world into a recession.
With copper in total breakdown mode and Alcoa plummeting, Cramer is concerned. And while the CNBC "Mad Money" host does like Alcoa for the long term because it's transforming itself out of just being an aluminum company, he expects that investors will not hear great things about aluminum on Wednesday when Alcoa reports quarterly earnings.
Cramer is also concerned about the vicious collapse in oil, which has been in total freefall. Just take one look at the disturbing action behind Freeport-McMoRan, an oil and copper company that is down 27 percent for the year.
And what about China? Cramer doesn't know where this market would be if it weren't for the communists trying to stabilize the market. In his opinion, it resembles the U.S. market in 2000 when the Nasdaq was plummeting.
"I had believed that we could handle a rate hike, but that was because I felt the curtain would have fallen on the Greek tragedy by now. It hasn't," Cramer said. (Tweet This)
So, Cramer will have his eyes open to watch for signs of the situation becoming worse. He will be keep tabs on Freeport-McMoRan, which will show the dollar's strength if it continues to fall. He will follow the Chinese market and the FXE for strength of the euro.
Cramer knew it would only be a matter of time before investors got so fed up with Europe and craved some good old-fashioned American stocks. And that was exactly what happened Tuesday, as the averages managed to bounce back from a total free fall in the morning.
The CNBC "Mad Money" host is watching Europe, not just Greece, because the issue has held all of Europe hostage. In Cramer's perspective, the Greeks borrowed too much and the Europeans, mainly Germany, lent too much.
Cramer believes that any sort of deal at this point will cause the markets to rally. He is confident that it would be best for Greece if it just defaulted, took its drachmas and went home instead of sticking with the euro and being the poor kid among a bunch of richer nations. Any resolution would be good.
However, on Tuesday Cramer saw many betting that with a strong dollar in place for earnings season, huge estimate cuts will happen for all companies with international exposure and U.S. operating companies will have decent strength.
"But they won't be downgrading the domestics. They will be raising numbers and upgrading them," Cramer said. (Tweet This)
In fact, Cramer suspects that many money managers have started to prepare for earnings season by rotating out of the international stocks and into the domestic stocks.
So while some may be fretting over the drama in Greece, Cramer took the time to search for potential opportunities in the domestic market. ViaSat is the leading producer of satellite, ground and space systems technology. It is also a big player in the in-flight Wi-Fi and provides services for clients such as JetBlue, United Continental and Virgin America.
ViaSat stock has struggled this year, down approximately 7 percent in 2015. However, Cramer thinks this is more about the future than the past. ViaSat is one of the only in-flight Wi-Fi providers that has fast enough download speeds to stream high-quality videos. However, it only has one satellite in the air, which means it doesn't have enough capacity to meet demand.
Thus, if ViaSat can get its new satellite up on schedule next summer, then Cramer thinks this could be an intriguing stock. To find out more, Cramer spoke with ViaSat's chairman and CEO Mark Dankberg.
"It used to be that just having Wi-Fi at all, being able to check the box and say Wi-Fi is on the airplane, was sort of what people would talk about. But now, especially given what has happened with Jet Blue and their service, is that people's expectations are rising," Dankberg said.
The price of oil has been hit hard lately, dropping to about $50 during the day on Tuesday from $59 a week ago. Cramer is still in shock, because when oil was hovering around $60 he was convinced that the independent oil companies might provide some real leadership in the market.
But after the latest session of crude being put through the meat grinder, Cramer's opinion has been thrown out the window.
So what could be next for oil prices?
"Now, if there is one thing you need to keep in mind as the price of oil tumbles, it is that this is very much an issue of excess supply," the "Mad Money" host said. (Tweet This)
Garner believes that if oil breaks below $50.50, it will easily fall to $41.40 a barrel. And if that level fails, then a quick drop to the mid-to-low $30s could be possible. She doesn't expect oil to fall that low, but she did suggest that if you are going to bet on oil here, you need to be prepared for it.
On the flipside, if oil goes lower than that means that the airline stocks will be headed higher. Cramer recommended Delta as the cheapest option. Cramer's charitable trust has made its bet, and now he's waiting for lower levels before he puts any money to work in oil.
Another company that caught Cramer's eye was GigSky, a privately held company that provides a global alternative to traditional wireless carrier's insanely high roaming plans. For those who have been on vacation overseas and then looked at their wireless bill filled with roaming fees, this could be a savior.
GigSky provides affordable international data coverage anywhere a person goes. You buy one universal SIM card for your phone, download the app, put in your credit card information and then you're good to go anywhere. And while the pricing structure varies, it is still dramatically lower than AT&T or Verizon's roaming fees.
To find out more, Cramer spoke with GigSky's founder and CEO Ravi Rishy-Maharaj.
"When you buy GigSky service we offer you the fastest network possible in the country you are in. So whether it is 3G or 4G, whatever the contracts we have with our carriers we offer you the best speeds right off the bat," Rishy-Maharaj said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Electronic Arts: "There was an upgrade just today. This stock has now rallied tremendously and it is at its all-time high and believe it or not, I think it's having an unbelievable quarter. I'm not going against it, I think the stock can go higher."
Ross Stores: "It's still 4 or 5 points off its 52-week high and I'm going to give you a two-fer, I like TJX too. I think they can roar here with oil coming down."