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Cramer Remix: Why Monday's market blew me away

Finally, a market that made sense! Jim Cramer loves when the market makes sense, because it gives him the ability to get creative and make judgments that can reap some serious rewards for investors.

What does Cramer mean when he refers to a market that makes sense?

"How about the fact that the slowing growth of the global economy and the negative manufacturing data we are seeing in this country have caused our interest rates to remain low—very logical," the "Mad Money" host said.

Cramer considers this data to be logical, because when rates are low then housing becomes more affordable. When housing is more affordable, then people will switch from renting to actual home buying.

This information, combined with the fact that banks are now willing to lend more with less of a payment, has spurred a mini-boom in housing. No wonder the homebuilder confidence is at a 10-year high.

"What is extraordinary to me is that this move is happening right under the noses of people who should know better, but they keep waiting to get their signal from the Federal Reserve. You don't do that if you're a serious investor," Cramer added. (Tweet This)

That means investors should tune out the Fed talk and do the homework to figure out what stocks do better in the current environment. Cramer's answer? The homebuilders.

Read MoreCramer: Rebuilding housing stocks—make a move NOW!

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Another group that used to be the hottest group out there, and has cooled off recently, is the cybersecurity stocks.

For instance, Israeli cybersecurity stock Cyberark Software was up more than 2 percent on Monday. It has built a strong reputation for itself by protecting what are known as privileged accounts or administrator accounts, which tend to be juicy targets for hackers.

And while the stock is expensive at the current levels at 77 times next year's earnings, Cramer saw opportunity here when he took into consideration its tremendous growth and its market cap of just $1.85 billion.

Cramer spoke with Cyberark CEO Udi Mokady, who commented on the cybersecurity shift in culture that he has seen recently. Previously cybersecurity was something that companies invested in to please auditor requirements, and now companies are more proactive.

"The Sony breach, the Anthem breach [were] a wake-up call for many verticals that the auditor is not the enemy, they're trying to help you be compliant. But it's all about what are the attackers going after. They are trying own the business like they did in those cases," Mokady said.

Just as Cramer thought J.C. Penney was left for dead with no hope, it makes a comeback. Yes, that's right—J.C. Penney is back. And the new J.C. Penney has some spunk to it, which leads him to believe that it will fight off the competition.

"Out of nowhere, J.C. Penney's got its groove back; I think it is roiling all the other merchants out there," the "Mad Money" host said. (Tweet This)

In Cramer's opinion, its new CEO, Marvin Ellison, is taking the company to a new level with his humility and competitiveness. It is almost as if he is aware that is goal is not just to enter the retail playoffs but to be the champion. It is exactly this type of lofty goal setting that has been sorely missing for a long time.

To Cramer, J.C. Penney's success all came down to expectations. Even before Johnson's reign of terror, the company did not aspire to be the best. It only aspired to be good enough just to keep the 87 million customers it had happy. That only meant a lot of promotions around the holidays and a dedicated staff that was paid slightly more than the minimum wage.

"I think Penney is a lot like Kohl's, and you can see that Kohl's sure couldn't deliver this quarter. It can put the hurt on Macy's, too, as it will be perceived as being underpriced versus Macy's," Cramer said. (Tweet This)

Read MoreCramer: JC Penney is about to smoke competition

Workers work on an oil line pipeline in Decatur, IL.
Brad Quick | CNBC

Even with J.C. Penney making a comeback, Cramer saw another company that is riding a powerful theme that he thinks investors should jump all over. Blackhawk Network Holdings, a leading global distributor of prepaid cards and gift cards, has logged a monster 55 percent gain in the past year.

The gift card and affinity-card business has been hot lately, and clearly Blackhawk was one of the best ways to play it. Additionally, Blackhawk announced the acquisition of Achievers Corp earlier last month, the leading provider of employee recognition and awards solutions.

Yet, thanks to the marketwide selloff recently, the stock is down 5 percent from its highs earlier this month. Could this be a good entry point for it?

To find out, Cramer spoke with Blackhawk CEO Bill Tauscher.

"We had a series of events. We increased the amount of acquisitions we were doing, we had this tremendous tax benefit and we spun out. Then we have a digital business growing like mad. Everybody assumed something must be wrong somewhere, because it just didn't seem to all make sense. In fact when they got all of the numbers, they found out that each one of those cylinders is hitting quite well," Tauscher.

Cramer found that energy related master limited partnerships, or MLPs, were hit hard this year. This was courtesy of the plummeting price of oil and fears that the Federal Reserve will raise interest rates. However, considering the attractive yield and chatter among Wall Street analysts recently, Cramer wondered if it was time to dig through the MLP rubble to see if there was anything worth investing in.

Cramer was especially interested in this group because the Alerian MLP ETF made a new four-year low earlier this month, the price of oil appears to have stabilized and the slowing global economy could signal that the Fed will wait before it tightens.

Thus, many analysts have begun to note that high-yielding MLPs could be more attractive versus bonds. Just last week, Credit Suisseupgraded the entire group and pointed out that the average MLP sports a 7.8 percent yield.

Additionally, Credit Suisse noted that when MLPs rebound, they do so dramatically. Since the financial crisis, Cramer stated that the MLP stocks have typically provided a 40 percent return in the first eight months after they bottom. However, first the stocks need to stop going lower.

"I certainly think there is plenty of value to be found in the energy related master limited partnerships, but this is one area where you really need to pick your spots. Thanks to the recent selloff, the whole MLP space has been taken down in lockstep, the good coming down with the bad," the "Mad Money" host said. (Tweet This)

That means that while there are some MLPs out there that are dramatically undervalued, others could still be dangerous and deserve to go lower.

In Cramer's playbook of rules in the current environment, he emphasized to own the MLPs with the least commodity price exposure, such as the pipeline plays. Pipelines tend to operate like a utility, changing a fee based on the volume of oil or gas that it transports. Thus, it has less of a direct connection to the actual price of oil.

Read More Cramer's danger zone stock pick: Top oil MLPs

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

Cree Inc: "It's down so much I can't recommend you sell it. They have missed the quarter, missed the quarter, missed the quarter. You miss it so many times, obviously you're going to be punished. That's where they are."

Invensense Inc: "A lot of people played this one. You know what? Maybe I'm getting conservative in my older age. but this one is too dicey for me."

Read MoreLightning Round: Hottest biotech I've ever seen