A horrendous piece of manufacturing data from China sent the U.S. stock market tumbling yet again Tuesday, taking the price of oil lower along with it. Cramer is hoping the price of crude heads higher, because many oil companies could be in real danger if it sinks any further.
"Like I keep telling you, there is roughly $200 billion of debt from these oil companies on the high yield bond market, and when the price of crude is plummeting everyone starts getting scared that something terrible could be lurking in the world of fixed income," the "Mad Money" host said.
That is why Cramer sought the insight of Carley Garner. She is a technician, co-founder of DeCarley Trading and colleague of Cramer's at RealMoney.com. Garner has a successful history of predicting the trajectory of crude on "Mad Money" and spotted the bottom in crude and the volatile events following afterward.
So where does Garner think oil is heading next?
Garner pointed out that during the recent decline in oil, large speculators unloaded approximately 40 percent of their bullish holdings. This is a good thing because back in July, big money was way too bullish on oil with a net long position of 328,000 contracts. Last week that dropped down to roughly 200,000 futures contracts.
Garner thinks this is a wonderful sign for oil, as in recent years when net long positions on crude drop to that level the selling will dry up and prompt a rebound.
"The fact that the big boys were throwing in the towel and capitulating right near the bottom is exactly why Garner now believes the path of least resistance for oil is higher," Cramer said.
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Cramer also thinks it is worth remembering in a treacherous market like this one that investors are now playing by a very different set of rules. That means they need to be more selective when picking growth stocks.
Some growth stocks can roar higher against a positive backdrop, but become very risky when the environment turns increasingly negative. As an example, Zoe's Kitchen was a once-loved Mediterranean themed fast-casual restaurant chain that has been thrown to the curb by investors in the past month.
Cramer used Zoe's as an example, as the stock has remained quite expensive and is barely profitable. Thus, if investors want to speculate on a high-flying growth stock in this brutal environment, it needs to be a flawless performer with accelerating revenue growth. That makes Zoe's far too risky for Cramer to endorse.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Apple Hospitality REIT Inc: "I think these are good. I think that this thing yields 7 percent, and that's probably wrong. The stock should be higher and the yield lower. This group has been crushed today, I think it's opportunity."
Omeros Corp: "The problem with Omeros is that you've got stocks like Celgene that are now down so much that you want to start thinking about moving up the quality food chain. It's a nice spec, but the quality food chain has really come down."
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