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Cramer Remix: Surprising stock to buy if Fed moves

In Jim Cramer's opinion, the market rallied for all the wrong reasons on Tuesday, such as weak U.S. manufacturing data and the brutal decline in the Chinese stock market. Has the market completely lost its mind?

No—but bad news is good news right now.

This is because the uglier that the economic backdrop is, the less likely the Federal Reserve will be to raise interest rates on Thursday.

In fact, Cramer thinks that the Fed meeting is the most important event of 2015 for two reasons. First, this momentous decision from the Fed will surprise investors either way. Second, the consequences of a rate hike are bad news for stocks, but the upside from no hike is not positive enough to outweigh that downside.

Meaning, negative economic news could keep the Fed on hold but it could also cause earnings estimates to get slashed. Yet, better economic news could cause the Fed to raise rates, which is even worse news for the averages.

"It's a lose-lose situation for most stocks, creating a treacherous market, something that's all too easily forgotten on bullish days like today," the "Mad Money" host explained.

Read MoreCramer's Fed cheat sheet: Prepare for 6 pitfalls

Cramer said he made two huge mistakes last year: First was selling Home Depot from his charitable trust, and the second was cutting Tom Brady from his fantasy football team. They both ended up making monster runs for the Super Bowl.

"I recognize that it is fashionable in fantasy circles to not draft a top quarterback early. Just like it's not fashionable in the stock game to stick with a domestic retailer that's linked to the cyclical home business," the "Mad Money" host said.

But in Cramer's opinion, both Tom Brady and Home Depot make the most out of what they have. That is why Brady wins Super Bowls and why Home Depot manages to rise above its retail competition year after year.

And while Cramer has championed Home Depot for a long time, he does recognize that he has too often played the Fed game with the stock, saying that it will go down the hardest if the Fed raises rates—that has been a mistake.

"While housing will be hurt by any increase in mortgage rates, I just don't think Home Depot's numbers will come down. Therefore, the stock is a buy. I think it's exactly the kind of quarterback your portfolio needs," Cramer said. (Tweet This)

Read More Cramer's fantasy football portfolio: Top QB pick

At a time when there is so much volatility happening overseas, Cramer says investors need to pay attention to foreign currency exchange rates versus the U.S. dollar.

After all, a strong dollar has the ability to wreak major havoc on all U.S.-based international companies because when they translate sales from weak currencies overseas, that could mean fewer dollars.

"If you're not paying attention, these currency issues can come out of nowhere and body slam your portfolio," the "Mad Money" host said.(Tweet This)

In addition, Cramer thinks that Thursday's Federal Reserve decision of whether to hike interest rates could have major impact on currencies around the globe. To get a better sense on where the currency markets could be headed, Cramer spoke with Bob Lang, a technician, founder and senior strategist at ExplosiveOptions.net as well as Cramer's colleague at RealMoney.com.

Ultimately, Lang thinks that investors should not sweat the upcoming Fed meeting. And if the Fed does not raise rates, this could cause the euro, and even the yen, to roar.

"I think this is a huge call and, again, I remind you that if the dollar gets weaker then 2016 earnings estimates for all but the pure domestic companies will be going higher, which is something that could knock this bearish phase for so many international stocks right off its tracks," Cramer said. (Tweet This)

Read More Cramer: Fed meeting could trigger a USD bodyslam

So, while there was a nice rally on Tuesday, Cramer still sees that the market is loaded with uncertainty right now. And when the economy is this murky, he wants investors to look for high-quality stocks that should work regardless of how things play out in the economy.

Quintiles Transnational Holdings is the No. 1 contract research organization that helps drug companies manage clinical trials, especially late-stage trials that cost biotech and pharma companies so much research and development money. Cramer considers it to be the arms dealer of the pharmaceutical industry.

The stock was up 29 percent since December, and Cramer thinks it could have more upside ahead. To find out what could be in store, he spoke with Quintiles CEO Tom Pike.

"We are a simple story in a very complex industry…Biopharmaceutical industry has been healthier for a long time, and we service that industry. And based on that, we continue to be able to grow," Pike said.


Cramer also saw that the market was totally flooded with IPOs this summer, and while some of those hot IPOs have cooled off, there could still be some undervalued gold buried in the rubble.

Fogo De Chao is a small-cap Brazilian steakhouse chain that features gaucho chefs that continuously roam through the restaurant to bring customers new cuts of meat. The stock came public at $20 a share in June, skyrocketed up to $25.75 on its first day of trading and then got hit hard.

However, with the stock closing at $18.94 on Tuesday, Cramer thinks this could be an intriguing story. To learn more, he spoke with the company's CEO, Larry Johnson.

"What we are offering is an opportunity to be adventuresome in a safe environment…We have defined this category; we lead it," Johnson said.


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

Box Inc: "I guess people just wanted to make money now, which it cannot do...But where were the insider sellers that everyone was so worried about? I didn't see them. I like it, but it's a tough market for tech."

Exelixis Inc: "I've liked that...EXEL came out to be one of my favorite biotechs, even up here at $6."

Read MoreLightning Round: My favorite biotech stock