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Cramer Remix: How China's winning with Nike

Jim Cramer called Friday's market a roller coaster, as it spent the day seesawing between people who want a rate hike and those who fear one. Ultimately, the Dow closed in the green, and the S&P and Nasdaq closed down.

"It makes sense. Some people want to believe that with Fed Chief Janet Yellen saying there will be a rate hike, we have somehow eliminated the uncertainty that the market loathes," the "Mad Money" host said.

But there are still bigger-picture worries in the back of Cramer's mind that a rate hike cannot solve. Such as the black holes of Glencore, the European commodity company; Petrobras, the Brazilian company with $170 billion in debt; and now disgraced Volkswagen. None of these issues benefit from a rate hike.

These concerns overshadow the strength of individual companies, such as Nike, which put up amazing numbers on Thursday and had almost no pin action outside of itself.

"This impending rate hike will mark the beginning of a turn in the bank stocks, and I urge you to recognize that Wells Fargo's alive and doing quite well," Cramer said.

Read MoreCramer game plan: How to play the coming rate hike

Cramer wants investors to stop doubting the Chinese consumer already. They have let weaker auto sales cloud their judgment about what is selling in China and what is not, and the Shanghai stock exchange is not reflective of the wealth in the People's Republic.

"I say that because Nike's conference call last night made everyone who had been skeptical about anything good from China look like total dopes," the "Mad Money" host said.

Nike blew away earnings on Thursday when CEO Trevor Edwards confirmed that revenue in greater China was up 30 percent. He went on to say that the gains were driven by strong performance across almost all key categories; he said he expects incredible growth to continue for years to come.

At the end of the day, Cramer does not want investors to judge the strength of the Chinese consumer by the action of the Shanghai stock exchange. Coffee, iPhones and snazzy sneakers are all highly discretionary items and should have been the first thing to fall if things were really bad in China.

Instead Starbucks, Apple and Nike are all strong in China. So, either the spending of the consumer is accelerating, or it's going unabated even though its industrial economy is struggling to grow.

"At this point, it would just be pure ignorance to reach any other conclusion," Cramer said.

Read MoreCramer: Stop doubting the Chinese consumer

After the action that took place with ConAgra this week, Cramer wants to know what the heck just happened to its stock. On Tuesday, it reported a huge earnings beat, yet its stock was immediately slammed—down 7 percent in a single session.

In fact, Cramer now considers ConAgra to be the most schizophrenic stock out there. First, it plummeted on a positive but confusing quarter. Then, after the selloff many analysts defended it, it's back up to where it was before it reported.

"So, here is the big question: was it right for ConAgra to get crushed, or did the company actually give us some really good results that make the stock seem darned attractive at these levels?" the "Mad Money" host asked.

Cramer thinks the stock is still a buy, and dug deeper to find out what happened so investors could understand.

"I think that if ConAgra had reported on a good day…instead of right in the middle of a hideous marketwide decline, then the initial reaction to its quarter would have been a lot less negative," Cramer said.

Read MoreCramer: This very erratic stock is now a buy

Another stock that has been obliterated in the past few months is XPO Logistics, the transportation and logistics roll-up that was down 8 percent on Friday.

When Cramer last checked in with XPO on May 5, the company seemed to be sitting on top of the world after announcing a $3.52 billion acquisition of Norbert Dentressangle. However, since then the transportation sector has taken a hit and more importantly, the market appears to have turned on XPOs roll-up business model.

Has the story changed for this company, or could this be a good entry point for the stock? To learn more, Cramer spoke with XPO's Chairman and CEO Bradley Jacobs.

"I can't predict what the stock market is doing. It's a risk on environment, a risk off environment. Our jobs is just to do deals that we believe in that we feel strongly about and in the long-term the stock will follow," Jacobs said.

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

Blackstone Group: "A lot of people worry about Blackstone because the stock has acted poorly. I come back and say wait a second, the yield is fine and I want to be a buyer not a seller."

KKR & Co LP: "People feel that there is not a lot of room to be able to exit certain stocks and they want to come public. There is also a sense that they need high yield debt and the high yield market is closing. I have conviction that this stock over the long-term has been a winner and I'm not backing away."

Read MoreLightning Round: It's a winner & I'm not backing away