Jim Cramer considers the oil and gas complex to be a vicious open wound in this market, with horrendous declines in oil and gas prices that have caused immense carnage in all things related to energy.
Everything ranging from driller to pipeline plays has been punished, even if they have little direct exposure to the price of black gold.
That is why the "Mad Money" host decided to take a closer look at what the charts say are in store for the oil patch, particularly the largest oil company on Earth, Exxon Mobil. Cramer turned to Robert Moreno, a chartist and colleague of Cramer's at RealMoney.com, and the publisher of RightViewTrading.com.
Moreno thinks that with the strength of its balance sheet, the Exxon punishment could be over.
"In other words, the open wound that is the oil patch might finally be clotting, something that should have a stabilizing effect on the broader market," Cramer said. (Tweet this)
Looking at the daily chart of Exxon versus the , the action displayed told Moreno the story of just how important the energy group is. Exxon has clearly led the market down this year, with the oil giant underperforming the S&P by approximately 12 percent for the year.
However, for the last month Moreno has noticed a change in pattern. Lately Exxon has been consolidating, building a base as it trades sideways and refuses to go lower. Moreno thinks this could be a change in the short-term trend, and if it holds it could stabilize the entire stock market.
Read More Cramer: Why Exxon is ready to bounce
Yes, Cramer has been a bear lately. And guess what? He has been right, even though there was a late afternoon rebound on Tuesday. It seems that everyone has adopted a bearish outlook recently, which made Cramer even more worried.
There is plenty for the "Mad Money" host to dislike about the market recently. It seems that most other commentators are also bears, which prompted Cramer to clarify what would make him more constructive right now despite the endless torture.
"I don't hear much bullish commentary anymore from anyone. I feel most commentators have joined me in the bearish camp, and that's worrisome. The consensus is rarely right when people are all in, no matter what the direction," Cramer said.
So while that is not a long list, Cramer remains convinced that this market is more like what happened in 2011. That puts the downside target for the Dow at 15,231 and the at 1,768. Those levels are not far from where they closed on Tuesday.
In 2011 there was systemic risk to the U.S. banking structure. This time, the risk that Cramer sees is offshore, and there is also political toxicity happening in the United States. That is why he thinks the comparison still holds up.
"Yes, there is more pain ahead, but the saving grace is that we are getting closer to a bottom by the day," Cramer said. (Tweet this)
Another stock that was beaten down on Tuesday was Novavax, the next-generation vaccine developer that until a month-and-a-half ago was one of the hottest stocks on the market.
Novavax shot up to $13.65, more than doubling year to date, in August after announcing some very positive phase 2 data on its vaccine for RSV, a highly contagious respiratory virus. However since then, the entire biotech cohort has gone into free-fall, taking Novavax down with it.
What did the company do wrong? Nothing, said Cramer. On Tuesday morning the company also released very positive top-line data from its phase 2 maternal RSV vaccine trial, along with an $89 million grant from the Bill & Melinda Gates Foundation to fund the vaccine's phase 3 clinical trial.
One would think this news would send the stock skyrocketing on Tuesday. Instead, the stock closed down 1.04 percent. Has Novavax taken enough pain, or will hatred for biotech continue to bleed into the stock? To find out, Cramer spoke with the company's CEO Stanley Erck.
"Fortunately my days don't go up and down by my stock price. So what we do is we focus on executing our clinical trial strategy," Erck said.
Cramer also saw that many stocks on Tuesday were being buffeted by a titanic war between struggling money managers and hedge funds that smell blood and are eager to break uneasy shareholders. It is a game of predator versus prey.
After all, how could a company like Energy Transfer Partners be crushed endlessly, even as it might be snapping up critical pipeline player Williams in a groundbreaking move? How the heck could the best of biotechs be mauled over and over again when so many have been so right for so long?
"The answer lies in the shareholders, hedge funds who have often borrowed money to make levered bets on the stocks they love and are now under fire from other hedge funds that sense Armageddon among the investor base and know that shorting these stocks will be like shooting fish in a barrel," Cramer explained.
Ultimately, Cramer thinks that if an investor liked these stocks at higher prices, they should like them even more at lower prices. Just understand that the companies are defenseless because of their capital structures and weakened shareholders. That may be too much for many to stomach, even as the pain may not be over yet.
For most people, the way that they receive health care hasn't changed in ages: they make an appointment days, weeks or months in advance, spend what could be hours in the waiting room, and see a doctor for a few minutes, maybe get a few tests and then wait for the results.
It is an expensive, inefficient and a huge inconvenience for patients.
That is why Cramer has recently turned his focus to the companies that are trying to change the paradigm, such as Teladoc. Now one of the most influential scientists in the U.S. has made the argument that technology will revolutionize the future of medicine, and make it more patient-centric and democratic.
Dr. Eric Topol is a cardiologist and director of the Scripps Translational Science Institute and editor-in-chief of Medscape.com. Earlier in the year he wrote a groundbreaking book entitled "The Patient Will See You Now," about how technologies such as the cloud, big data and smartphones, along with medical advances such as genome sequencing will give patients control over the health care system.
"Medicine today is one-off. You go to the doctor and get this one measurement, a lab test. But the medicine of the future, and it's starting right now, is real-time streaming in your real world," Dr. Topol said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Enbridge Energy Partners: "Enbridge Energy, which yields 10 percent, is doing quite well. But you see it doesn't matter. It's part of this master limited partnership accommodation where there was $1 billion for sale at the end of the day, and that seller will be back. You have got to just wait. It's still going lower."
United States Steel: "I can't be positive about steel, because the Chinese are dumping steel so aggressively. As a matter of fact, only Nucore has been the only steel company that I will recommend. I'm very sorry, I don't have a reason."