With the price of crude pulling back recently, Cramer has seen many of the gains from the recent rebound in black gold go right down the drain. That is why he thinks it is important to revisit the oil patch and find out if the rebound is gone forever.
The "Mad Money" host turned to Robert Moreno, a chartist and colleague of Cramer's at RealMoney.com, who is also the publisher of RightViewTrading.com. Cramer's goal was to get a better read on the two most important subgroups of the oil patch — the large integrated oils, like Exxon Mobil, and the oil service companies, like Schlumberger.
However, Moreno now sees Exxon coming down from its recent high and thinks investors should reappraise the entire group. So, even though the big oil companies led the energy rally earlier in the month, he now says that they are ready to pause and consolidate.
But that doesn't mean there will be a sell-off in oil. Instead, Moreno predicted a change in leadership. He anticipates that as the big oil companies consolidate, the oil service stocks could be ready to breakout.
Read More Cramer: Big change in oil leadership coming
Cramer has also noticed that the telco stocks seem to be in a league of their own lately, with each one having its own distinctive quirks and sets of opportunities and pitfalls.
"Unlike many other groups, it's truly up to the individual to assess which of these stocks fits you best considering the variables involved," Cramer said.
So, that was why he decided to assess AT&T, Verizon, Sprint and T-Mobile individually to highlight the pros and cons of each stock.
The menu included Sprint, which was the riskiest. Cramer rated AT&T as a tough call because its cash flow isn't as hefty as its 5.66 percent yield. He finds it curious that the stock is down 1 percent for the year, considering that the company raised its forecast.
"More important, if Google or Comcast, the parent company of this network, or another firm gets in on the game then I think you could see an acquisition of Sprint or T-Mobile," Cramer said.
As for T-Mobile, Cramer is more interested in its leverage. Once it finishes its big spend Cramer thinks that it should be there geographically. That means that the numbers in 2016 could be very good, and T-Mobile could be great for investors seeking growth.
In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:
Energy Transfer Partners: "All I can tell you is that they just boosted the dividend the other day. So, you may think it may not be safe, but they did just boost it. And so it's hard to imagine them boosting it and then cutting it."
Soufun Holdings Ltd: "It's a Chinese stock and I don't recommend Chinese stocks on the show. Not until I get a little more clarity from the party. If the party wants to give me a call and tell me that it's time to party down, I will. But right now the communists are too hard to figure."
Read More Lightning Round: Everyone loves it — not me!