Jim Cramer finally saw the market separate itself from the crazy connection to oil, and individual companies once again started to matter on Tuesday.
"The one thing we really wanted to hear, though, is actual quality earnings from big international companies that aren't turnaround plays, just plain-old great companies with good management. And suddenly we got them," the "Mad Money" host said.
The two big surprises for Cramer were when 3M and Johnson & Johnson reported. The last quarter brought out the sellers in both stocks, but Cramer was impressed with how much better these two companies are doing than what he thought.
Given how beat down both stocks were going into the quarter, it didn't surprise him when the stocks roared higher.
The next big company to report was Apple, which reported pretty much was Cramer was expecting.
"My take? You own the stock, don't trade it," Cramer said. "We are going to get an iPhone 7 upgrade later in the year, and those have been terrific catalysts for buying."
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Cramer also thinks that Apple's humongous $216 billion cash hoard gives the company plenty of chances to buy back stock and boost the dividend. The company could also develop a new revenue stream, such as buying a company like Harman International to become the mobile brain of cars.
Of course, it is possible that the market could shift its attention away from individual companies and back to oil when inventories are reported on Wednesday morning.
"Given that the U.S. is still pumping at a rate that is roughly similar to last year … don't expect anything good here for oil," Cramer said.
So while this week has brought the news of many companies reporting fantastic numbers, Cramer thinks stocks could get rocked by oil or the Fed. That could give a chance to buy high quality stocks at discount prices.
"If we get a green light from the Fed? There is still plenty to buy in retail, restaurants and even technology, as the declines have been horrendous and the Fed's to blame for whatever China and oil haven't taken away already," Cramer said.