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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 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."
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.
Technician Carolyn Boroden made a controversial call last week when she correctly predicted to Cramer that the could have a huge sell-off, followed by a rebound. Sure enough, the charts nailed it and the S&P changed trajectory.
So, where could the S&P be headed now?
Boroden is a technician who runs the website FibonacciQueen.com and a colleague of Cramer's at RealMoney.com. Her methodology for her predictions is to look at past swings and then run them through a prism of Fibonacci ratios to identify where the stock or index is likely to change trajectory.
"First off, she urges you not to mistake the current strength for a sustainable rally," the "Mad Money " host said.
Ultimately, there could be anywhere from a 1 to 5 percent upside before the current bounce will run out of steam. Boroden wants investors to be ready for things to turn negative again, perhaps next week.
Six months ago Cramer told investors that the railroad stocks were about to go off the rails. Since then, the group has been slammed so hard that Cramer now suspects the torture could finally be coming to an end.
"Some of the railroad stocks are starting to look attractive here, although there is no rush to buy them, and ideally, you should wait for the next marketwide sell-off before you pull the trigger," the "Mad Money " host said.
Railroad companies have been struggling with both secular and cyclical declines in many of their largest cargo loads, such as coal and oil. During the shale boom, oil producers were willing to ship vast amounts of crude by train because there was not enough pipeline capacity.
"While I am much more positive in the group, there is no reason to buy tons of stock immediately. No forced bottom-calling. You can take your time to leg into these stocks slowly into weakness, using their dividends to tell you exactly when to pull the trigger," Cramer said.
For example, Cramer suggested building a position when a company has a 3.5 percent yield. For CSX, that would be at $20.57; for Union Pacific, that is at $62.86; and for Norfolk Southern, that is $67.43.
Three weeks ago, Smith & Wesson, the world's No. 1 gun maker raised its quarterly guidance dramatically. The stock shot up 11 percent the next day but has since fallen dramatically.
This move seemed confusing to Cramer, so he decided to take a closer look at this company to guide investors on what to do with the stock.
"The truth is, when the company boosted its guidance and the stock soared, that was your signal to ring the register," Cramer said.
Cramer found that every time the U.S. has a horrific mass shooting, firearm sales skyrocket as many people worry about the impact of potential gun-control legislation. Sales tend to fall off a cliff once people remember how difficult it is to pass gun-control legislation.
With this in mind, Cramer thinks investors may be able to buy Smith & Wesson at lower prices soon when more investors understand that a spike in gun sales is only temporary.
Another stock on Cramer's radar on Tuesday was the action in Terex, the heavy machinery maker that is almost like a low-rent version of Caterpillar. The stock roared 36 percent because it received an unsolicited takeover offer from a Chinese company.
The strength of Terex spilled over into the stock of Caterpillar, which also rallied from the lift in oil prices. But that does not mean Cramer thinks investors should be buying Caterpillar.
"I'm thinking CAT … might still be a sucker's bet here ahead of its quarterly report on Thursday," Cramer said.
In the case of Caterpillar, Cramer added that the stock actually gets more expensive relative to earnings, not less. Additionally it becomes more risky, especially in relation to its dividend yield. Thus, Cramer recommended for those who still own the stock to take advantage of the strength on Tuesday and do some selling.
In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:
Synchrony Financial: "They blew away the numbers! The stock's low and I'm a buyer."
Mattress Firm Holding Corp: "It's worrisome to me. I thought it was good, but I think they are over-stored."