Cramer knows that sometimes the stock market does weird things. Among the strangest is the unusual connection between Costco and the dollar index, which suggests the stock could be ready to roar.
To get a full picture from a technical perspective, Cramer spoke with Larry Williams to figure out what could be in store for Costco's stock. Williams has traded stocks, commodities and futures for over 50 years, written 11 books, created various technical indicators used in the industry and teaches investors about the market on his website IReallyTrade.com.
When Williams looked at the charts for Costco, he couldn't help but notice the inter-market relationship with the dollar index. When the dollar is strong, Costco tends to perform well. The dollar index measures the value of the U.S. dollar versus a basket of the next six largest currencies.
"If you project this relationship forward given the recent strength in the dollar, Williams thinks that Costco could be on the verge of a significant rally," Cramer said.
KeyCorp shares rose almost 6 percent on Tuesday following earnings, with Cramer noting it was the best quarter he saw from any of the regional banks.
KeyCorp is the parent of KeyBank, which has approximately 1,000 locations across the Western and Eastern U.S. Not only were earnings strong for the quarter, but management provided a bullish update on the company's recent acquisition of First Niagara.
The strength of KeyCorp also gave Cramer assurance that when the Federal Reserve finally raises rates, this regional bank will be able to have even higher returns. He spoke with KeyCorp's CEO Beth Mooney, who outlined the two factors that drove the quarter.
"I think the strength of the quarter was really driven by two things: first and foremost it was the core performance of KeyCorp on a standalone basis … Within the quarter we did have our successful acquisition and integration of First Niagara, literally one year after we announced the deal, we have now $35 billion more in assets, another 1 million clients and 300 additional branches," Mooney said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Bristol-Myers Squibb: "Bristol-Myers, we own a small position for the charitable trust. It is our smallest position, we do believe the stock will go lower. When it yields about 3.5 percent, and it yields 3 right now, maybe we pull the trigger and buy a little more. But not yet, the drug stocks are headed lower."
KKR & Co: "No, the dividend is not secure because it's now meant to fluctuate with the assets that they want to sell. And frankly, that is not an optimal situation for me. I would not make a big bet right here on KKR, because we don't know what they are up to."