CNBC's Jim Cramer revealed three segments of the stock market that he's bullish on after the Federal Reserve issued an emergency interest rate cut Tuesday morning. The "Mad Money" host also decried the 50 basis-points cut as a "wrong" move to quell the markets amid the coronavirus outbreak. Later in the show he sat down with Chevron CEO Mike Wirth to get a read on the oil market. He also said there could be a bullish case in Apple stock, while more pain could be coming for the S&P 500.

CNBC's said that it's an opportune time for investors to start buying gold, high-yield and medical device stocks after the market took another dive on Tuesday.

"I know I'm early, but you can't wait until the selling ends before you start building a position," the host said.

The Federal Reserve issued an emergency interest rate cut earlier that day — dropping the benchmark funds rate to a target range of between 1% and 1.25%, down from 1.50% to 1.75% — though it did not comfort investors concerned about the spread of the coronavirus. The three major indexes all plunged almost 3%, one day after rallying about 5%.

"You're not going to nail the bottom, which is being caused by the illness," Cramer said, "but there are opportunities [to buy] here, and otherwise just a lot of stocks to sell because ... it's bad out there."

Cramer, usually an advocate for lower interest rates, ripped the Federal Reserve's decision to cut interest rates in the face of a public health crisis as a "wrong" move that won't stop stocks from sliding.

"Because a rate cut is not responsive. It does next to nothing to deal with the illnesses, cancellations and economic fallout from this epidemic," the host said.

CEO Mike Wirth said he's heard positive discussion regarding a production cut from  ahead of the group's meeting that begins Thursday. 

"There seems to be a lot of optimistic talk that we're hearing this week about further cuts," Wirth said in an interview with Cramer.

Technical indicators are showing that  may now be in the clear to buy, but the S&P 500 not so much, Cramer said.

"The charts as interpreted by Carolyn Boroden suggest that some stocks might be safer to pick at here, like Apple, but the broader S&P 500 might not be out of the woods yet," the "Mad Money" host said. "As we saw today, yesterday's huge bounce could prove to be a tad ephemeral."

Cramer relied on Boroden's analysis to get an "empirical," non-emotional approach to a volatile Wall Street environment.

In Cramer's lightning round, the "Mad Money" host gave callers' his thoughts on their favorite stock picks of the day in rapid speed.

: "I could hold, but I've got to tell you I don't like that group one bit. It's been really terrible. There's a lot of competition coming in there and those stocks are bad."

: "I like it here."

Disclosure: Cramer's charitable trust owns shares of Apple.