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NEW YORK (TheStreet) -- Oh, what a difference a day makes. After yesterday's jaw-dropping late reversal, today the sellers were nowhere to be found, Jim Cramer told his Mad Money viewers. What changed? Cramer ticked off today's positive events.
First was China, where the Chinese markets still fell by 1% but were helped by the news that the Chinese government is adding liquidity, news that was seen as a big positive.
Next was oil, where Schlumberger (SLB) made a surprise bid for Cameron (CAM), paying a 56% premium for the company, sending Cameron shares up 41%. Schlumberger committing its capital in such a bold move means that oil is closer to a bottom than the top, Cramer said, and that helped prop up the entire oil sector.
The third positive was the Federal Reserve, where a top official -- New York Fed Governor William Dudley -- finally admitted that a rate hike is "less compelling" given the global turmoil.
The markets are also buoyed by leadership in the financials and in technology, where an upgrade of Google (GOOGL), a stock Cramer owns for his charitable trust, Action Alerts PLUS, sent shares up 7.7% on the day. There were also blowout earnings from Avago (AVGO) and Workday (WDAY).
All of these positives, along with improving technical indicators, helped the markets forget about that 1,000-point decline on Monday.
Know Your IPO
In his "Know Your IPO" segment, Cramer took a closer look at four recent IPOs, only two of which are worth owning.
First up was Amplify Snack Brands (BETR), which came public on Aug. 5 at $18 a share only to decline 10% on its first day. Cramer said he's not a fan of Amplify and would rather own General Mills (GIS).
Next was Planet Fitness (PLNT), which debuted on Aug. 6 at $16 a share. Planet Fitness does have accelerating revenue growth, but it also has $500 million in debt and a valuation that is way too pricey at 42 times earnings.