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NEW YORK (

TheStreet

) -- "This is what the market looks like when Europe takes a holiday," Jim Cramer told his "Mad Money" TV show viewers on Tuesday. He said with no negative news out of Europe, the U.S. economy and companies can finally shine. But but warned, he cautioned, as lulls in Euro-news rarely last for more than a few days at a time.

So what's going right in the U.S. economy? Plenty, said Cramer. He said the news that multi-family housing starts are up is great news for that beaten-down sector. There was also positive news from

Navistar

(NAV) - Get Report

that proves the bull market in trucks is still alive and well.

Cramer said that the U.S. oil boom continues, as shown by the strength in

EOG Resources

(EOG) - Get Report

and

Continental Resources

(CLR) - Get Report

. Also strong, the auto and auto-related stocks, which are seeing better sales in the U.S., but only on days when fears of European weakness subside.

Other sectors are also strong, said Cramer, including the rail, aerospace and retail. There was even a rally in telco, he said, now that the

AT&T

(T) - Get Report

merger overhang has finally been put to rest.

Some stocks are not red-hot, though. Cramer told viewers not to overstay their welcome in

Oracle

(ORCL) - Get Report

, for instance, and he continued to rail against any and all financial and bank stocks.

Enjoy it while it lasts, Cramer concluded, but be wary that it likely won't last for long.

Executive Decision

In his "Executive Decision" segment, Cramer once again spoke with Marty Mucci, CEO of payroll processor

Paychex

(PAYX) - Get Report

, a company that pays investors a 4.2% dividend yield while they wait for more hiring and better interest rates to prevail. Paychex delivered a solid quarter, with a penny-a-share earnings beat, while the number of checks-per-client rose by 1.5%.

Mucci said that Paychex's client base continues to be strong. He said while new business starts remain slow, established companies are starting to do a little re-hiring, as evidenced by the increase in checks-per-client; confidence is also up.

Another bright spot for Paychex is its human resource services, which are now being used by 600,000 clients, Mucci said. Whether a company needs help hiring, firing, building an employee handbook or starting a 401K plan, Paychex is able to assist in all of those functions.

When asked about hiring in the beaten down Florida economy, Mucci said that Paychex hasn't seen anything consistent or strong yet in that area of the country.

Cramer remained bullish on Paychex, saying that the company has a solid footing and pays investors to wait for things to get even better in the future, thanks to its juicy dividend yield.

Off the Charts

In the "Off the Charts" segment, Cramer went head-to-head with colleague John Roque over the charts of the high-flying momentum stocks, or the "pretty girls," as Roque has nicknamed them. After taking a beating, does today's rally signal the all-clear or is it time to take profits and run?

Cramer last featured Roque's bearish take on an index of pretty girl stocks that included the likes of

Chipotle Mexican Grill

(CMG) - Get Report

,

Netflix

(NFLX) - Get Report

and

Lulelemon Athletica

(LULU) - Get Report

on Oct. 4. Since then, the group has dramatically underperformed the markets.

Using a chart of his pretty girl index, Roque said that after being unstoppable for 18 months, the momentum stocks topped out in July and it has been all downhill from there. He said that the group continues to make lower highs and lower lows in a well-established downtrend. The index is now below its 50-day and 200-day moving averages and, according to Roque, are ripe for another 20% decline.

Looking at another chart of the pretty girls vs. the

S&P 500

, the same pattern emerges, with the group outperforming until July, then falling below its moving average ever since. Which stocks are the most dangerous? Roque called out

Salesforce.com

(CRM) - Get Report

,

Baidu

(BIDU) - Get Report

and

Priceline

(PCLN)

as the worst offenders, with all three displaying a solid downtrend pattern, falling below their 200-day moving averages. Roque predicted a 23% to 32% decline in these names.

Cramer said with Roque being dead right so far, investors need to take his warnings seriously. The markets are no longer willing to pay up for these names, he said, and multiple compression is occurring in a big way.

Eat, Drink, Be Merry and Shop

For the next installment of his "Eat, Drink, Be Merry And Shop" series, Cramer dove into the premium liquor market by sitting down with Ken Austin, founder of the privately held Tequila Avion, an 18-month-old company that has risen to become the 7th most popular super-premium tequila brand in the U.S.

Austin said that his company's brand received a huge boost from being featured on the TV show "Entourage." He said that tie-in allowed the company to start "from second base" and was a huge boost for an upstart brand. Now that the show has ended, Austin said the company continues with its goal of making the best tequila in the world.

When asked whether Tequila Avion is likely to go public, as depicted in "Entourage," Austin said only time will tell, but for him, the focus is on building an iconic brand.

In the liquor market, Austin explained that distribution is everything. He said that getting retailers to want to carry your product is a monumental task, which is why Avion has partnered with a global distributor to help get its products in the hands of consumers.

When asked about the trends with consumers, Austin noted that consumers are drinking less, but also drinking better, which is why his super-premium products are doing so well. He said the goal is to offer value within the luxury category and make it accessible to everyone.

Cramer called Tequila Avion an exciting story and one that investors should watch.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer opined on the "see no evil" approach to fixing Europe's debt woes. He said that while he's not sounding the "all clear" signal, the absence of bad news in this case is actually pretty good news.

Cramer explained that for months the governments of Europe were pressuring banks to sell everything and raise cash, a policy that sent interest rates skyrocketing as no one was able to buy anything. But today's plan calls for low-interest 1% loans to the banks so they can in turn, buy the troubled government bonds at higher rates and pocket the difference, thereby rebuilding their capital in the process.

Cramer said that while everyone wins in this situation, it's the ultimate "kick the can" approach as it really doesn't fix anything and it will cost a ton of money once Italy begins auctions to raise the mountain of money it needs to survive. He said that while he remains skeptical, at least for now, it looks like Europe is holding together.

In the Lightning Round, Cramer was bullish on

Stanley Black & Decker

(SWK) - Get Report

,

Huntington Bancshares

(HBAN) - Get Report

,

US Bancorp

(USB) - Get Report

,

Enerplus

(ERF) - Get Report

,

Energy Transfer Partners

(ETP)

and

Cedar Fair

(FUN) - Get Report

.

Cramer was bearish on

Newell Rubbermaid

(NWL) - Get Report

,

TIBCO Software

(TIBX)

,

Whirlpool

(WHR) - Get Report

and

SandRidge Permian Trust

(PER) - Get Report

.

--Written by Scott Rutt in Washington, D.C.

To contact the writer of this article, click here:

Scott Rutt

.

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At the time of publication, Cramer did not own any equities mentioned above.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.