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NEW YORK (

TheStreet

) -- "It's time to accept the new reality," Jim Cramer said on his

"Mad Money"

TV show Tuesday.

Cramer said that great news from U.S. is no longer powerful enough to trump news from Europe, but that doesn't mean there aren't opportunities in the market.

Cramer said simply that the U.S. just doesn't matter as much as it used to. In today's case, it was the German industrial production numbers, which came in weaker than expected, that were able to outdo the fairly robust production numbers here at home. That news was also strong enough to outshine the great results posted from

Wal-Mart

(WMT) - Get Walmart Inc. Report

and

Home Depot

(HD) - Get Home Depot, Inc. Report

.

The U.S. may be 310 million people strong, said Cramer, but that's nothing compared to the woes of more than 500 million people in Europe. America may be a great nation, but it no longer has the strong balance sheet that it once had, and its clout in the financial world is waning.

So does that mean that U.S. stocks are totally held captive to Europe's influence on the

TheStreet Recommends

S&P 500

futures? Cramer said absolutely not. He said that when the news of the day pull down the entire market, investors need to look for opportunities like

Perrigo

(PRGO) - Get Perrigo Co. Plc Report

, which traded down eight points in early trading only to rally back nine points by the end of the day.

In addition to Wal-Mart and Home Depot, Cramer said investors can also consider the safety stocks, those that do well in a slowdown, stocks like

McDonald's

(MCD) - Get McDonald's Corporation Report

and

Abbott Labs

(ABT) - Get Abbott Laboratories Report

.

"European production numbers may be more important than our own," admitted Cramer, but that doesn't mean that opportunities in U.S. stocks aren't still out there to be found. "Find the stocks that get brought down but shouldn't be," he said.

Bank of America Drifts Lower

In the "Off The Charts" segment, Cramer went head to head with colleague Dan Fitzpatrick over the chart of

Bank of America

(BAC) - Get Bank of America Corp Report

, a stock which Cramer owns for his charitable trust,

Action Alerts PLUS. Cramer said Bank of America has now become the worst stock pick in the fund's history.

Looking at a weekly chart of Bank of America, Fitzpatrick said the stock has been stuck in the same downtrend since March 2010. Since then the stock has been below its 200-day moving average and drifting lower. It rallied above that key level in January, only to fall back below it three months later in April. Then last week, selling accelerated, sending shares sharply lower to $6.31 a share as the bulls finally capitulated.

But turning to the daily chart, Fitzpatrick said that the rally since those lows has also been worrisome. He said the rally seems to be short covering and he would expect to see increasing volume as real buyers come in. This has not happened as volume has been declining. Fitzpatrick is also concerned that the stock has no support levels, meaning it could fall any amount at any time.

A somber Cramer said he agreed with Fitzpatrick's analysis and Bank of America is too dangerous to own. He said the acquisition of Countrywide mortgages has given the stock a nearly unlimited liability and the bank failed to heed calls to raise capital when shares were some $10 higher. The company is now selling its great credit card assets to continue to fund its mortgage losses.

Cramer said it's too hard to wait for Bank of America to rebound and there are other banks, frankly any other bank, that will do better in the interim.

No Hint of a Slowdown

In the "Executive Decision" segment, Cramer once again sat down with Steve Sadove, chairman and CEO of

Saks

(SKS)

, a stock that's down 32% from its recent highs despite fantastic same-store sales growth and a smaller-than-expected loss.

Sadove said Saks has a great brand, great stores, great products and a terrific organization that has a lot of room to run. He said the company is in "show-me" mode, showing investors that it's improving its business by building some new stores and closing some non-performing ones. Sadove commented that Saks reported 15% top-line revenue growth and hasn't seen any signs of a slowdown yet.

Sadove went on further to say that while many people are comparing the current slowdown with that of 2008, back then there was massive amounts of inventory and a sharp decline in demand. Neither of those are happening today.

Some bright spots for the company include Saks' dot com business, which is seeing strong demand, and also its off-price outlets which fairly relatively well throughout the recession.

Sadove said that while Saks does get 20% of its sales from its flagship New York location, Saks is more than a New York story. He said the company's Website is approaching the same amount of sales as the New York store and other locations, like Beverly Hills, are also becoming increasingly important.

Cramer said he's baffled by Saks' share price, saying the company's online ventures alone could justify the current stock price.

Turnaround Story

In a second "Executive Decision" segment, Cramer also sat down with Mark Ordan, CEO of

Sunrise Senior Living

( SRZ), operator of 300 high-end assisted living facilities.

Ordan explained that before he took over at Sunrise, shares traded for 27 cents and the company had $1 billion of debt in default. However after working with lenders to reach satisfactory solutions, Ordan said that chapter of the company is now behind them and Sunrise is well positioned for the future.

Ordan said simply that no one cares for seniors better than Sunrise. He said even at $200 a day, Sunrise offers a tremendous value by providing meals, irreplaceable care and activities. "We're more than just care," he said, "we offer a great living for seniors."

While concerns over Medicare payments have taken their toll on the industry, Ordan noted that only 3% of Sunrise residents are paid via Medicare, leaving the company virtually immune to government cuts in benefits.

Cramer said Sunrise is finally the great play on the rise of seniors in America that investors had been hoping for now that the company's financial woes are behind them.

Lightning Round

Cramer was bullish on

Cisco Systems

(CSCO) - Get Cisco Systems, Inc. Report

,

Wynn Resorts

(WYNN) - Get Wynn Resorts, Limited Report

,

Southern Copper

(SCCO) - Get Southern Copper Corporation Report

and

SPDR Gold Shares

(GLD) - Get SPDR Gold Shares Report

.

He was bearish on

Mylan Laboratories

(MYL) - Get Viatris, Inc. Report

,

Penn National Gaming

(PENN) - Get Penn National Gaming, Inc. Report

,

Riverbed Technologies

(RVBD)

and

Sequans Communications

(SQNS) - Get Sequans Communications SA Report

.

Closing Comments

In his "No Huddle Offense" segment, Cramer said that the stock of

Starbucks

(SBUX) - Get Starbucks Corporation Report

should be bought.

Cramer said not only is he impressed with CEO Howard Schultz's pledge to not contribute to any political campaign until leadership is restored in Washington, but also with the company's continued growth. He said the turnaround at Starbucks has ended and the company is now in growth mode, with its international expansion if full gear and same-store sales in China up 30%.

There's also a chance of a nice upside surprise at Starbucks, said Cramer, as retreating coffee prices could lead to increased margins at its stores worldwide.

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

To contact the writer of this article, click here:

Scott Rutt

.

To follow the writer on Twitter, go to

http://twitter.com/scottrutt

.

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.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC

.

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

.

For more of Cramer's insights during the Lightning Round, clickhere

.

At the time of publication, Cramer was long Bank of America.

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.