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If the market opens down Tuesday, look for something to buy, Jim Cramer told his Mad Money viewers Monday. But if the market rallies at the open, take a pass.

It's a tumultuous time for stocks, as investors readjust their portfolios for a rising interest rate environment. But with some parts of the market down huge, Cramer said investors need to take advantage of the declines and find something to buy.

Stocks like Adobe Systems  (ADBE) - Get Adobe Inc. Report were panned in mid-December when it reported earnings, but after falling almost $200 a share, Adobe is now too cheap to ignore. That's why shares were able to rally 2.9% Monday. "Price matters," Cramer reminded viewers, and Adobe at $700 a share is very different than Adobe at just $500 a share.

Real Money contributor Paul Price writes, 'We're in a murky market environment right now. Many big-cap stocks appear grossly overpriced. ... At the same time, I'm finding tremendous bargains on healthy, highly profitable companies.' Get more of his investing insights on Real Money about the stocks he says are selling 'for extremely low absolutes, and relative to history, price-to-earnings ratios. Some are paying generous dividends.'

When stocks are falling, they not only get cheaper for investors, they also get cheaper for other companies to acquire them. That's why game-maker Zynga  (ZNGA) - Get Zynga Inc. Class A Report soared 40% on news it would be acquired by rival Take-Two Interactive  (TTWO) - Get Take-Two Interactive Software, Inc. Report.

There are still some areas of concern however. Cramer told viewers to avoid industrial stocks that have not yet come down from sky-high levels. The bank stocks are also coming into earnings season too hot for his liking. Then there are the fintech stocks, which seemingly have no bottom, as they continue to decline almost daily.

Get more trading strategies and investing insights from the contributors on Real Money.

Other than these few sectors however, Cramer urged viewers to take advantage of the weakness and at least buy one stock if the market continues its decline Tuesday.

Reconsidering Uber

Ever since the pandemic began, investing in ride sharing has been dead money. But as Omicron is peaking, is the stock of Uber  (UBER) - Get Uber Technologies, Inc. Report finally worth buying? Shares were up 2.6% Monday on a host of positive comments from analysts, prompting Cramer to take a second look.

The problem with Uber has been that the company hasn't been able to fire on all cylinders. Before the pandemic began, ride sharing was great, but the company struggled with its delivery business, UberEats, amongst a tidal wave of competition. As Covid took hold, the delivery business became red hot, but ride sharing practically disappeared. But now, Uber might actually be in a position for serious growth.

In 2019, Uber posted losses of $1.4 billion, but in 2020, those losses declined to $873 million. Fast forward to today, and Uber is practically breaking even.

Trading at just three times sales, Cramer said he's turning positive on Uber. The stock is not a slam dunk, he said, but the positives -- like Uber Freight and the promise of autonomous driving -- outweigh the negatives of a continuing pandemic. He'd be a buyer ahead of the company's investor meeting coming up in February.

Don't Gamble on Online Sports Betting

This past weekend, New York became the most populous state in the nation to legalize online sport betting. But, as is often the case, reality rarely lives up to the hype.

The gambling stocks were already among the worst performers last year, with Wynn Resorts  (WYNN) - Get Wynn Resorts, Limited Report topping the biggest decliners in the S&P 500 for 2021. If last weekend's results in New York are any indication, things aren't looking up for 2022.

The problem? Competition. New York gave the green light to just four companies for this weekend's debut, but already there are huge promotions and expensive advertising in an effort to attract customers. These are not loyal customers either, Cramer noted, and they're likely to bounce to whichever app is offering them the best deal.

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Given the high cost of obtaining a license and New York's 51% revenue share, it's clear that online sports betting will be a far less lucrative affair than previously thought, and that's before the remaining five companies get approval for their apps.

Until there is consolidation in the online gambling space, Cramer urged investors to steer clear.

Executive Decision: Dexcom

In his "Executive Decision" segment, Cramer spoke with Kevin Sayer, chairman, president and CEO of Dexcom  (DXCM) - Get DexCom, Inc. Report, the glucose monitoring company that just presented at the annual JP Morgan Healthcare Conference. Shares of Dexcom are down 13.9% in the first few days of 2022.

Sayer explained that sadly, old-fashioned finger pricks are still the standard of care for most diabetes patients. That's why Dexcom is doing everything it can to increase awareness about their products and the many health benefits they can provide.

In a recent study of Type 2 diabetes, patients who used Dexcom for 24 weeks saw a massive reduction of their glucose levels that averaged 54 points.

When asked about their biggest challenge, Sayer said it's lifestyle and old habits. That's why Dexcom is trying to reach patients as soon as they're diagnosed, so they can build better habits and begin a lifetime of healthy living.

Dexcom's new seventh generation monitoring system is only a little bigger than a nickel, Sayer said, and is a full 16% smaller than the generation that preceded it.

How Your Portfolio Is Like the NFL

In his No-Huddle Offense segment, Cramer told viewers they can learn a lot from "Black Monday," the time-honored tradition of NFL teams firing their coaches as soon as the season has ended. 

Read: NFL free agent Dez Bryant is launching a series of NFTs that reflect players' real-time sports stats.

Your portfolio is likely very similar to the NFL, Cramer explained. There are probably a few losing stocks that should have been booted ages ago. There are probably other turnaround names that just need more time to realize their full potential. And then there are the stocks that everyone else has given up on that you should be buying.

Smart investors should always be evaluating their positions and making the trades that give them the best chance of winning the big game.

Lightning Round

In the Lightning Round, Cramer was bullish on Veru  (VERU) - Get Veru Inc Report and Grab Holdings GRAB.

Cramer was bearish on Nio  (NIO) - Get NIO Inc. (China) Report, International Paper Co.  (IP) - Get International Paper Company Report, and Smart Global Holdings  (SGH) - Get SMART Global Holdings, Inc. Report.

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