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Tuesday's morning rally could prove to be a dress rehearsal for Wednesday, if the Federal Reserve does the right thing, Jim Cramer told his Mad Money viewers. In fact, if the Fed chooses not to hike interest rates, we might even be able to undo what has become the worst December since 1931.

As Cramer outlined on last night's show, the market needs a few things to happening order to reverse the bear market and start clawing its way back to even for the year. First, it needs to see some good news on China. Second, it needs to see the FAANG stocks stem their declines. Third, it needs to see some lift in its most beaten-down names, like Johnson & Johnson (JNJ) - Get Johnson & Johnson Report and Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. Report , the latter of which was able to rally 2% by the close.

But mostly, all eyes will be on the Fed tomorrow, Cramer admitted. The Fed could continue its previous stance of one rate hike this week and three more in 2019. That would surely kill the bull. The Fed could do nothing tomorrow, citing additional weakness in the economy over the past month. Cramer said while this option would be best for the economy, it could cause a short-term panic in the stock market. But then there's the third approach, raise rates a small amount tomorrow, then adopt a wait-and-see stance. This would be ideal for stocks, even if it does give the economy one more rate hike than it needs.

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Executive Decision: Boeing

For his "Executive Decision" segment, Cramer spoke with Greg Smith, CFO of Boeing (BA) - Get Boeing Company Report , the aircraft maker that just announced a 20% dividend boost and a $20 billion stock buyback program. Shares rallied 3.7% on the news.

Smith said Boeing's confidence in its business stems from the 5,800 planes it currently has in its backlog. Over the next 20 years, Boeing expects the demand for new aircraft to exceed 43,000 and Boeing has the right products to meet that demand.

When asked how the ongoing trade war might affect Boeing's sales, Smith said that the growing middle class in China will need over 7,000 new planes and Boeing has been operating inside of China for 20 years.

Smith was bullish on the freight business as well as the passenger business, noting that they've seen solid freight demand in a number of aircraft and just completed their 787th Boeing 787 Dreamliner.

Finally, when asked about their cash position, Smith said over the past five years, Boeing has invested $40 billion into their business, while also retiring 230 million shares of stock and increasing their dividend by 325%.

Executive Decision: Walmart

In his second "Executive Decision" segment, Cramer also sat down with Marc Lore, president and CEO of Walmart (WMT) - Get Walmart Inc. Report Ecommerce US.

Lore said many people may not realize that Walmart has 4,700 locations and that the company's stores are within 10 miles of 90% of the U.S. population. Many of those locations now stock fresh and frozen foods and Walmart can now profitably deliver those foods right to your door.

Lore aded that Walmart stores are already profitable and have great gross margins on everything they sell. Adding delivery to reach even more customers only helps with inventory turnover to keep products even fresher. He said the magnitude of the opportunity was what attracted him to Walmart in the first place.

When asked about what's next, Lore said they're already working on conversational and voice ordering, as well as delivering food right into your refrigerator. Ultimately, he said, Walmart aims to keep you stocked on the items you love without you even having to think about it.

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Cramer said Walmart is an exciting story that investors should be paying attention to.

Executive Decision: Trex

For his final "Executive Decision" segment, Cramer also sat down with Jim Cline, president and CEO of Trex (TREX) - Get Trex Company, Inc. Report , the composite decking manufacturer that just posted 19% sales growth that sent shares up a quick 2.9%.

Cline said that Trex derives 95% of its business from the repair and remodeling business and only 5% of their business is new construction that would be levered to the housing market. The most important metric for Trex, he said, is consumer confidence.

In addition to decking, Trex is also the leading maker of railings for stadiums and arenas. Cline said 90% of all major arenas use Trex products. The company's products are sold in 6,700 outlets in 46 countries.

When asked why their products are so popular, Cline said they use 95% recycled materials to make great looking, long lasting products that customers love. 

Lightning Round

In the Lightning Round, Cramer was bullish on Enbridge (ENB) - Get Enbridge Inc. Report , Teladoc (TDOC) - Get Teladoc Health, Inc. Report and DowDuPont undefined .

Cramer was bearish on Kraft Heinz (KHC) - Get Kraft Heinz Company Report , Interactive Brokers (IBKR) - Get Interactive Brokers Group, Inc. Class A Report , Kinder Morgan (KMI) - Get Kinder Morgan Inc Class P Report , StitchFix (SFIX) - Get Stitch Fix, Inc. Class A Report , Devon Energy (DVN) - Get Devon Energy Corporation Report , ZTO Express (ZTO) - Get ZTO Express (Cayman) Inc. Report and Hanesbrands (HBI) - Get Hanesbrands Inc. Report .

DowDuPont is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells DWDP? Save 66% with our '12 Days of Holiday Deals' Sale. Join Jim Cramer's Action Alerts PLUS club for investors and get our best deal of the year. Click here for details or to sign up.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said when it comes to the blame game for our falling stock prices, it's really no contest. The blame, he said, squarely rests on the Federal Reserve.

Cramer said he's talked to countless CEOs over the past few weeks and they all say the same thing. While they may not like President Trump's tariffs, they at least understand why he's adding. Some CEOs even agree they're necessary to combat China's unfair trade practices.

When it comes to the Fed however, there's little justification for continuing to raise interest rates, or publicly proclaim that you're willing to overshoot on interest rates, in order to cool an already cooling economy. This whole mess began after Fed chair Jay Powell made those comments, and that's the true reason behind the continued decline, according to Cramer.

Cramer and the AAP team are looking at how end-of-the-year market volatility is affecting their portfolio. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

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At the time of publication, Cramer's Action Alerts PLUS had no position in the stocks mentioned.