Nothing hurts the stock market more than uncertainty, Jim Cramer reminded his Mad Money viewers Tuesday, even if that uncertainty ultimately leads to a positive outcome.

At the start of this holiday-shortened week, the markets declined on a multitude of overseas worries including Italy, Spain, Argentina and Brazil. But Cramer told viewers that this global weakness is actually a positive, not a negative, for U.S. companies. That's because the uncertainty is deflationary and will keep the Federal Reserve at bay, at least for now.

While it's true that the financials benefit from higher interest rates, Cramer said what the financials really benefit from are measured increases in rates, the kind we're much more likely to get with global uncertainty. In the meantime, housing will benefit from cooling mortgage rates and housing makes up a big portion of our economy.

As for Tuesday's big plunge in oil prices, Cramer said that move had to do with increased supply and not weakening demand. Lower oil prices are good for consumers, don't forget, and that translates into profits for retail, consumer packaged good, chemical companies and a host of other sectors.

Cramer said he's still a fan of JPMorgan Chase (JPM) and Clorox (CLX) . We just need to wait for the sellers to come to their senses.

Patience With Financials

When panic rules the day, sometimes it pays to look the other way, Cramer told viewers. Tuesday's fears that Italian banking problems would spread to U.S. banks sent many investors heading for the exits, but those investors don't really understand what's going on, Cramer explained.

Back in the financial crisis, banks were a lot more interconnected and were indeed on shaky ground. But that's simply not the case today. Our banks are no longer inextricably linked to European banks and Italy's problems are Italy's problems, not ours.

In November 2011, the last time we saw this type of panic, shares of JPMorgan Chase fell from $35 to $28 a share. While panicked investors were selling, the smart money was buying, however, and since then, JPMorgan is up over 400%.

That's why Cramer said he'd be buying JPMorgan on any continued weakness, as this stock will be a coiled spring to the upside once the panic subsides and cooler heads prevail.

Cramer and the AAP team are preaching patience with the banking sector, and are long-term bullish on JP Morgan Chase, Goldman Sachs (GS) , and Citigroup (C) . 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.

Off the Charts: Oil

In the "Off The Charts" segment, Cramer checked in with colleague Carley Garner over the price of oil, given that Russia and Saudi Arabia may increase production to meet rising global demand.

After looking at a weekly chart of West Texas Intermediary (WTI) crude along side the CFTC's Commitment of Traders, or COT, Report, Garner felt a breakdown to $55 a barrel was more likely than a continued rise to $80. That's because the COT report shows a big surge in large speculators, a condition that will eventually lead to a liquidation while in the meantime keeping a lid on prices going higher.

Garner also noted that both the relative strength and Williams indicators are rolling over from their bullish stance, another indication that a $12 decline in the price of crude could be close at hand, even if the trend line for crude is still pointing higher.

To see the charts and get Cramer and Garner's full analyses, read Outlook for Oil Prices: Cramer's 'Off the Charts'.

Over on Real Money, Cramer says stocks that do well in a declining rate environment have come roaring back and the crash of oil will only accelerate the move. Get more of his insights with a free trial subscription to Real Money.

Executive Decision: Salesforce.com

For his "Executive Decision" segment, Cramer spoke with Marc Benioff, chairman and CEO of Salesforce.com (CRM) , which just reported another record quarter.

Benioff said that companies across our economy continue to make huge investments into their digital transformations and that's why Salesforce is on track to be the fastest company to reach $20 billion in revenues. He said they're seeing success across many industries as companies connect with customers via sales, marketing, customer service and more.

Align Technology (ALGN) , makers of invisible orthodontics and helping its customers connect with patients using Salesforce, Benioff said, and that's just one of many success stories this quarter.

Benioff also sounded off on the recent crisis with Facebook (FB) , saying that nothing is more important that trust, especially when it comes to your customers and other stakeholders. He said CEOs often struggle to make the transition from startup to leadership, and it's very hard to rebuild that trust, as Uber found out the hard way last year.

Salesforce continues to give back to the communities they serve, and Benioff noted that they will donate over one million hours of community service and $50 million to non-profits across the country.

Executive Decision: Covanta

In his second "Executive Decision" segment, Cramer sat down with Stephen Jones, president and CEO of Covanta Holding Corp.  (CVA) , the waste-to-energy company with shares that are off 5% for 2018.

Jones explained that nearly 70% of our exported recycling had been going to China, but with recent changes, China is no longer accepting contaminated paper or plastics, which now leaves a lot of recycling in need of a home.

Jones added that reclaiming and recycling materials is still preferred, but in the event that is not possible, converting those products to energy is better than ending up in a landfill. Covanta still derives 70% of their revenues from waste disposal however, with only 30% stemming from their energy operations.

When asked about their 6% dividend yield, Jones noted that Covnata plans on doubling their free cash flow over the next five to seven years, making their dividend more than secure. 

Lightning Round

In the Lightning Round, Cramer was bullish on Groupon (GRPN) , Applied Materials (AMAT) , Watsco (WSO) , Adobe Systems (ADBE) , CBRL Group (CBRL) and Berkshire Hathaway (BRK.B) .

Cramer was bearish on Cara Therapeutics (CARA) , Pilgrim's Pride (PPC) and Clovis Oncology (CLVS) .

Strategies for this market: TheStreet's Scott Gamm recently sat down with top market watchers from Bank of America (BAC) , Fisher Investments, Invesco and Wells Fargo (WFC) . Click here and register to watch a free roundtable in which they lay out their best advice.

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At the time of publication, Cramer's Action Alerts PLUS had a position in JPM, GS, C, FB.

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