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Sometimes you just need to play the hand you've been dealt, Jim Cramer admitted to his Mad Money viewers Tuesday. While some investors are throwing back all of their cards and giving up, the skilled players are keeping what works and augmenting their hands with what'll keep working.

Yes, it's true that growth in China continues to decelerate, as that country transitions from an export economy to one with more of a consumer focus. And yes, many investors still worry about the Federal Reserve and what rising interest rates will do to our economy here at home.

But selling everything is rarely the right strategy, Cramer reminded viewers, which is why he takes notice when stocks like Toll Brothers (TOL) - Get Toll Brothers, Inc. Report fall 7% on positive commentary and others, like Southwest Airlines (LUV) - Get Southwest Airlines Co. Report , drop on terrific passenger volumes.

Cramer said the industrials, the oils and the mineral stocks clearly aren't the right picks for this market but others, like the biotechs led by Celgene (CELG) - Get Celgene Corporation Report  and the high-growth names like Netflix (NFLX) - Get Netflix, Inc. Report and (AMZN) - Get, Inc. Report , will continue to power higher.

Executive Decision: Don Wood

For his "Executive Decision" segment, Cramer sat down with Don Wood, president and CEO of Federal Realty Investment Trust (FRT) - Get Federal Realty Investment Trust Report , the retail real estate investment trust with a 2.6% yield and a stock that's up over 8% for the year.

Wood said he likes to describe Federal Realty using the baseball analogy "five-tool player," which is a player that can seemingly do it all. He explained his company is well diversified and is not dependent on any one thing to survive. Federal Realty has a diverse assortment of tenants and is not beholden to fashion.

When asked about PVH (PVH) - Get PVH Corp. Report CEO Manny Chirico's comment last week that there are too many stores in America, Wood said America is over-retailed but all of Federal Realty's properties remain where America likes to shop. All of the REIT's centers, he added, also offer food and health and wellness activities such as yoga, so Federal Realty is about a lot more than just shopping.

Cramer Talks Deals

With the news that Keurig Green Mountain (GMCR) is being taken private and Jarden (JAH) may be merging with Newell Rubbermaid (NWL) - Get Newell Brands Inc Report , Cramer took a moment to applaud both deals.

Cramer said when one out of every five homes in America has one of your coffee makers, you're obviously doing something right -- which is why Keurig deserves the high multiple it received Monday. While the company languished in 2014, it appears to have fixed many of its issues and was ready to roar even without the deal.

Meanwhile, a combination of Jarden and Rubbermaid would make perfect sense because both of those companies have become experts at reinvigorating mature brands and making big money doing it.

Sure, all of these companies could've taken their shares higher all by themselves, but by merging they're rewarding shareholders even quicker.

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Executive Decision: Barry Davis

In his second "Executive Decision" segment, Cramer also sat down with Barry Davis, president and CEO of EnLink Midstream Partners (ENLK) , the oil and gas pipeline operator that announced a $1.5 billion acquisition on the same day rival Kinder Morgan (KMI) - Get Kinder Morgan Inc Class P Reportannounced a deep cut in that company's dividend distribution.

Davis said that when EnLink was formed two years ago, it focused on financial strength and a great portfolio of assets, both of which are helping to set the company apart in today's tough oil environment.

Davis explained that 95% of EnLink's gross margins stem from fees and not the price of the commodities that flow through its system. The company also has diverse assets in three prime growth areas, the Permian Basin, central Oklahoma and Louisiana.

Davis said right now all master limited partnerships are being lumped together, but he's confident that eventually EnLink will rise above the rest as investors see that some companies have the strength to survive while others don't.

Lightning Round

In the Lightning Round, Cramer was bullish on Mattel (MAT) - Get Mattel, Inc. Report , Raytheon (RTN) - Get Raytheon Company Report , GW Pharmaceuticals (GWPH) - Get GW Pharmaceuticals Plc Report , LAM Research (LRCX) - Get Lam Research Corporation Report and United Parcel Service (UPS) - Get United Parcel Service, Inc. Class B Report .

Cramer was bearish on Hasbro (HAS) - Get Hasbro, Inc. Report , MPLX (MPLX) - Get MPLX LP Report , Applied Materials (AMAT) - Get Applied Materials, Inc. Report , 3D Systems (DDD) - Get 3D Systems Corporation Report and FedEx (FDX) - Get FedEx Corporation Report .

Off the Charts

In the "Off the Charts" segment, Cramer went head to head with colleague Suz Smith over the direction of oil amid seven-year lows and rising pessimism.

Smith took a contrarian view when looking at a weekly chart of Chevron (CVX) - Get Chevron Corporation Report , noting the stock is forming a bullish flag pattern. If it holds above $85, that would signal another leg higher is coming. Chevron also has a 4.9% yield.

Smith saw bulls in Exxon Mobil's (XOM) - Get Exxon Mobil Corporation Report daily chart, with that stock nearing a bullish crossover where the 50-day moving average crosses above the 200-day average.

Finally, Smith noted that while ConocoPhillips (COP) - Get ConocoPhillips Report has been fighting to regain its footing, the stochastics and relative strength indicators say this stock is very oversold.

Cramer said he likes Smith's bold calls and would be opportunistic on all three stocks as they could all bounce higher, even if only for the short term.

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

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