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"Just when you're ready to give up on this market, money falls into your lap from mergers and high-growth stocks," Jim Cramer told his Mad Money viewers Tuesday. Even the downward pull of the Federal Reservecan be overcome under the right circumstances.

Case in point: EOG Resources (EOG) - Get EOG Resources, Inc. Report , which has been using the chaos of low crude prices to make a series of smart acquisitions, including today's $2.3 billion deal. Shares of EOG finished the day up another 6.6%. Meanwhile, oil pipeline Spectra Energy (SE) - Get Sea Ltd. (Singapore) Report soared 13.4% on its merger deal.

Cramer said similar deals can be found in biotechs, such as Cepheid (CPHD) , up a stunning 52% today, and, in the industrial space, Johnson Controls (JCI) - Get Johnson Controls International plc Report tacking on another 7.5% to its share price.

What looks attractive to Cramer? He gave the nod to the "FANG" stocks -- Action Alerts PLUS names Alphabet (GOOGL) - Get Alphabet Inc. Class A Report and Facebook (FB) - Get Meta Platforms Inc. Class A Report , along with (AMZN) - Get, Inc. Report and Netflix (NFLX) - Get Netflix, Inc. Report , all of which are fast-growing companies on the move.

Fallen From Grace

What the heck is going on with furniture retailers? Once loved as a play on a rising housing market, stocks like Williams-Sonoma (WSM) - Get Williams-Sonoma, Inc. Report , Restoration Hardware (RH) - Get RH Report and Wayfair (W) - Get Wayfair, Inc. Class A Report have now fallen from grace and deeply into the red.

Cramer said Williams-Sonoma was once a market darling but it has plunged 40% from its highs just 13 months ago. When the company last reported it delivered only in-line earnings, weaker revenue and and flat to lower same store sales. It's hard to believe its business will improve anytime soon, Cramer concluded, which makes the stock's 14 times multiple not all that cheap after all.

Then there's Restoration Hardware, a stock that's declined 68% in less than a year. Cramer said when a high-flying growth stock like this one stumbles, investors should expect a free fall like we've seen. He was encouraged by the news the company's CEO is buying shares, however, and is tempted to be buying right there with him.

Finally, there's Wayfair, the Internet darling that soared over 140% prior to 2016. This stock plunged over 20% in a single day when the company reported weak revenue, once the hallmark of its growth potential. Cramer said he cannot make a case for owning this stock either.

One stock Cramer would recommend, however, was J.C. Penney (JCP) - Get J. C. Penney Company, Inc. Report , which reported robust earnings but has seen shares fall to near $9.

What's Up With Walgreens?

When it comes to big mergers, whether a deal receives regulatory approval makes all the difference. But in the case of Action Alerts PLUS holding Walgreens Boots Alliance (WBA) - Get Walgreens Boots Alliance Inc Report snapping up rival Rite-Aid (RAD) - Get Rite Aid Corporation Report for $9 a share, the deal looks a lot more like it's going to happen.

Cramer explained that it's no longer enough for a company to sell off overlapping assets in order to appease regulators, they must also make sure they sell those assets to a well-capitalized competitor.

This new twist comes on the heels of grocery chain Albertsons' acquisition of Safeway last year. Shortly after the deal closed, the buyer of Safeway's extra stores went belly up, leaving many smaller markets without a viable competitor to the combined entity.

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TheStreet Recommends

But now that Kroger (KR) - Get Kroger Co. Report has emerged as a buyer for all of Rite-Aid's overlapping stores, the Walgreens deal seems like a slam dunk, Cramer said. Kroger is not only well capitalized, it has considerable experience in running pharmacies in its stores. Kroger would make for a strong competitor to Walgreens, which is exactly what the Federal Trade Commission is seeking.

Off the Charts

In the "Off the Charts" segment, Cramer checked in with colleague Carolyn Boroden over the chart of Apple (AAPL) - Get Apple Inc. Report , an Action Alerts PLUS holding.

Boroden looked first at a weekly chart of Apple, noting that both the symmetry and timing of he stock's previous moves perfectly predicted its lows in May. She noted that Apple is now in a bullish pattern and if the stock can clear resistance between $110 and $112 a share and again between $116 and $121, then it would be smooth sailing all the way to her target of $146 a share.

Boroden was further bolstered by Apple's daily chart, which just saw the stock's 50-day moving average cross above its 200-day moving average, a very bullish sign for chartists.

Lightning Round

In the Lightning Round, Cramer was bullish on Ventas (VTR) - Get Ventas, Inc. Report and General Electric (GE) - Get General Electric Company Report .

Cramer was bearish on Lazard (LAZ) - Get Lazard Ltd Class A Report , Public Storage (PSA) - Get Public Storage Report and Magna International (MGA) - Get Magna International Inc. Report .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer pondered what will happen to the stock market if the Fed does the wrong thing and raises interest rates despite the recent weak economic data.

Cramer first pondered why the Fed is offering guidance at all, since it continues to claim its moves are data dependent and, like everyone else, it doesn't know the data in advance. The talk of multiple rate hikes last week only increase fears of a recession, Cramer noted, and the Fed's comments were simply unnecessary.

But what if, despite the weak employment and service-PMI data, the Fed raises rates anyway? Cramer said investors should expect a sharp selloff, as we saw after the December 2015 rate hike, followed by a continued period of weakness.

Cramer reminded viewers that only 20% of our economy benefits from higher interest rates. The other 80% does not. That's why investors should be cautious and risk losing a few points to the upside by preparing for the potential downside of an unexpected, non-data-driven rate hike.

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

To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here.

At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, FB, GE, GOOGL and WBA.