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This year is turning out to be a difficult one for making a profit, Jim Cramer told his Mad Money viewers Tuesday. That's because every time we get too much bad news, the market rallies, and when we get good news, the rally pauses.

The "good news is bad news" theory is confusing for many investors to get their heads around, but essentially it goes like this" If the economy gets too good, then the Federal Reserve will raise interest rates and ruin the party. Likewise, if oil prices fall, then the global economy must be weak and therefore bad for stocks.

So while TJX Stores (TJX) - Get Report and Home Depot (HD) - Get Report both posted strong earnings today, investors chose to focus on the continued decline in oil. That's also why the takeover bid for Airgas (ARG) sent its shares up 29% but did nothing for the rest of the sector.

Every time there's good news, it's seemingly neutralized by Fed worries and lower oil prices, Cramer concluded. That's why it's so darn hard to make a profit right now.

Know Your IPO

In his "Know Your IPO" segment, Cramer took a look at the upcoming initial public offering of payment processor Square, which hopes to raise $324 million and will trade under the ticker "SQ."

Cramer said there's a lot to like with Square, including a huge addressable market of 30 million small businesses and the company's 49% growth rates.

But on the negative side, the company is not yet profitable, there's a ton of competition in the payments space, and the IPOs of rivals PayPal (PYPL) - Get Report , a stock Cramer owns for his charitable trust, Action Alerts PLUS, and First Data (FDC) - Get Report have not done very well.

Add it all up and Square is a mixed bag, Cramer concluded -- until you factor in price. With an expected range between $11 and $13 a share, Square would trade at just 3.5 times its 2015 sales, which is less than even Pay{al is getting at four times sales.

Even an OK stock becomes attractive at the right price, Cramer said. With Square, the price might indeed make this one worth a look.

Watch the Consumer

Don't write off the American consumer just yet. While it's clear that they're not shopping at Macy's (M) - Get Report or Nordstrom (JWN) - Get Report , strong earnings from TJX, Home Depot and Walmart (WMT) - Get Report tell a different story.

Is the consumer shifting his or her behavior? Not buying apparel? Or maybe just not shopping at the mall? Cramer said when looking at the retailers that are winning, a few patterns emerge.

First, all of the retailers who posted strong results are not located in the mall. Second, the winners are either selling brand names for less or, in the case of Home Depot, are tied to spending on your home. Third, the strongest retailers all have a strong online presence.

What should investors make of Walmart's results? Cramer said the early changes Walmart has made to turn itself around might indeed be bearing fruit, although it's still too early to know for sure.

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Off the Charts

In the "Off the Charts" segment, Cramer went head to head with colleague Bruce Kamich over the charts of the drug stocks, which have largely been in free fall since concerns arose a few weeks ago over price gouging by a few bad apples.

Looking at a daily chart of the NYSE ARCA Pharmaceuticals Index, Kamich noted that after the serious selloff the stochastics are signaling a very oversold condition. The momentum study metric also confirms that the selloff is losing momentum. Kamich was further bullish on the index's weekly chart, which shows a strong floor of support at $510, just below current levels.

Kamich also looked into the S&P Pharmaceuticals Select Index, noting a double bottom in the weekly chart and a bullish crossover in the MACD indicator of the daily chart.

Turning to individual names, Kamich singled out Alkermes (ALKS) - Get Report and Bristol-Myers Squibb (BMY) - Get Report as two stocks with breakout potential, a sentiment with which Cramer wholeheartedly agrees.

Lightning Round

In the Lightning Round, Cramer was bullish on Skechers USA (SKX) - Get Report , Gilead Sciences (GILD) - Get Report , Celgene (CELG) - Get Report , Regeneron Pharmaceuticals (REGN) - Get Report , Biogen Idec (BIIB) - Get Report , Halozyme Therapeutics (HALO) - Get Report , Radius Health (RDUS) - Get Report , Procter & Gamble (PG) - Get Report , Priceline Group (PCLN) , IDT Corporation (IDT) - Get Report , Kohlberg Kravis Roberts (KKR) - Get Report , Blackstone Group (BX) - Get Report , Pfizer (PFE) - Get Report and Eli Lilly (LLY) - Get Report .

Cramer was bearish on Juno Therapeutics (JUNO) , DuPont (DD) - Get Report and Sierra Wireless (SWIR) - Get Report .

Executive Decision: Bob Ward

For his "Executive Decision" segment, Cramer sat down with Bob Ward, president and CEO of Radius Health, the biotech that fell sharply by 11% today after the company announced a three-month delay for an FDA filing. Shares of Radius remain up 58% for 2015.

Ward said that today was a historic day for Radius because his company filed for European approval of its osteoporosis drug.

As for the U.S. filing delay, Ward explained the 12-month stability data for the drug will be completed in December. Rather than rush to file in December, the company opted to file in the first quarter of 2016.

Ward said Radius has everything needed to submit for U.S. approval and will do so as soon as possible, including following up with a line extension for a version of the drug that can be worn as a patch, rather than an injection.

Radius also continues to make early progress on its cancer treatment, RAD1901.

Cramer said today's big decline represents a buying opportunity for Radius.

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 a position in BIIB, PYPL.