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Correction: Corrects the spelling of Teladoc in the tenth paragraph.

NEW YORK (TheStreet) -- Oh, what a difference a day makes. After yesterday's jaw-dropping late reversal, today the sellers were nowhere to be found, Jim Cramer told his Mad Money viewers. What changed? Cramer ticked off today's positive events.

First was China, where the Chinese markets still fell by 1% but were helped by the news that the Chinese government is adding liquidity, news that was seen as a big positive.

Next was oil, where Schlumberger (SLB) - Get Schlumberger NV Report made a surprise bid for Cameron (CAM) , paying a 56% premium for the company, sending Cameron shares up 41%. Schlumberger committing its capital in such a bold move means that oil is closer to a bottom than the top, Cramer said, and that helped prop up the entire oil sector.

The third positive was the Federal Reserve, where a top official -- New York Fed Governor William Dudley -- finally admitted that a rate hike is "less compelling" given the global turmoil.

The markets are also buoyed by leadership in the financials and in technology, where an upgrade of Google (GOOGL) - Get Alphabet Inc. Class A Report, a stock Cramer owns for his charitable trust, Action Alerts PLUS, sent shares up 7.7% on the day. There were also blowout earnings from Avago (AVGO) - Get Broadcom Inc. Report and Workday (WDAY) - Get Workday, Inc. (WDAY) Report.

All of these positives, along with improving technical indicators, helped the markets forget about that 1,000-point decline on Monday.

Know Your IPO

In his "Know Your IPO" segment, Cramer took a closer look at four recent IPOs, only two of which are worth owning.

First up was Amplify Snack Brandsundefined, which came public on Aug. 5 at $18 a share only to decline 10% on its first day. Cramer said he's not a fan of Amplify and would rather own General Mills (GIS) - Get General Mills, Inc. (GIS) Report.

Next was Planet Fitness (PLNT) - Get Planet Fitness, Inc. Class A Report, which debuted on Aug. 6 at $16 a share. Planet Fitness does have accelerating revenue growth, but it also has $500 million in debt and a valuation that is way too pricey at 42 times earnings.

Back in July, however, Teladoc (TDOC) - Get Teladoc Health, Inc. Report came public with disruptive technology and 78% revenue growth. Cramer said he remains a fan of this stock, which still trades above its IPO price.

Finally, there was Ollie's Bargain Outlet (OLLI) - Get Ollie's Bargain Outlet Holdings Inc Report on July 15. This deep-discount retailer may only have 187 stores, but Cramer said its stock is compelling.

Building a Housing Position

Sometimes, the real world and the stock world can diverge, and that often creates big buying opportunities. That's certainly the case with housing, Cramer told viewers, a sector that may only represent 10% of our overall economy, but also one that has an effect on everything from financials to insurance, retail to technology.

Housing remains a long-term secular growth story, with new housing starts increasing from just 500,000 a year during the recession to a 1.2 million a year pace currently.

TheStreet Recommends

But while some investors saw Toll Brothers' (TOL) - Get Toll Brothers, Inc. Reportearnings as disappointing, sending shares lower, the truth is this entire sector is only just getting started.

Cramer said that Toll was very upbeat on their conference call and retailer Best Buy (BBY) - Get Best Buy Co., Inc. Report confirmed those bullish sentiments when it, too, called out housing as a tailwind for appliance sales.

Given this strong multi-year move, Cramer said he'd be a buyer of these housing stocks on any weakness.

Cramer's Homework

In his "Homework" segment, Cramer followed up on three stocks that stumped him during earlier shows.

Cramer said NeoPhotonics (NPTN) - Get NeoPhotonics Corporation Report is an interesting story. But even down 40% from it's June highs, the stock is still too hot to handle and he'd stay away.

Cramer was more bullish on Luxoft Holdings (LXFT) - Get Luxoft Holding, Inc. Class A Report, however, saying this custom software provider is still cheap at 19 times earnings, even though the stock is up 60% for the year. He'd be a buyer of LUxoft on any weakness.

Finally, there's Shopify (SHOP) - Get Shopify, Inc. Class A Report, the online ecommerce company with 175,000 small and mid-size retailers for customers. Cramer said this company's 90% revenue growth was compelling but the IPO lockup period expires in mid-November, which could erase any gains. He advised buying slowly and only on weakness, building a position at a good price.

Lightning Round

In the Lightning Round, Cramer was bullish on Fiserv (FISV) - Get Fiserv, Inc. Report, Core Labs (CLB) - Get Core Laboratories NV Report and Honeywell (HON) - Get Honeywell International Inc. (HON) Report.

Cramer was bearish on Transocean (RIG) - Get Transocean Ltd. Report, United Rentals (URI) - Get United Rentals, Inc. Report, SunTrust Banks (STI) - Get SunTrust Banks, Inc. Report and American Capital Agency (AGNC) - Get AGNC Investment Corp. Report.

Executive Decision: Manny Chirico

For his "Executive Decision" segment, Cramer sat down with Manny Chirico, chairman and CEO of PVH (PVH) - Get PVH Corp. Report, which just delivered an 8-cents-a-share earnings beat, even with currency headwinds.

Chirico painted a bullish picture for PVH, saying the Calvin Klein and Tommy Hilfiger brands are performing well, as are denim sales worldwide. Even in China, Chirico said, PVH is in a "good spot in the market" providing affordable luxury.

Meanwhile, here in the U.S., Chirico said things are going well at mid-tier retailers including J.C. Penney (JCP) - Get J. C. Penney Company, Inc. Report and Kohls (KSS) - Get Kohl's Corporation (KSS) Report, with both stores seeing strong sales.

Cramer said PVH is a stock that's way too cheap given the earnings it was just able to deliver.

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 GOOGL and HON.