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NEW YORK (TheStreet) -- Every good investor needs to challenge their investing theses by asking "what if," Jim Cramer told his Mad Money viewers Monday. That's why Cramer offered up five "what if" scenarios that could change the equation of the markets.
What if... the U.S. dollar stops going up? The markets are acting as if the dollar is headed up in a straight line. But what if it doesn't and actually gets weaker? That would leave a lot of hedge funds on the wrong side of the trade.
What if... Europe is getting better? It appears that Germany may be strong enough to pull the whole continent along with it and Greece, unlike 2011, isn't likely to spread a contagion to other countries in the EU.
What if... oil has bottomed? Industry experts say oil doesn't belong at $43 a barrel. What if they're right and there really is a lot more demand than we think?
What if... the Apple Watch is the real deal? Apple's (AAPL) - Get Report new device is a lot more than just a watch, it could revolutionize health monitoring and fitness and be a real game changer. That's why Cramer owns Apple for his charitable trust, Action Alerts PLUS.
And finally, what if... social media is once again taking share from traditional media? That would make the moves in Facebook (FB) - Get Report and Twitter (TWTR) - Get Report, two more Action Alerts PLUS names, only the beginning.
If any, or all, of these "what if" scenarios are true, then the market's current pause will likely only be temporary.
Stick With Semiconductors
With semiconductor companies like Intel (INTC) - Get Report and Micron (MU) - Get Report painting a bleak picture for the entire industry, is it time for investors to take a pass on the whole sector? It sure seems that way with shares of Sandisk (SNDK) , Western Digital (WDC) - Get Report and Seagate (STX) - Get Report all down by double digits for the year.
Not so fast, Cramer told viewers. PCs are indeed in decline, but PCs don't make up the entire industry. Cramer is still a fan of Skyworks Solutions (SWKS) - Get Report, which makes chips for smart homes, smart cars, wearables, cellphones and more. He also gave the nod to Cypress Semiconductor (CY) - Get Report, along with Avago Semiconductor (AVGO) - Get Report and Qorvo (QRVO) - Get Report, all of which have little to no exposure to traditional PCs.
So while PCs may indeed be fading away slowly, this next batch of semi stocks are only just beginning to become household names.
Why I Like Williams-Sonoma
Sometimes the market doesn't get it right and totally misjudges a company's earnings entirely. That was the case with Williams-Sonoma (WSM) - Get Report, Cramer told viewers, as the company delivered only in-line earnings with the slowest same-store sales growth it has seen in two years.
Williams-Sonoma is not a troubled company, however, it's a fabulous company that encountered one big problem -- the West Coast port shutdown left much of its merchandise at sea. Cramer noted the underlying business, as all of Sonoma's brands including Pottery Barn and West Elm, are in great shape and the port problem is only a temporary issue.
So while analysts fret over the company's lowered guidance, Cramer thinks the company is setting itself up to under-promise and over-deliver now that its merchandise is once again flowing into stores. The company's online sales, now 50% of its revenue, are on fire and West Elm in particular is growing its in-store sales by 19.6%.
With shares trading at just 19 times earnings, still below where they were when the company reported its quarter, Cramer said they remain a steal for this terrific growth retailer.
Executive Decision: Inge Thulin
For his "Executive Decision" segment, Cramer spoke with Inge Thulin, chairman, president and CEO of 3M (MMM) - Get Report, a stock with a 2.5% dividend yield that's risen 28% over the past year, including reinvested dividends.
Thulin said nearly a third of 3M's products didn't exist five years ago, a fact that helps his company maintain its 3% to 6% organic growth targets every year. He said that 3M continues to stay relevant with its customers thanks to its innovation.
3M currently has over 46 technology platforms, Thulin noted, and a platform like its woven materials is able to produce items as diverse as respirators, air and water filters and insulation for clothing, cars and planes.
How does 3M manage a global organization so well? Thulin said by hiring people who were born and raised all over the globe, people who understand what's really happening on a local level.
With all its innovation and its commitment to its dividend and share buyback program, Cramer said 3M remains a core holding that he will continue to recommend for all investors.
In his "Homework" segment, Cramer followed up on several biotech names that stumped him over the past few weeks.
Cramer said that while Intrexon (XON) - Get Report has been on fire, up 57% so far this year, and has seen some positive Phase I data and a strong quarter, he cannot recommend shares until they've pulled back from these lofty levels.
Cramer was not able to endorse Avalanche Biotechnologies (AAVL) , a stock that's down 20% in 2015, because this speculative stock is a long-term story whose time has not yet come.
Finally, Cramer was especially leery of Northwest Biotherapeutics (NWBO) , an immunotherapy company that's too small, too risky and is losing money with only $13 million left in the bank.
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 AAPL, FB, LOW and TWTR.