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NEW YORK (TheStreet) -- Yes, there's more pain ahead, Jim Cramer admitted to his Mad Money viewers Tuesday, but there is a silver lining. Stocks get cheaper as they head lower and every day we're inching closer to a bottom.

Cramer said there are still a lot of things not to like about our current stock market, none of which seem to be getting better any time soon. First, there's the Federal Reserve and its camera-loving governors, who create more uncertainty by the day as they opine on when interest rates will be rising. Then there's the political uncertainty created by our election cycle.

Couple that uncertainty with the falling Chinese economy and the host of good news from Apple (AAPL) - Get Report, a stock Cramer owns for his charitable trust, Action Alerts PLUS, Nike (NKE) - Get Report, Alcoa (AA) - Get Report and the home builders don't seem to matter. It's easy to see when 117 of the 1,500 stocks that make up the various S&P baskets are down over 50% and why 600 of them have fallen over 20%.

It doesn't matter if you're a red-hot natural and organic food stock, or a tech company or one of the many high-growth rollup names, your stock is likely worth a lot less than it was.

But there's hope -- Eli Lilly (LLY) - Get Report, General Mills (GIS) - Get Report, Con Agra (CAG) - Get Report and McDonald's (MCD) - Get Report, all of which have so many positive things going for them the markets are having trouble tamping these stocks down.

Executive Decision: Stanley Erck

For his "Executive Decision" segment, Cramer spoke with Stanley Erck, president and CEO of vaccine maker Novavax (NVAX) - Get Report, a stock that was trading at $13.65 a share when Cramer last sat down with Erck on Aug. 12, but has since fallen a stunning 53%.

Erck said his team was not focused on the stock price but executing the five clinical trials to be completed by the third quarter of this year. He said those trials include vaccines for Ebola, flu and RSV, a far-too-common respiratory virus.

Erck was happy to report positive results from the RSV trial for the elderly, which contract the disease some 2.4 million times a year, and also for new mothers and their newborns. Some 60% of all infections during a newborn's first year stem from RSV, Erck noted, making it a serious issue worldwide.

The RSV results were so positive that Novavax just received an $89 million grant from the Bill and Melinda Gates Foundation to continue development of the vaccine and help make it available globally.

Cramer said it's clear the decline in Novavax stock has nothing to do with the company and its remarkable progress.

Hedge Funds Gone Wild

There's a battle brewing with some stocks, Cramer told viewers, but it doesn't have anything to do with the companies themselves, but rather with hedge funds gone wild.

It's a typical predator versus prey situation, Cramer explained. Flailing hedge funds facing redemptions are forcing share prices lower, and the companies themselves are defenseless from stopping it.

That was the case at Cramer's own hedge fund in 1998, he said, and it's the case now with the once-hot stocks of Valeant Pharmaceuticals (VRX) , Energy Transfer Partners (ETP) , Horizon Pharmaceuticals (HZNP) - Get Report, Allergan (AGN) - Get Report, XPO Logistics (XPO) - Get Report and countless others.

The only good news, Cramer noted, is that if you liked these stocks at higher prices, you should be loving them at these lower prices. With the quarter drawing to a close, the selling pressure may soon subside, allowing the rest of us to once again start buying.

Off the Charts

In the "Off the Charts" segment, Cramer went head to head with colleague Robert Moreno over the chart of Exxon Mobil (XOM) - Get Report to see if the oil patch may finally be forming a much-needed bottom.

Looking at a daily chart of Exxon versus the S&P 500, Moreno noted the oil giant was leading the averages lower until about a month ago, when it began consolidating and trading sideways. He saw support building at the $71.75 level, which Cramer noted is about where the stock yields 4%.

This bottoming pattern was bolstered by both the MACD momentum indicator, which has been trending higher, and the AROON indicator, which is a measure of changes in trend. The AROON correctly predicted the bullish move in Exxon this spring, as well as the bearish move in May, and just last week signaled another uptrend.

Moreno also noted the Chaikin Money Flow, or CMF, has also been trending higher for the past month.

Lightning Round

In the Lightning Round, Cramer was bullish on Nucor (NUE) - Get Report, Hewlett-Packard (HPQ) - Get Report, Icahn Enterprises (IEP) - Get Report and Rite Aid (RAD) - Get Report.

Cramer was bearish on Enbridge (ENB) - Get Report, United States Steel (X) - Get Report, TrueBlue (TBI) - Get Report and Avon Products (AVP) - Get Report.

Doctor in the House

In a special interview, Cramer sat down with Dr. Eric Topol, head of the Scripps Translational Science Institute and author of the new book, The Patient Will See You Now, which chronicles the technological revolution in health care.

Topol said the future of medicine will be patient-generated data. Things like the real-time streaming of blood heart rate, blood pressure and glucose are now possible with smaller, less expensive devices that connect to your smart phone.

Topol showed off a small ring that monitors your sleep patterns and will one day replace a $4,000 overnight sleep study at a clinic. He also demonstrated a portable ultrasound device that also connects to a smart phone, and replaces a $350,000 machine at your doctor's office.

Tool also noted that companies like the privately held Theranos is revolutionizing lab tests, while Teladoc (TDOC) - Get Report is transforming office visits.

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, AGN and ETP.