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) -- Have the economies of the world hit their peak? Jim Cramer wondered on 

Mad Money

 Tuesday. The world in indeed slowing, Cramer admitted, but that doesn't mean that all stocks must follow suit.

For proof that the world is slowing, investors just need to look at economically sensitive commodities like iron, copper, steel and oil. It's certainly true that oil prices are falling because the U.S. is poised to eclipse Saudi Arabia as the world's largest oil producer, but oil prices have also been falling from weakening demand.

Ford (F) - Get Free Report also confirmed things are slowing when it reported its earnings. Not only are sales weak in Europe and South America, but margins here in the U.S. are also slipping, signaling a peak may indeed be at hand.

Housing doesn't look any better, Cramer admitted. Home prices appear to be peaking as well. With the U.S. dollar at its highest level in four years, Cramer said the aerospace cycle may also be peaking.

Then there are bond prices. Surely they're close to peaking now that the Federal Reserve has stopped its bond buying.

So should investors sell everything and go home? Cramer said of course not. The industrials and the cyclical stocks must come down, but for those companies that benefit from lower commodity prices -- think restaurants, retail and apparel -- those stocks can still head higher.

Off the Charts

In the "Off The Charts" segment, Cramer went head to head with colleague Bob Lang to dispel the myth of the "death cross," the most bearish of technical patterns, which occurs when a stock's 50-day moving average falls below its 200-day moving average, signaling Armageddon -- or so the conventional wisdom would have you believe.

Using a daily chart of the iShares Russell 2000 Index ETF (IWM) - Get Free Report Lang noted the index is about to make the dreaded death cross, a point that supposedly signals that big fund managers are about to begin selling and shorting, sending things much, much lower.

However, Lang noted the historical data just don't support this thesis. Since December 1988 the Russell has seen 19 death crosses, and while on average it has seen a 1% decline five days after the event. A full year after the event investors would've seen gains, not losses, approaching 12%.

Cramer noted that investors who waited for the corresponding "golden cross" when the 50-day crosses back above the 200-day moving average -- the supposed "all clear" signal to start buying again -- would have seen a 5.5% loss.

The death cross is nothing to fear after all, Cramer concluded.

Cramer's Favorite Cruise Lines

There is one group of stocks that loves lower oil prices, Cramer told viewers -- the cruise lines, which benefit from lower fuel prices and more money in vacationers' pockets. That's why Cramer said it was time to circle back to this sector and re-rank his favorites.

Coming in at number three is Norweigan Cruise Lines (NCLH) - Get Free Report , a smaller operator but also one that caters to high-end travelers. Cramer said this company is improving margins and becoming more profitable, but it also has an ugly balance sheet with just $63 million in cash and $3.5 billion in debt.

In the number two spot is the largest cruise operator, Carnival Cruises (CCL) - Get Free Report , a company that's had a tough couple of years but now seems to have its groove back. Cramer said Carnival is cutting costs and improving margins, which could take this $40 stock to $50 a share. But trading at 17.7 times earnings, he said it just can't be his favorite.

Cramer's favorite cruise line is Royal Caribbean (RCL) - Get Free Report , the second-largest cruise operator but by far the strongest. Shares have rallied 75% in recent months but still trade at just 14.8 times earnings, a deep discount to Carnival, which is growing more slowly. Cramer said Royal Caribbean deserves a premium multiple, which could take shares to $85 or even $100 a share.

Executive Decision: Mark Ordan and Michael Glimcher

For his "Executive Decision" segment, Cramer sat down with Mark Ordan, president and CEO of Washington Prime Groupundefined , and Michael Glimcher, chairman and CEO of Glimcher Realty Trust (GRT) , to discuss the merger of their real estate investment trusts.

Ordan said the announcement of the merger wasn't initially received well by the investment community, but he welcomes the opportunity to make things more clear. Glimcher added that the deal is simply a winner, combining a terrific portfolio of assets with top-notch management teams that have proven track records.

When asked about the combined company's exposure to Sears Holdings (SHLD) and other ailing retailers, both executives agreed that turning over space represents opportunities to not only raise rents but also to make their centers more relevant with more dynamic tenants.

Ordan noted the combined company can find a home for every type of retailer because it has a diverse portfolio of profitable retailers that is only getting better. He said that the cash flows give the combined company the opportunity to pay dividends and invest in its properties to make them better hubs for the communities they serve.

Lightning Round

In the Lightning Round, Cramer was bullish on Starbucks (SBUX) - Get Free Report , Southwest Airlines (LUV) - Get Free Report , Spirit Airlines (SAVE) - Get Free Report , American Airlines (AAL) - Get Free Report and First Solar (FSLR) - Get Free Report .

Cramer was bearish on Exxon Mobil (XOM) - Get Free Report , Range Resources (RRC) - Get Free Report , Chevron (CVX) - Get Free Report , Delta Air Lines (DAL) - Get Free Report and Canadian Solar (CSIQ) - Get Free Report .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said the pace of companies defying gravity and taking control of their own destiny has become mind numbing.

Just today, eBay (EBAY) - Get Free Report announced it will finally split into two companies, unlocking the value in PayPal. Meanwhile, Masco (MAS) - Get Free Report  said it's spinning off its slower-growing insulation business.

Johnson & Johnson (JNJ) - Get Free Report is making big acquisitions while Regeneron (REGN) - Get Free Report is making big partnerships and National Oilwell Varco (NOV) - Get Free Report is announcing a big stock buyback.

All these companies are just part of a parade of positive news that is taking stocks higher.

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

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-- Written by Scott Rutt in Washington, D.C.

To email Scott about this article, click here: Scott Rutt

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At the time of publication, Cramer's Action Alerts PLUS had a position in JNJ and SBUX.