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"When the Fed bears are away, the stock bulls will play," Jim Cramer told his Mad Money viewers Tuesday, after the markets mounted an impressive relief rally. Cramer reminded viewers that a panic is a terrible thing to waste, which is why the smart money was buying into the recent declines and not selling out of fear.

Cramer said there are several indicators he uses to determine when a selloff is reaching its last legs. The S&P Oscillator is one of those indicators, as it measures overbought and oversold conditions. But for those not willing or able to pay for this proprietary metric, you can simply look at the buying and selling volumes on any given day. When the down volume outpaces the up volume by 10 to one, you know the selloff is likely reaching its end.

In the absence of any negatives, stocks were able to shine Tuesday. Johnson & Johnson (JNJ) - Get Johnson & Johnson (JNJ) Report led the drugmakers higher, while strong earnings at Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. (GS) Report and Morgan Stanley (MS) - Get Morgan Stanley (MS) Report gave the banks a much-needed boost. Shares of Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report soared 12.5% on strong subscriber growth. That was enough to rally all of the cloud and FANG stocks.

Cramer was also bullish on United Continental (UAL) - Get United Airlines Holdings, Inc. Report , which soared, as expected, 4.6% on a solid quarter. Lam  Research (LRCX) - Get Lam Research Corporation (LRCX) Report also helped buoy the lagging semiconductor names.

The only negative on the day was IBM (IBM) - Get International Business Machines (IBM) Report , a disappointment that's becoming all too common for the tech giant.

Cramer and the AAP team are trimming their position in Emerson Electric (EMR) - Get Emerson Electric Co. Report . Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Over on Real Money, Cramer talks about the watershed day for cannabis stocks and how investors can profit from them. Get more of his insights with a free trial subscription to Real Money.

Executive Decision: Domino's Pizza

For his "Executive Decision" segment, Cramer spoke with Ritch Allison, CEO of Domino's Pizza (DPZ) - Get Domino's Pizza, Inc. Report , which saw its share fall 4.8% today after the company reported a 20-cents-a-share earnings beat with a 6.3% increase in same-store sales.

Allison said he's very happy with this quarter's results, which included 10% revenue growth on a constant currency basis. He was also very happy with the 6.3% same-store sales growth in the U.S.

All over the country, franchisees are putting capital to work and investing in Domino's, Allison added. Only seven locations have closed so far this year, but far more have opened.

When asked about capitalizing on the shortcomings of the competition, Allison said that while Domino's is the largest pizza company in the U.S., it's still a fragmented market. That means they have a lot more work to do on their own strategy, and why they don't focus on the competition.

Domino's continues to innovate, he said, investing in automated ordering assistants, autonomous delivery vehicles and hot spots, which help customers get pizzas delivered to thousands of non-traditional locations.

Power Rankings: Healthcare 

In an installment of his "Power Rankings" segment, Cramer examined the healthcare sector, a group he called one of the most recession-proof around. You simply cannot go wrong with healthcare when the Federal Reserve is raising interest rates.

Coming in at No. 1 was HCA Healthcare (HCA) - Get HCA Healthcare Inc (HCA) Report , a stock that's up 54% for the year and has a beautiful balance sheet.

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Next in line was IDEXX Laboratories (IDXX) - Get IDEXX Laboratories, Inc. (IDXX) Report , a long-time Cramer favorite, as this pet health company continues to capitalize on the humanization of pets. Cramer said he'd buy before the company's earnings on Nov. 1.

Third and fourth are also long-time Cramer favorites, Intuitive Surgical (ISRG) - Get Intuitive Surgical, Inc. (ISRG) Report and Centene (CNC) - Get Centene Corporation Report . Cramer said Intuitive Surgical still plays in an attractive niche in the healthcare sector and there's an upgrade cycle coming for its robots. Meanwhile, Centene is up 45% for the year and still have more room to run as it slowly expands into new markets.

Finally, Cramer said, he'd buy UnitedHealth Group (UNH) - Get UnitedHealth Group Incorporated Report , which just this morning posted another monster quarter.

Off the Charts

In the "Off The Charts" segment, Cramer checked in with colleague Mark Sebastian over where the market might be headed next and whether investors should be suspicious of Tuesday's market bounce. Sebastian is an expert in the CBOE Volatility Index, or the VIX as it's often referred to.

Sebastian first looked at a chart comparing the S&P 500 versus the VIX, noting the typical inverse relationship between the two. During the market meltdown in February of this year, however, the VIX bottomed first, on Feb. 5, but the market itself didn't bottom until three days later.

During a similar panic during the summer of 2015, the same pattern emerged, with the VIX peaking early, but the market overall lagging behind. Sebastian said the same pattern could play out again this time, leading him to be cautious that today's move higher could evaporate, just as last Friday's gains did.

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No-Huddle Offense

In his "No-Huddle Offense" segment, Cramer said on the eve of Canada legalizing recreational marijuana, he's not surprised to see the Canadian marijuana stocks heading lower. Many of these names have run up far too high, he said, and there are likely many disappointments ahead as investors realize that legalized cannabis isn't as profitable as the illegal variety.

But Cramer said he's still a believer in the disruptive power of cannabis to find its way into teas, coffees, alcohol and snacks, and that's nothing compared to medical treatments for sleep, swelling, pain management and more.

That's why Cramer said Canopy Growth Corp (CGC) - Get Canopy Growth Corporation Report , which fell 6.8% today, can still be bought. He said below $50 a share is a great price of a company that has the blessing of Constellation Brands (STZ) - Get Constellation Brands, Inc. Class A Report

Lightning Round

In the Lightning Round, Cramer was bullish on Raytheon (RTN) - Get Raytheon Company Report , BlackRock (BLK) - Get BlackRock, Inc. Report and JetBlue Airways (JBLU) - Get JetBlue Airways Corporation Report .

Cramer was bearish on Kratos Defense & Security (KTOS) - Get Kratos Defense & Security Solutions, Inc. Report , Energy Transfer Partners (ETP) and TherapeuticsMD (TXMD) - Get TherapeuticsMD, Inc. Report .

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At the time of publication, Cramer's Action Alerts PLUS had a position in EMR, JNJ, GS, UNH, RTN.