Some days, you just have to sit on your hands and wait for a better time to buy, Jim Cramer told his Mad Money viewers Tuesday. That's because some days, even down days like today, there just isn't anything compelling to buy.

Cramer explained that today's testimony by Federal Reserve Chair Jerome Powell was exactly what he was expecting. Powell provided measured, thoughtful and honest answers to the questions on everyone's mind. If the economy gets too hot, plan on four interest rate hikes. If the economy cools, that number will likely be three.

The pundits would have you believe that the difference between 2.8% and 3.0% on the 10-year Treasury is colossal, but Cramer called this notion "ridiculous," because most stocks are still undervalued given the spectacular earnings they produced this quarter.

The real question is whether stocks fell hard enough Tuesday to make them worthwhile. Cramer said he still likes the long-term case for Walt Disney Co.  (DIS) - Get Report , which was clobbered 4.5% today. He was also still a fan of Comcast (CMCSA) - Get Report , which fell 7.3% on fears it may have to bid higher for the U.K.'s Sky network.

But it's still too early to tell exactly what the right price is for these stocks, he concluded, which is why he wasn't willing to pull the trigger and do any buying.

Cramer and the AAP team go over recent portfolio changes, including NXP Semiconductor (NXPI) - Get Report and Amazon (AMZN) - Get 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.

Off the Charts: What Happened in February

After a wild and crazy start to the year, Cramer used his "Off The Charts" segment to check in with colleague Carley Garner for a technical take on whether the market truly is as broken as it appeared a few weeks ago.

Garner first looked at a daily chart of the E-Mini S&P 500 Futures, noting that stocks just aren't supposed to move in a straight line, as they did from September through January. This up-only action implied the market was indeed broken.

But the relative strength indicator, or RSI, surged to 80 in January, a signal that stocks were extremely overbought. It then hit 90, the highest level ever recorded. The RSI, Garner concluded, worked as it should, and the subsequent market

Taking a longer term view of the S&P 500, Garner noted that the pattern also played out as you'd expect, with the index surging above its long-term channel, then plunging back to its support levels after the RSI forecast the plunge was imminent.

By those metrics, the market functioned just as you would expect, even if at the time it seemed like the world was ending.

To look at the charts and read more of Garner and Cramer's analysis, check out Who's Responsible for All That Volatility: Cramer's 'Off the Charts'

Hardware is Back in Style

When it comes to technology, hardware is back in style, Cramer told viewers, and that means HP (HPQ) - Get Report is worth taking a second look at. Shares are up 33% over the past 12 months and they've still got more room to run.

When the old Hewlett Packard split in 2015, it was the other half of the business, HP Enterprise (HPE) - Get Report , that everyone clamored for. No one wanted PCs or printers -- two categories that were left for dead.

But since then, HP has posted five consecutive quarters of revenue growth, with this most recent quarter being no exception. The company saw growth with every category, with notebooks up 14% and workstations rising 11%. Even HP's 3D printing business has caught fire.

On the company's conference call, HP noted that component prices, mainly DRAM, were likely to remain strong in 2018. That news sent shares of Micron Technology (MU) - Get Report rallying 1.2%.

Cramer said he's also a fan of HP Enterprise, which also delivered a strong top and bottom line beat this quarter.

On Real Money, Cramer says we cannot forget how important Warren Buffett is to this market. Get more of Cramer's insights with a free trial subscription to Real Money.

Avoid a Losing Battle

When battleground stocks are priced for perfection, investors need to steer clear. That was certainly the case with online furniture retailer Wayfair (W) - Get Report last week, when the company's stock plunged 22% in a single day.

Shares of Wayfair had been on fire last year, rising 129% in 2017. But after rising another 19% going into last week's earnings, that was simply too much for even the fast-growing Wayfair to beat.

Cramer said Wayfair's earnings, in absolute terms, were actually pretty good, with 46% revenue growth, orders up 31% and a 33% rise in first-time customers. But in relative terms, Wall Street was looking for accelerating revenue growth and earnings that were moving in the right direction.

Investors were not happy to hear that Wayfair was planning an increase in advertising costs as well as new hiring. Earnings, which had been slowly improving, are now declining, leaving growth investors to hang on only the company's revenue growth. Any decline in revenue, Cramer warned, and the stock will crater.

Cramer said he's not a fan of polarizing stocks like Wayfair and he simply has no conviction that the company can reignite its growth while keeping costs in check and exceeding investor expectations at the same time.

No-Huddle Offense: Macy's 

In his "No-Huddle Offense" segment, Cramer told viewers that a turnaround is a beautiful thing to behold, especially on a down day -- and that's exactly what we received today with Macy's (M) - Get Report .

Shares of Macy's surged 3.4% today as the company's new CEO proved he's a bit of a miracle worker, wasting no time to turn this retailer from laggard to leader.

There was a lot to like this quarter, Cramer said, as Macy's as returned to its strengths of fashion and beauty, reinvented its loyalty program, bolstered its off-price locations and managed its inventory better, resulting in less discounting.

Macy's even seems to have some omni-channel chops that are helping it ward off Amazon (AMZN) - Get Report . Beyond all of that, Cramer said Macy's is also smartly fixing its balance sheet, retiring $950 million in debt, instead of chasing stock buybacks.

Lightning Round

In the Lightning Round, Cramer was bullish on TG Therapeutics (TGTX) - Get Report , Integrated Device Technology (IDTI) - Get Report and Texas Instruments (TXN) - Get Report .

Cramer was bearish on ConocoPhillips (COP) - Get Report , Energous (WATT) - Get Report and SemGroup (SEMG) - Get Report .

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At the time of publication, Cramer's Action Alerts PLUS had a position in AMZN, CMCSA.