At this point in the business cycle, good news is bad news, Jim Cramer told his Mad Money viewers Tuesday. The best thing we can hope for, Cramer said, is a disappointing non-farm payroll number on Friday.

Cramer said the market's decline began with hard talk about interest rates from Federal Reserve Chair Jay Powell and was bolstered by Vice President Mike Pence's hard-line speech on China back on Oct. 4. With neither man seemingly prepared to change their minds, we could be in for continued weakness. That's because tariffs will slow our economy, but the Fed views them as merely inflationary -- a double whammy for stocks.

There is plenty of weakness in the market if you know where to look. Today's Case Schiller housing index saw the slowest growth in 20 months, oil prices continue to plunge, and we saw staggering losses from General Electric (GE) , news that sent shares lower by 8.8%.

None of that screams of a strong economy, Cramer said, which is why we need more bad news, or at least mixed news, to make the Fed and President Trump take notice.

Over on Real Money, Cramer says that this market is even afraid of the good guys, like Amazon (AMZN) . Get more of his insights with a free trial subscription to Real Money.

Four Markets in One

Was Tuesday just a reprieve from the market's negative thinking, or the start of something more?

Cramer said today's session had four mini sessions, including a decline at the open, a rally in the morning, a bearish afternoon and another rally going into the close. But through all of these oscillations, he found five things to like about this market.

First, Cramer said the S&P Oscillator he follows hit -6 today, and his tried-and-true rule is anything beyond -5 is a buying opportunity. Second, we're almost at the end of October, and money managers are almost done selling. Third, stocks opened lower, which is always good for the bulls in the afternoon.

Fourth, there were several sectors morphing from bear to bull, including the defense stocks, which have gotten incredibly cheap, and the semiconductor stocks, led by Nvidia (NVDA) .

Finally, Cramer said bad news was treated as good news, at least in the case of Masco (MAS) , which saw terrible earnings, yet was able to rally anyway.

Add it all up and it was indeed a good day for the markets, Cramer concluded. Hopefully the trend will continue tomorrow.

Cramer and the AAP team are adding to their position in Citigroup (C) . 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: Time to Jump Back In?

In the "Off The Charts" segment, Cramer checked in with colleague Bob Lang for the latest read on where the markets might be headed next.

Lang looked at a weekly chart of the S&P 500, which recently wiped out all of its gains for the year. He noted the stock broke below its 50-week moving average and the MACD momentum indicator just hit a bearish crossover. A monthly chart fared no better, also displaying a bearish crossover and possibly a fall to 2,300 that could take months to complete.

Turning to the Nasdaq, Lang saw similar patterns, with the weekly chart below the 50-week moving average and a bearish crossover in the MACD. While the Chaikin Money Flow oscillator was still bullish, it was barely bullish.

Lang last looked at the Russell 2000, the small-cap index, saying that this chart was the worst of the three, with the MACD crossing over back in September and never looking back.

Lang felt it was too soon to start buying, but Cramer said he's be willing to pick at some of the best-run companies, even though there's been significant technical damage to the markets and it might not be over anytime soon.

For more of Cramer and Lang's analyses, and to see the charts, read Will Stocks Go Even Lower?: Cramer's 'Off the Charts'.

Executive Decision: Kemet 

For his "Executive Decision" segment, Cramer spoke with Per-Olof Loof, CEO of Kemet (KEM) , the electronic components maker which just posted a 26-cents-a-share earnings beat that sent shares soaring 15.7% by the close.

Loof said that Kemet is not a household name, but they're in every household, as their components are a part of just about every industry from autos and the military, to telco and beyond.

Loof said the while the Internet of things may see see some cyclicality from time to time, we're still in the very early innings of the digitization of our society and he sees growth for many years to come. The auto market is also growing for Kemet, as cars with the latest technology use far more electronic components than their predecessors.

When asked about gross margins, Loof said prices are stable and there is some room to raise prices for certain components. Overall, he said their average selling prices, or ASPs, are not declining.

Finally, when asked about their telco business, Loof explained that while 5G has been talked about for a long time, the deployments are only now getting underway.

Executive Decision: MyoKardia

In his second "Executive Decision" segment, Cramer sat down with Tassos Gianakakos, CEO of MyoKardia (MYOK) , a company at the forefront of treating cardiovascular disease.

Gianakakos said even though one-third of all people die from some form of cardiovascular disease, there's been little innovation in the space. In fact, there have been fewer heart drugs approved in the past 18 years than in the 18 that preceded them.

The standard of care for many patients are drugs that are 40 or 50 years old, many of which are used to treat the symptoms of heart failure but not the underlying causes. To get to the cause, you need precision medicine, Gianakakos said, and that's what MyoKardia is doing.

Gianakakos said the company is doing great science, releasing new data every quarter or two. The company is not in need of outside capital.

Lightning Round 

In the Lightning Round, Cramer was bullish on BP (BP) , Banco Santander Brasil (BSBR) , Valero Energy (VLO) , Boyd Gaming (BYD) and Square (SQ) .

Cramer was bearish on Seagate Technology (STX) , Royal Dutch Shell (RDS.A) and CBRE Group (CBRE) . 

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

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