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"Today was the day the Federal Reserve finally blinked and woke up from its reckless stupor," Jim Cramer told viewers of his "Mad Money" TV show Tuesday.

"Today may be the beginning of the end of this nightmarish market," Cramer said before a special "Ladies Night" audience. Without Tuesday's emergency move, Cramer said the market could have dropped 1,000 points or even 1,500 points. He said more cuts are needed to turn around the markets.

With Tuesday's rate cut, though, Cramer sees some opportunities arising. He advised investors to exercise caution on bank stocks. While banks will be making more money after the Fed's action, he said they're still too difficult to invest in.

Instead, Cramer said investors should take any rise in bank stocks as an opportunity to sell. Cramer also said that he's becoming less bearish on the real estate market and may consider investing in foreclosed properties.

A member of Cramer's live studio audience asked about overseas markets and which countries would be the best to invest in. Cramer said that Brazil remains his favorite overseas market.

He still likes Banco Bradesco ( BBD) and CVRD ( RIO).

Another audience member asked Cramer about the huge decline in Apple's ( AAPL) stock after it reported disappointing earnings on Tuesday.

Apple, he said, is becoming "too hard." Cramer recommended investors hold on to the stock if they already own it. Otherwise, he said they should consider Microsoft ( MSFT), IBM ( IBM) or Research In Motion ( RIMM).

The Retail Stock to Hold

"Investors should buy retail stocks after the Fed gets aggressive," Cramer told viewers.

Cramer says investors usually get into retail stocks after aggressive cuts because retailers come out with high year-over-year expectations.

Cramer's standout retail stock is TJ Maxx ( TJX). He says the retailer should profit from a slowing economy and aggressive rate cuts.

Cramer, who normally doesn't recommend discount retailers, says he admires the company's business model and its CEO, Carol Meyrowitz. While other retailers were struggling, TJ Maxx reported an increase in December same-store sales and recently raised fourth- quarter guidance, he says.

According to Cramer, TJ Maxx has brands people want such as Under Armour ( UA), he noted. The company also has bought back $650 million worth of its stock and plans to purchase an additional $250 million by the end of this month.

The discount retailer is also a discount stock, Cramer notes. TJ Maxx trades at just 13 times next year's estimates, and Cramer sees as much as 36% upside to the stock.

Comments on Investment Ideas

Cramer listened to investment ideas from members of Smart Women Securities, a student-run investment club at Harvard University, his alma mater.

The first student asked about Flowers Foods ( FLO). Cramer said he's concerned about rising raw costs at Flowers, but would do some research on the company.

Another student asked about EnerNOC ( ENOC). Cramer said the company is a little dicey but likes the concept.

A third student asked about Pharmerica ( PMC), a stock that Cramer said he needed to analyze more before commenting.

The final student asked Cramer about Clorox ( CLX). Cramer said he wanted to pull the trigger on Clorox, especially now that it's under $60 a share.

Am I Nuts?

Cramer played "Am I Nuts?" with several audience members to evaluate their investment dilemmas.

The first player had retirement money in Yahoo! ( YHOO) and wanted to know what to do. Cramer suggested selling Yahoo!, but not all at once, and staying more diversified.

The second player had a position in Celgene ( CELG) and asked if it could be a long-term investment. Crmaer said he sees $8 to $10 of upside left in Celgene, but would not hold it long-term.

Lightning Round

Cramer was bullish on Research In Motion ( RIMM), Transocean ( RIG), J. Crew ( JCG), Freeport-McMoRan ( FCX), Baidu.com ( BIDU)and Focus Media ( FMCN).

Cramer was bearish on Diamond Offshore ( DO), Shutterfly ( SFLY)and BHP Billiton ( BHP).

Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

For more of Cramer's insights during the Lightning Round, click here .

At the time of publication, Cramer was long Transocean and Freeport-McMoRan.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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