Cramer's 'Mad Money' Recap: From a Headwind to a Tailwind

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NEW YORK ( TheStreet) -- There has been a remarkable turn in the markets and it's coming from an area where we least expect it, Jim Cramer said on "Mad Money" Tuesday. Today's markets were bailed out by none other than the rest of the world.

Cramer said the very same countries that have been dragging U.S. markets lower for years have now turned from a headwind to a tailwind, with remarkable turns in Europe happening almost daily. He said that in the technology group, he's betting on eBay ( EBAY), which has still not seen a turn in Europe, along with Google ( GOOG), which should do well with a rising tide in the ailing continent.

The banks are also incredibly cheap, Cramer noted, with Royal Bank of Scotland ( RBS) and Banco Bilbao ( BBVA) in Argentina among his favorites.

Good news from Europe is also good news for China, taking a hard landing for that economy off the table, said Cramer. Companies like Vale ( VALE) and Joy Global ( JOY) should be among the winners in the mining and materials sectors. Both are holdings in Cramer's charitable trust, Action Alerts PLUS .

This good news overseas couldn't come at a better time as U.S. housing is slowing, thanks to rising interest rates and a potential blockage of the U.S. Airways ( LCC) merger taking the wind out of the airline group.

Executive Decision: Gregg Engles

In the "Executive Decision" segment, Cramer spoke with Gregg Engles, chairman and CEO of WhiteWave Foods ( WWAV), the healthy-foods maker that's up 13.5% since being spun off from Dean Foods ( DF) in October.

Engles said non-dairy alternative foods have been on fire over the past few years, with products like soy and almond milk offering great taste along with many health benefits. He said the category is gaining share as customers catch on that these products are sustainable and more eco-friendly than their traditional counterparts.

Engles was also upbeat on his company's partnership to provide Green Mountain ( GMCR) brand iced coffee products later this year. He said the coffee segment has also been a real winner for WhiteWave.

Among the company's only problems has been the supply chain, said Engles. WhiteWave is incurring additional costs to store and distribute its products with third parties while it ramps up its own operations to meet the growing demand. When asked whether shortages for items like organic milk could occur, Engles said that supply has largely met demand for many organic foods and the supply continues to grow as does the demand.

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