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NEW YORK (TheStreet) -- The markets have a double standard, Jim Cramer told his Mad Money viewers Tuesday. If your company has super growth, it will receive a super valuation, he said, but if it has no growth, then it will be deemed valueless.

That was Cramer's takeaway from today's rash of earnings releases. He said both United Technologies (UTX - Get Report) and IBM (IBM - Get Report), two formerly ultra-reliable Dow components, have now lost their growth engines, and the markets punished them badly for it.

Then there's Apple (AAPL - Get Report), a stock which Cramer owns for his charitable trust, Action Alerts PLUS. Apple is in a tug of war between the bulls and the bears, and the bears seem to be winning, despite the stock's continued super-low multiple.

Like Apple, traders also flip-flopped on Chipotle Mexican Grill (CMG - Get Report), which initially fell, then rallied, on its earnings, as did shares of Yahoo! (YHOO) and GoPro (GPRO - Get Report) which also saw sharp moves in both directions.

Cramer called United Tech a falling knife that traders should avoid, but reiterated his buy-and-hold stance on Apple. As for GoPro, Cramer said he'd rather buy Ambarella (AMBA - Get Report), which makes the chips that are not only in GoPro's cameras, but also in many other smart devices.

Immunize Your Portfolio

Investors need to immunize their portfolios against a pending interest rate hike from the Federal Reserve, Cramer told viewers, and that means picking up a bank stock. Now that all of the big banks have reported their earnings, Cramer offered up his analysis.

JPMorgan Chase (JPM - Get Report) saw a decline in its mortgage business, but also saw an uptick in investment banking. The company continues to have a diverse portfolio of businesses and a stable balance sheet, but shares are not cheap.

Goldman Sachs (GS - Get Report) saw robust growth this quarter with record investment banking and management, but with shares up 23% over the past 12 months, Cramer said investors should stay on the sidelines.

Bank of America (BAC - Get Report) posted a nine-cent-a-share earnings beat with declining litigation costs. The stock is still cheap and Cramer felt $20 a share is well within reach.

Then there's Wells Fargo (WFC - Get Report), another Action Alerts Plus holding. Wells Fargo is both the highest quality bank, and the most expensive, but it also has the most growth potential and a 2.6% yield.

Morgan Stanley (MS - Get Report) another Action Alerts Plus holding, is less attractive than it was after shares have run up ahead of earnings, Cramer said, but it did have among the best quarters of all the banks.

Finally, Citigroup (C - Get Report) was the most compelling, according to Cramer, as it trades at less than 12 times earnings, making it the cheapest of the entire sector.

Netflix Is Your Teacher

What can investors learn from Netflix (NFLX - Get Report), a stock that has become one of the greatest growth stories of our era? According to Cramer, plenty.

Looking back on Netflix' 1,300% rise from its lows just a few years ago, the opportunity seems obvious. The company told us years ago that they expected 50 million subscribers by 2015, and ultimately delivered 65 million. Yet so many really smart investors gave up on Netflix, some even betting against it.

Cramer said the first lesson of Netflix is that sometimes, traditional metrics for valuation don't work. Netflix plows huge amounts of money into growing its business, which makes earnings the wrong metric to focus on. At 390 times earnings, Netflix is expensive, but it’s always been expensive and likely always will be.

The second lesson Netflix teaches us is to not worry quarter by quarter. Netflix has always been a long-term story. The company told you in 2010 exactly what their plans were and they executed on them flawlessly. Yet so many investors sell Netflix every quarter, missing out on this incredible story.

Off the Charts

In the "Off The Charts" segment, Cramer went head to head with colleague Bob Lang over the retail sector charts.

Lang looked at a daily chart of the Market Vectors Retail ETF (RTH - Get Report) and noted that its ceiling of $77 is now the new floor of support after the ETF gapped up higher earlier this month. He noted the MACD momentum indicator and the Chaikin money flow indicator both confirm his thesis.

Among the group, Lang liked Nordstrom (JWN - Get Report), a stock making higher highs and lows since June and managing a strong rally since the charts flashed the dreaded "death cross" in early July.

Lang was also bullish on Cramer fav Restoration Hardware (RH - Get Report), a stock making new all-time highs with a positive MACD indication. Lang felt $115 to $120 a share is possible on this stock.

Finally, Lang gave the nod to Tiffany (TIF - Get Report), which saw a huge gap higher in June, followed by a consolidation period that now appears to be ready to end.

Cramer said Restoration Hardware remains his favorite among the group, but investors can never go wrong investing in Nordstrom.

Lightning Round

In the Lightning Round, Cramer was bullish on United Parcel Service (UPS - Get Report), BlackRock (BLK - Get Report), Mobileye (MBLY) and INSYS Therapeutics (INSY).

Cramer was bearish on Chevron (CVX - Get Report), YRC Worldwide (YRCW - Get Report) and Alcoa (AA - Get Report).

No Huddle Offense

In his "No Huddle Offense" segment, Cramer issued a mea culpa for his earlier recommendation of Whiting Petroleum (WLL - Get Report), and took a hard look at where his logic went awry.

Cramer explained that when Whiting made an ill-timed purchase of Kodiak Oil & Gas for $1.8 billion, it was forced to issue 35 million shares of stock at $30 a share in a desperate attempt to boost its liquidity. At that time, oil traded at $47 a barrel and the deal was very well received, causing many, including Cramer, to conclude a bottom in oil must be at hand.

That proved to be true, as a month later, oil was at $59 and Whiting shares rose to $37. But then, just three weeks later, oil dropped to $50 a barrel and Whiting, well, Whiting plummeted to $25 a share.

So how is it that with oil is still up $3 from the deal, Whiting is down $5? Are traders expecting oil to plummet even further, or are hedge funds liquidating their positions?

Whatever the reason, Cramer said there now appears to be little correlation between the price of oil and the price of oil stocks, which makes his, and many traders' opinions on the group dead wrong.

"If you're long, you're wrong," Cramer concluded, which is why it's time to own it and move on.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS held a position in AAPL, MS, WFC.