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Today was a good day for the averages, but don't get cocky, Jim Cramer warned his Mad Money viewers Monday. There is still a nasty underbelly to the stock market, Cramer continued, and today may just be a quick, one-day reprieve.

Today's rally was based on the hopes that the Federal Reserve may put interest rate hikes on hold in the wake of the Paris terror attacks, attacks that may further slow the global economy. But even if the Fed does delay its tightening plans, there's still a lot not to like about the stock market.

A whole host of stocks are down big, Cramer noted. U.S. Steel (X - Get Report) is down 63% for the year while Freeport-McMoRan (FCX - Get Report) is down 62%. Caterpillar (CAT - Get Report) has fallen 23% and Cummins (CMI - Get Report) is down 31%.

In industry after industry, from Consol Energy (CNX - Get Report)  (down 76%) to Alcoa (AA - Get Report)  (down 47%), the markets are priced for disaster. The carnage extends from the industrials, commodities and energy to agriculture and even retail, where Macy's (M - Get Report) is down 41%.

Cramer said the only stocks that are propping up the averages are is "FANG" growth names -- Facebook (FB - Get Report) , Amazon (AMZN - Get Report) , Netflix (NFLX - Get Report) and the former Google, Alphabet (GOOGL - Get Report) -- along with a few standouts including Nike (NKE - Get Report) , Starbucks (SBUX - Get Report) and McDonald's (MCD - Get Report) , which is a turnaround story.

Executive Decision: Arne Sorenson and Adam Aron

For his "Executive Decision" segment, Cramer sat down with Arne Sorenson, president and CEO of Marriott International (MAR - Get Report) , and Adam Aron, CEO of Starwood Hotels (HOT) , to discuss the companies' $12.2 billion merger, which was announced earlier today.

Aron said that when they looked at the hotel landscape, the company realized that size matters, and the combined company will be the largest hotel company in the world with 1.1 million hotel rooms across 30 brands in over 100 countries.

When asked about the specifics of the deal, Aron said each Starwood shareholder will receive .92 Marriott shares plus $2 in cash and another $6 to $7 once Marriott completes its timeshare spinoff prior to closing. But most important, Aron noted, is Starwood shareholders will still own 37% of the combined company, with all of its brands, synergies and growth.

Sticking With FANG

The market's gravitational pull can take down any stock, Cramer reminded viewers, even the great FANG stocks of Facebook, Amazon.com, Netflix and Alphabet. But that doesn't mean these stocks can't go higher -- just that they're not immune to what's going on with the rest of the market.

Facebook still has astounding 40% growth, yet trades at just 26 times 2017 earnings. Meanwhile, Amazon continues to take share from just about every retailer. Given the recent terror attacks, the company may take even more share as shoppers shy away from crowded public venues.

Then there's Netflix, which continues to see little in the way of true competition, while Alphabet is finally beginning to monetize YouTube.

Cramer said that investors who cannot stomach the wild gyrations of these stocks should just invest elsewhere. The rest of us should continue to hold on for the ride.

Executive Decision: Ben Baldanza

In his second "Executive Decision" segment, Cramer spoke to Ben Baldanza, president and CEO of Spirit Airlines (SAVE - Get Report) , the low-cost carrier that's seen its shares plummet 44% over the past three months despite posting better-than-expected results just three weeks ago. Shares of Spirit are down almost 56% for the year.

Baldanza said Wall Street seems focused on a single metric and is ignoring the fact that the company's fundamentals remain strong. He said his company has more customers and is flying to more markets than ever before, all while having the lowest costs ever.

Baldanza continued that while the multiples for airline stocks are coming down across the board, that doesn't mean that business is not great. As prices come down, more people fly, and Spirit only sells low-cost fares.

Cramer said that some stocks just get too cheap and Spirit is now one of those stocks.

Lightning Round

In the Lightning Round, Cramer was bullish on Berry Plastics (BERY - Get Report) , Imax  (IMAX - Get Report) , Harris Corp. (HRS) , L Brands (LB - Get Report) , Boeing (BA - Get Report) and Nordstrom (JWN - Get Report) .

Cramer was bearish on Apollo Commercial Real Estate (ARI - Get Report) and Whirlpool (WHR - Get Report) .

Executive Decision: Greg Waters

In his third "Executive Decision" segment, Cramer spoke to Greg Waters, president and CEO of Integrated Device Technology (IDTI) , a stock that's up 32% for the year and 12% since Cramer last spoke with Waters six months ago.

Waters said IDT is a product company with a product culture. He said IDT has rolled out more new products for its data center business in the past six months than it has in years.

When asked about its wireless charging technologies, Waters explained they allow any device to cut the cord and charge without wires. It applies to smartphones and tablets, but the technology is also propagating to digital cameras, game controllers and even lamps.

Waters reiterated IDT generates a lot of free cash flow and remains committed to its stock buyback, which the company is accelerating after authorizing another $300 million purchase.

Cramer said IDT has better products, better technology and a better balance sheet than almost any tech stock he follows.

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At the time of publication, Cramer's Action Alerts PLUS had a position in FB, GOOGL and SBUX.