Jim Cramer's 'Mad Money' Recap: These Stocks Will Rise, Whatever the Fed Does

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"Just when you're ready to give up on this market, money falls into your lap from mergers and high-growth stocks," Jim Cramer told his Mad Money viewers Tuesday. Even the downward pull of the Federal Reserve can be overcome under the right circumstances.

Case in point: EOG Resources (EOG) , which has been using the chaos of low crude prices to make a series of smart acquisitions, including today's $2.3 billion deal. Shares of EOG finished the day up another 6.6%. Meanwhile, oil pipeline Spectra Energy (SE) soared 13.4% on its merger deal.

Cramer said similar deals can be found in biotechs, such as Cepheid (CPHD) , up a stunning 52% today, and, in the industrial space, Johnson Controls (JCI) tacking on another 7.5% to its share price.

What looks attractive to Cramer? He gave the nod to the "FANG" stocks -- Action Alerts PLUS names Alphabet (GOOGL) and Facebook (FB) , along with Amazon.com (AMZN) and Netflix (NFLX) , all of which are fast-growing companies on the move.

Fallen From Grace

What the heck is going on with furniture retailers? Once loved as a play on a rising housing market, stocks like Williams-Sonoma (WSM) , Restoration Hardware (RH) and Wayfair (W) have now fallen from grace and deeply into the red.

Cramer said Williams-Sonoma was once a market darling but it has plunged 40% from its highs just 13 months ago. When the company last reported it delivered only in-line earnings, weaker revenue and and flat to lower same store sales. It's hard to believe its business will improve anytime soon, Cramer concluded, which makes the stock's 14 times multiple not all that cheap after all.

Then there's Restoration Hardware, a stock that's declined 68% in less than a year. Cramer said when a high-flying growth stock like this one stumbles, investors should expect a free fall like we've seen. He was encouraged by the news the company's CEO is buying shares, however, and is tempted to be buying right there with him.

Finally, there's Wayfair, the Internet darling that soared over 140% prior to 2016. This stock plunged over 20% in a single day when the company reported weak revenue, once the hallmark of its growth potential. Cramer said he cannot make a case for owning this stock either.

One stock Cramer would recommend, however, was J.C. Penney (JCP) , which reported robust earnings but has seen shares fall to near $9.

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