Sometimes the stock market can be difficult to navigate with its many cross-currents, Jim Cramer admitted to his Mad Money viewers Thursday. But today's market gyrations were a classic rotation in action.

Today, the markets were paying attention to falling commodity prices, led by a 4.8% drop in crude oil. As the hedge fund managers see it, any decline in oil prices mean a slowing economy, which in turn warrants owning a completely different set of stocks.

That's why all of the oil producers declined today, led by Chevron (CVX - Get Report) , down 1.9%, Pioneer Natural Resources (PXD - Get Report) , off 3%, and Occidental Petroleum (OXY - Get Report) falling by 3.5%.

What were these fund managers buying? Cramer said all of the safety stocks, including insurers like AIG (AIG - Get Report) , biotechs like Regeneron (REGN - Get Report) and yes, FAANG, Cramer's acronym for Facebook (FB - Get Report) , (AMZN - Get Report) , Apple (AAPL - Get Report) , Netflix (NFLX - Get Report) and Alphabet (GOOGL - Get Report) , formerly Google.

Cramer said investors also continued to buy growth, with Zoetis (ZTS - Get Report) popping 5.9% on another strong quarter. 

Executive Decision: Intel

For his "Executive Decision" segment, Cramer sat down with Brian Krzanich, CEO of chipmaking giant Intel (INTC - Get Report) .

Krzanich said that Intel is big job creator and 70% of what they manufacture is still created in the U.S. Intel, like many corporations, are anxiously awaiting tax reforms, including hoped for repatriation rules. He said everyone wants to bring their money back to the U.S. but they also want to pay a fair tax rate to do it. Once that money arrives, he said, Intel will be able to reinvest it and also give some back to shareholders.

Turning to the topic of autonomous vehicles, Krzanich said that Intel's purchase of MobileEye was bringing together the smartest people in autonomous software and marrying them with Intel's hardware expertise to provide a complete platform for all sorts of upcoming vehicles.

That's not to say Krzanich was downbeat on Intel's legacy PC business. He said this is still one of the best times in history for PCs and Intel will be growing profits and driving innovation.

Finally, Krzanich talked about their flash memory business, saying that Intel has a technological advantage that provides a lower cost and better performance, which is why 80% of their flash sales are to high-end data center applications.

Cramer said that Intel is an inexpensive stock with a good yield. 

Tesla Theater

Following Tesla (TSLA - Get Report) makes for great theater, Cramer told viewers. Just consider the company's most recent conference call, where no matter what analysts asked of CEO Elon Musk, the answer was truly sensational.

When asked about rising new car inventories, Musk responded that consumers are getting confused over whether to buy a Model S or the upcoming Model 3. When asked whether Tesla could hit a $700 billion market cap like Apple, Musk, of course, responded that he can see a path to get there.

Can Tesla make one million cars a year by 2020? Musk says sure, they just need to introduce their Model Y. Won't a repeal of government subsidies for electric cars hurt Tesla? Nope. Musk says they actually hurt Tesla by keeping weak competitors around. And what about China? Musk said he's got nothing to report now, but probably will by the end of the year.

Cramer said Tesla is still too risky to own in his book, but he admitted that the stock is also far too risky to short with Musk at the helm. You just have no idea what this guy will do next, Cramer concluded.

Executive Decision 2: Twilio

In his second "Executive Decision" segment, Cramer also once again sat down with Jeff Dawson, founder, chairman and CEO of messaging service Twilio (TWLO - Get Report) , which had seen its shares plummet after the company reported that its largest customer, Uber, has offloaded some of its messaging to other services.

Dawson said Uber was set to spend $60 million with Twilio this year and that make it an outlier that represented 17% of Twilio's revenue this quarter. Uber is not leaving Twilio outright, but after spending so much on messaging is looking into different options across its many geographies.

Outside of Uber, Dawson said that Twilio had a great quarter, with 4,000 new customers added and a new COO to help drive the company forward. The inputs remain very strong, and most importantly Dawson noted that they will continue to invest in their business to maintain their leadership position.

Cramer said that Dawson is worth banking on, as he faced this negative situation head on.

Lightning Round

In the Lightning Round, Cramer was bullish on Shopify (SHOP - Get Report) , Altria (MO - Get Report) and Red Hat (RHT) .

Cramer was bearish on Chemours (CC - Get Report) and General Mills (GIS - Get Report) .

Alliance Data Resurrection

Alliance Data Systems (ADS - Get Report) is back, and trading at just 12 times earnings, is worth owning again, according to Cramer.

Alliance Data offers private label credit and loyalty cards as well as targeted marketing services for retailers. The company has had a remarkable ride, rising from $55 a share in 2010 to a peak of $312 in 2015.

But the bull turned on Alliance data in 2015, after the company's $2.3 billion purchase of Conversant in 2014 failed to bear fruit. As worries over credit losses mounted and sales decelerated, shares fell 43% in 2016 before mounting a comeback this year.

What changed? Cramer said that first, Alliance Data's business has begun to reaccelerate. Second, the market is starting to realize that the company is not a bank and in fact gets 32% of sales from its targeted marketing services and another 20% from its loyalty cards.

With a 12% growth rate and a $500 million buyback announced last January, Cramer said Alliance Data is back in the saddle and the rally can continue.

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At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long GOOGL, AAPL and FB.