Has the stock market lost its collective mind? That was the question Jim Cramer pondered with his Mad Money viewers Tuesday, and he concluded that yes, bull markets can be a little nutty.

Cramer said that individual stocks tell the tale of this remarkable market rally, and Telsa (TSLA) leads the way, as only CEO Elon Musk could miss production numbers and still see shares rise 1.9% and receive a buy recommendation from an analyst.

General Motors (GM) is another auto stock defying gravity, as the company announced it's going big on electric cars, only this time the market believed it. Shares ended up 3%.

The bullishness continued with Delta Airlines (DAL) , up 6.6%, and Sherwin-Williams (SHW) , up 4.1%. The shorts had been piling into Home Depot (HD) , but not anymore, Cramer said, and the same goes for homebuilder Lennar (LEN) , which rose 4.7% today.

Even embattled Equifax (EFX) managed a 2.4% gain despite the fact the company is still facing gigantic lawsuits regarding its data breach.

Over on Real Money, Cramer says these are the times that try bears' souls for certain; that is, if they have souls. Get his insights with a free trial subscription to Real Money.

Off the Charts: VIX 

In the "Off The Charts" segment, Cramer checked in with colleague Mark Sebastian to take another look at the CBOE Volatility Index (VIX) , known as the "fear index" or more commonly by its symbol, the VIX.

September is typically a high volatility time of year, Sebastian noted. Over the past 20 years, the average volatility at the end of September was 21. This year, we were under 10. In fact, there have only been 36 days where the VIX closed below 10 and we've just experienced five of them … in a row.

But Cramer noted that as the S&P 500 rises, the VIX is supposed to fall, as the two have an inverse relationship. By that metric, the VIX is doing exactly what it's supposed to. Given that the end of the year is typically bullish for stocks, Cramer said he wouldn't be surprised if we're strong again this year.

See all the charts and read more of Sebastian's analysis.

Why Wells Fargo Is Not a Buy

It's no secret that Cramer was a long-time fan of Wells Fargo (WFC)  -- right up until the company's fraud allegations surfaced. In this Mad Money segment, he explained why he liked Wells Fargo so much and what he thinks of the company now.

Cramer said that what made Wells Fargo appealing was exactly what got them in trouble: the cross-selling. Until the truth came to light, it seemed like Wells Fargo had mastered the customer relationship and was simply able to get more money out of every customer they had.

We know now that Wells Fargo's "mastery" was actually predatory or outright fraudulent, he said. But back then, it's what allowed the bank to command a premium valuation.

Now that the company's tactics have been exposed, Wells Fargo no longer deserves a premium, and its new CEO, along with its entire board should be fired, Cramer said -- something the Federal Reserve has the authority to do.

Sadly, Cramer said, white collar crimes largely go unpunished in America, and other than fines, which shareholders will pay, little will be done to fix Wells Fargo the way it needs to be fixed.

That's why Wells Fargo is un-investable, Cramer said. There are plenty of cheaper and better stocks to invest in.

Executive Decision: Paychex 

For his "Executive Decision" segment, Cramer again spoke with Marty Mucci, president and CEO of Paychex Inc.  (PAYX) , which just posted a two-cents-a-share earnings beat on in-line revenues but with raised full-year guidance. Shares were up 3.6% on the news.

Mucci said that Paychex is seeing moderating but steady growth in all of its businesses and it's also been able to sell more services to the clients it already has. He was bullish on his company's HR outsourcing services, saying that Paychex is looking for more acquisitions in that space to help them gain the scale they need to grow.

Mucci also painted a rosy picture when it comes to technology. He said whether customers are looking for high-touch personal service or a low-touch online experience, Paychex has services to meet their needs. Paychex is innovating quickly, bringing new technology to market faster than any of their competitors.

Finally, when asked about the recovery efforts in Houston and Florida, Mucci said that business will be down for a few weeks, but typically, once the recovery gets under way, there will be an uptick of activity and hours worked.

Cramer and the AAP team have a preview for PepsiCo's (PEP) earnings. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Executive Decision: BioTelemetry

In his second "Executive Decision" segment, Cramer also sat down with Joe Capper, president and CEO of BioTelemetry (BEAT) , the medical device maker Cramer featured on Sept. 25.

Capper said that the connected health market is relatively new and no one really knows just how big it could become. In the cardiac monitoring market, however, they estimate the market to be up to $2 billion.

BioTelemetry's cardiac monitor is connected to a patient's smartphone and can be worn for up to 30 days. Events are automatically transmitted to the patient's phone, then onto the cloud where technicians can read them 24/7. This new connected technology takes monitoring to a whole new level, Capper said, and the accuracy is greatly superior to older units.

As for consumer-grade heart monitors like the Apple (AAPL) Watch, Capper said these devices are a great addition to the market, as they can get patients to doctors sooner, where they will transition to FDA-approved devices like theirs for more in-depth monitoring.

Lightning Round

In the Lightning Round, Cramer was bullish on Edwards Lifesciences (EW) , Baxter International (BAX) , Becton Dickinson (BDX) , Intuitive Surgical (ISRG) , AeroVironment (AVAV) , Eaton (ETN) , Albemarle (ALB) , FMC Corp (FMC) and Oshkosh Truck (OSK) .

Cramer was bearish on Sociedad Quimica (SQM) and SunCoke Energy Partners (SXCP) .

This article is being updated. Please refresh for the latest version.

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At the time of publication, Cramer's Action Alerts PLUS had a position in PEP.

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