This is the pullback we've been waiting for, so embrace it, Jim Cramer told his Mad Money viewers Tuesday after a modest decline in the overall markets.

Cramer reminded viewers that while it's always OK to be concerned and keep an eye on your investments, you also need the courage to act when others are heading for the exits.

The bears have plenty of reasons to dislike this market, including a troubling lack of volatility, dysfunction in Washington and a market that's already rallied quite a bit for the year. But Cramer offered up five reasons why he still sees the glass as half full.

First, the earnings this quarter were spectacular, giving a well-earned boost to many stocks. Second, long-term interest rates continue to move slowly, making stocks more attractive over the short term. Third, while many cite General Electric (GE) as the first sign that things are not as rosy as they appear, Cramer said GE's troubles are its own and don't translate to the rest of the industrials.

Fourth, while Congress is unlikely to pass tax reforms in their current packages, there is still hope for a modest tax cut of some sort by the end of the year. Finally, there are takeovers. Just when you thought a company was down and out, another company swoops in and makes a bid. In an environment like that, it's hard to count stocks out.

Executive Decision: Norwegian Cruise Line

For his "Executive Decision" segment, Cramer sat down with Frank Del Rio, president and CEO of Norwegian Cruise Line Holdings Ltd.  (NCLH) , which just posted a three-cents-a-share earnings beat on an 11.2% rise in revenues, despite the effects of two devastating hurricanes. Shares of Norwegian are up 30% for the year.

When asked why cruises are increasingly appealing to younger travelers, Del Rio said it's because cruises offer a great experience and offer so much in the way of activities. Guests can travel to multiple destinations while enjoying casinos, great entertainment and their choice of over two dozen restaurants, all while getting one of the best vacation values available.

Del Rio said unlike other industries, the barriers to entry are high for cruise lines, which means they have excellent visibility into the future and can plan accordingly. He was especially excited about destinations like Cuba, where Norwegian is now authorized for all of its brands, and for China, where their first ship has just turned profitable.

Cramer and the AAP team have the highlights from their November members-only call. Find out what they're telling their investment club members about Allergan, (AGN) , Apache Corp. (APA) and more -- and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Off the Charts: Diversifying Away From Hot Tech Stocks

In the "Off The Charts" segment, Cramer checked in with colleague Rob Moreno to discuss what the market's breadth is saying about the recent rally and whether it can continue.

Moreno noted that 40% of the Technology Select Sector SPDR Fund (XLK) consists of just four stocks, including Apple (AAPL) , Alphabet (GOOGL) , Microsoft (MSFT) and Intel (INTC) . That said, the number of other tech names above their 50-day moving average is dwindling, a sign the tech rally might be coming to an end.

In an effort to diversify away from tech, Moreno liked the Vaneck Vectors Oil Service ETF (OIH) , which has a bullish Vortex indicator and Chaikin Money Flow. In the consumer discretionary space, he liked Action Alerts PLUS holding, Starbucks (SBUX) , and Abbott Labs (ABT) , also in Action Alerts PLUS, in the healthcare sector.

Still other Moreno favs included the unlikely pick of Wells Fargo (WFC) in the financial sector, Costco (COST) in retail and Honeywell (HON) as an industrial.

For more on Moreno's analyses and to see all the charts, check out the full Off the Charts segment report

Executive Decision: Regeneron Pharmaceuticals 

In his second "Executive Decision" segment, Cramer again welcomed Dr. Leonard Schleiffer, president and CEO of Regeneron Pharmaceuticals (REGN) , to the show. Shares of Regeneron are off 25% from their peak in June.

Schleiffer said that it's rare to be able to change the way medicine gets done, but Regeneron is fortunate to have a robust pipeline of drugs with many prospects for doing just that. His company currently has 11 drugs in Phase I testing, six in Phase II and five in Phase III.

Schleiffer said that Dupixent, a twice-monthly injection for eczema, could have multiple indications including asthma, nasal polyps and possibly even food allergies. Regeneron is also working on immunotherapy treatments for skin cancer that are also promising.

As for the threat of competition for Regeneron's lead product, Eylea, Schleiffer said it's a high bar for others to match. Elyea, used to treat certain retina diseases, currently has two million injections a year, he said, while the competition may still be years away from having a single injection.

Lightning Round

In the Lightning Round, Cramer was bullish on Ultra Clean Holdings (UCTT) , LAM Research (LRCX) , Danaher (DHR) , McDonald's (MCD) , Aetna (AET) , UnitedHealth Group (UNH) , Ansys (ANSS) , Idexx Laboratories (IDXX) and Baozun (BZUN) .

Cramer was bearish on Patterson Companies (PDCO) , Wendy's (WEN) and Select Medical Holdings (SEM) .

No-Huddle Offense

In his "No-Huddle Offense" segment, Cramer took a moment to reflect on his interview nine months ago with then-CEO of General Electric, Jeff Immelt, and how it compared to his interview today with GE's new CEO, John Flannery.

Cramer said that he appreciated Flannery's focus on the future, it's also important to examine the past to determine what went wrong. Cramer's inclination is to put GE's entire board of directors on his Wall of Shame for letting things get this bad and, worst of all, not knowing they were this bad in the first place.

Nine months ago, Immelt said things were fine and GE was going to have a great year. He dismissed negative analysts who thought differently. Nine months later, the analysts were right and GE slashed its dividend.

Were Immelt and the board deceiving shareholders, or themselves, or both? Cramer said there's no way he can trust GE until we know the truth.

Over on Real Money, Cramer says General Electric really owes us an explanation now. Get more on his insights with a free trial subscription to Real Money.

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At the time of publication, Cramer's Action Alerts PLUS had a position in GE, AGN, APA, AAPL, GOOGL, SBUX, ABT, DHR.

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