Cramer Remix: Why bad news is good news for the market

The rally on Tuesday snuck up on Jim Cramer seemingly out of the blue. When he sat down to do his homework, he discovered there were various catalysts fueling it, with technology as the main driver.

The first signal Cramer noted was that the market continued to rally, even as the Federal Reserve resumed talking about the need to raise rates.

"This market's refusal to go down on bad news is a sign that something new is afoot, something broader than just the FANG rallies or the mini-bull markets I have talked about every night," the "Mad Money" host said.

The most important signal, though, was the strength of technology stocks.

"We have a magnificent tech rally going here, one that we have to talk about because I think it is the real deal and tech is such a huge part of the S&P 500 (INDEX: .SPX)," Cramer said.

Read More Cramer: Rally in tech is huge for the stock market

Ever since crude bottomed in mid-February, Cramer has been convinced that oil could easily bounce back to $50 a barrel. That was a bold call to make back when it was in the $30s, but it became a reality on Tuesday when oil closed at $48.

Unfortunately, stocks in the oil patch may not continue to get a lift from rising oil prices.

To find out what could be in store for the future of major oil and oil service stocks, Cramer spoke with Robert Moreno, a chartist, publisher ofRightViewTrading.com and colleague of Cramer's at RealMoney.com.

Back in February, Moreno took a look at the charts and correctly predicted that Exxon Mobil (NYSE: XOM), Chevron (NYSE: CVX), Schlumberger (NYSE: SLB) and Pioneer Natural Resources (NYSE: PXD) were poised to head higher. However, this time around Moreno believes that the rally in the oil sector is overdone.

"When Moreno now says the group could be due for a near-term pause or even a pullback, I think we need to take him seriously," the "Mad Money" host said.

Read More Cramer: Oil charts show the party for oil stocks is over

As Cramer tried to determine the valuations for Under Armour (NYSE: UA), Nike (NYSE: NKE) and Foot Locker (NYSE: FL), he found himself wondering what would happen to the stocks if some of the pro athletes who represent the brands suddenly become losers.

Would Under Armour's stock get hammered if Stephen Curry suddenly doesn't make it to the finals?

If the valuation of a company's stock is determined by whether a team wins or loses in the NBA West finals, then count Cramer out.

"That, in a nutshell, is how I feel right now about the footwear and sports apparel group. I have never seen the cohort in this state of flux, and while opportunities may abound … this group has simply become too hard to reconcile," the "Mad Money" host said.

Read More Cramer: Under Armour, Nike & Foot Locker—count me out

One stock that is quickly closing in on an all-time high is Thermo Fisher Scientific, the No. 1 player in the life-science tools business. It creates the lab equipment needed to conduct science and also has a food safety business, diagnostics division and a genomics platform.

Thermo Fisher reported a strong top- and bottom-line beat at the end of April, with higher-than-anticipated full-year guidance — yet the stock barely budged. That was a signal to Cramer that the stock deserves to go even higher.

He spoke with Thermo Fisher CEO Marc Casper, who said the company has partnered with the CDC and authorities in Brazil to develop a test for the Zika virus.

"I think there is so much great research going in the field … I am very encouraged," Casper said.

And then there was CONSOL Energy, which rebounded so hard it took Cramer's breath away.

The company produces both coal and natural gas, two commodities that were crushed from the summer of 2014 until this January. Thus, the company lost more than 90 percent of its value over the same period.

So, is this rebound the real deal?

While Cramer acknowledged that the management at CONSOL have done an amazing job guiding the company through a difficult time, unfortunately the time to buy the stock was four months ago, not now.

"At this point, I think you just need to acknowledge that you have missed the move, and let it go," Cramer said.

In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:

Taser International: "I have liked Taser for ages, and I reiterate that I still like it. I know it flew and came back down, but I think it's a good stock."

Communications Sales & Leasing: "It's got too high of a yield. It makes me want to worry that it shouldn't be a red-flag situation. They shouldn't be that big. If the company wants to come on and talk about it, that's fine. But it's not my cup of tea."

Read More Cramer: The yield on this stock is too high

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