When Janet Yellen speaks on Friday, Jim Cramer thinks she could make a case for a strong economy that is ready for multiple rate hikes.

"I bet a small tightening will turn out to be a buying opportunity, even as there are always weak-handed traders who sell on any rate increase," the "Mad Money" host said.

When Cramer listened to the stellar Toll Brothers earnings conference call on Tuesday, it was clear to him why the housing market is doing so well. Toll Brothers dominates the high-end real estate market, building homes that average $843,000.

"You have to remember … housing punches above its weight. Meaning, when housing is strong it leads to all sorts of good things for the economy, including the desire to spend money improving your house in order to augment its worth," Cramer said.

It was the combination of nationwide home price appreciation and consistent monthly gains that catapulted Toll Brothers' stock up almost 10 percent on Monday and Tuesday.

This was important, Cramer said, because until Toll Brothers reported there was a perception that the high-end home business was becoming weaker. Therefore, many assumed that home appreciation hit a ceiling and housing had peaked.

In the past six years there have been two flash crashes, including one that occurred exactly a year ago in 2015. Cramer will be ready for the next one, and wants investors to be prepared, too.

"Fool me once, shame on you. Fool me twice, and I'm an idiot who deserves the heat," Cramer said.

The term flash crash refers a special event when the stock market drops quickly, almost in the blink of an eye. It can result in a dramatic loss of about 1,000 points on the Dow. Both flash crashes had a similar theme: something negative overseas either triggered, or was thought to trigger an event in the U.S. that investors couldn't grasp. It caused an immense amount of fear and paralysis.

In Cramer's perspective, it's not a matter of if a flash crash will happen again, it's a matter of when. His first rule is to never use market orders. A market order is an order to buy or sell a stock executed at the current market price. Market orders can be messy, and have no specific price allocated, so investors can get crushed by machine algorithms, Cramer said.

And while housing has been on the mend this year, investors learned on Tuesday that U.S. home sales declined last quarter. This seemed like a high-quality problem to Cramer, because the decline was caused by lack of inventory. Meaning, people want to buy homes, there just aren't enough to supply them.

Still, Cramer declared that the housing market is once again on firm footing. Ellie Mae is a software service company that helps lenders to streamline and automate parts of the mortgage process. It is the only player with a one-stop-shop mortgage solution that can assist things such as determining if someone is worth lending to, federal and state regulations and collecting mortgage payments.

Ellie Mae's stock has been on fire, up 60 percent for the year. The company's CEO Jonathan Corr explained that Ellie Mae aims to enable the procedure, all the way from the borrower filling out the initial loan application to the funding process.

"It's an incredibly complex process. Historically, there is lots of paper involved, a lot of inefficiency, a lot of disconnected systems. And then on top of that, it's being done in a very tight time frame … what we do, is we automate that entire process," Corr said.

Workday is the provider of cloud-based software for human capital management, payroll, financial management and analytics. Essentially, it automates many of the non-revenue generating back-office functions.

Workday reported results on Wednesday, and while it posted a wider than expected loss, revenue actually came in higher than projected, up 34 percent year-over-year.

The company made headlines when it announced a partnership with Samsung. Cramer spoke with Workday's CEO Aneel Bhusri, who explained the significance of the deal.

"Samsung is going through a human capital management transformation project. They really took their time, did their diligence and selected us as a true partnership. They not only are our biggest customer in APJ, they are our first customer in South Korea. So, I feel like we are entering South Korea with a bang," Bhusri said.

Cramer continued to be stunned by the strength in retail. After reviewing the results from the second quarter, it was clear to him that customers didn't stop shopping. They were just picky about the places they shopped.

PVH Corp is the apparel company best known for its brands Calvin Klein and Tommy Hilfiger. The stock is up nearly 70 percent from its February lows. It reported a strong quarter on Wednesday, with an 18-cent earnings beat from a $1.29 basis.

Cramer spoke with PVH's chairman and CEO Manny Chirico on what drove the strength of the quarter.

"In North America, inventories getting under control, the story has really been a profitability model. And I think that story continues as we go into the third and fourth quarter in North America," Chirico said.

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

Edwards Lifesciences: "I like Edwards Lifesciences, because that new device makes it so they don't have to crater the chest cavity. They can insert a device. That stock is a good stock."

Five Below: "It's got the same cohort as Dollar General and Dollar Tree, and it's doing just as well. I think therefore you are OK. I like the stock."