When it comes to President Donald Trump‘s agenda to deregulate banks, Jim Cramer says investors are fixated on that everything has to go through Congress.

“That is the conventional wisdom, and it is just plain wrong,” the “Mad Money” host said.

The president has freedom when it comes to how hard he wants to enforce rules, and Cramer interprets Trump’s actions so far as signaling that he wants regulators to have a lighter touch. In the past, regulators have used the Dodd-Frank Act to come down hard on banks.

Those days are over.

So, while many investors think a big, bad Trump-related correction in the stock market is coming, Cramer said to count him out. Trump’s recent executive orders will slow the economic agenda of corporate tax reform and maybe repatriation of foreign assets, but Cramer thinks a big correction is less likely than others have suggested.

The repercussions of the dramatic decline in department stores have reverberated deeply into the retail sector, and Cramer says this cannot be dismissed as a one-time-only incident.

“The implications here are horrendous for a host of different companies,” Cramer said.

Perfume and make-up have stood strong as the best segments for stores like Macy’s. When Cramer listened to the conference call for Estee Lauder, he realized the struggles of the department store have cut into the company’s growth.

The conference call made Cramer want to recommend Ulta Beauty, which was cited by Estee Lauder as one of its best venues. However, he couldn’t ignore that department stores were mentioned repeatedly as a source of weakness for Estee Lauder.

North Face is a department-store brand that Cramer attributed as the chief reason for VF Corp‘s tumble. PVH has been hurt from Tommy Hilfiger and Calvin Klein’s holiday sales, while Newell Brands cited declining mall traffic as the reason for moderate sales growth.

Hasbro seemed to be the only company that could fight the trend, as shares skyrocketed 14 percent on Monday, the company’s CEO Brian Goldner explained that the success could be seen right in the brand blueprint.

“It’s all about engaging the consumer across storytelling and innovation, a lot of digital engagement. We do it all around the world,” Goldner said. “Our international business, category for category and region for region, we are up considerably.”

Hasbro has the exclusive rights to make toys, games and action figures, thanks to a valuable partnership with Disney. It covers well-known franchises movies such as “Star Wars”, “Frozen” and the older brands such as Nerf and My Little Pony.

Another stock with a remarkable comeback that landed on Cramer’s radar was Advanced Micro Devices, up 10 percent on Monday. This seemed almost impossible to Cramer not too long ago, and it seems that no one saw it coming.

AMD is a global semiconductor company that makes processers and graphic chips. After years of small performance, the stock came roaring back in 2016, more than doubling from the $2.87 per share stock price it started the year off with. Since then, it has continued to climb.

Cramer attributed the turnaround to the mastermind, CEO Lisa Su. The company pivoted away from PCs and into faster-growing segments like data centers and virtual reality, while becoming more competitive with Nvidia in the gaming space. This allowed the company to turn around its numbers.

Given the stock’s strong run, Cramer recommended waiting for a pullback before buying.

“This comeback is far from over as the company expands into new end markets and puts up a better fight versus Intel and Nvidia,” Cramer said.

The airline group has been flying high since the election, but last week it was slammed hard, as investors worried that airport protests in response to Trump’s new immigration rules could impact air travel.

One of the only airlines that barely budged was Alaska Air Group, which has climbed to $95 from $72 in just under three months.

Approximately 10 months ago, Alaska Air announced it would acquire Richard Branson‘s U.S. airline, Virgin America, for about $4 billion. The idea was that Virgin would give Alaska Air’s West Coast network inroads to the East Coast, while also creating cost cuts.

“The airlines are in terrific shape here, and if you like domestic growth, Alaska Air may be the best of the bunch,” Cramer said.

He recommended waiting for it to report on Wednesday, and then wait for the stock to come down to get a better price.

In the Lightning Round, Cramer gave his take on a few stocks from callers:

AK Steel Holding: “AK Steel, not my favorite. I like Nucor because I love a good balance sheet. I know steel’s letter X is hot. I just want to stick with the one that has been so good for so long, which is Nucor.”

Exelixis, Inc: “We liked it much, much lower. It’s got a great speculative book of business, but remember it is speculative. That is really important I don’t want anyone to confuse this with Merck.”