Cramer's 'Mad Money' Recap: Market Pause

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Because of CNBC's winter Olympics coverage, Cramer's "Mad Money" TV show has been reschedued to noon EST.

NEW YORK (TheStreet) -- "We can fret about the markets, just don't fret too much," Jim Cramer told the viewers in a special "High Noon" episode of his "Mad Money" TV show Monday.

He said there are legitimate reasons why the market is weakening, but there are also still opportunities out there.

After months of rallying, it's normal to ask whether the markets have simply run out of gas. But Cramer said after the 3% move off the January lows, it's normal for a pause in the markets. He said stocks have rallied too far, too fast, and are likely working off their overbought condition.

But despite the overall weakness, and the fact that a recent survey showed nearly two-thirds of Wall Street analysts hate the current market action, Cramer said opportunities still abound, as some sectors are still sitting at historically low multiples.

On the heels of Schlumberger 's(SLB) acquisition of Smith International (SII), Cramer said Schlumberger is still cheap given that the acquisition will give it turnkey drilling and exploration abilities.

Cramer also said that Air Products (APD) wins, regardless of whether its deal to acquire rival Airgas (ARG) succeeds. With Airgas, Cramer said Air Products will be able to increase margins. Without it, he added, the stock will likely snap back to its pre-deal levels.

Cramer also said the multiples in tech, industrials and the bank stocks are at historic lows. He told viewers that he'd need to see stronger employment numbers before turning bullish on the homebuilders or retail stocks.