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Cramer's 'Mad Money' Recap: Chesapeake Energy a Gas

Click here for an archive of Cramer's "Mad Money" Recaps.

Jim Cramer told his "Mad Money" viewers on CNBC Thursday night that he will not be driven away by a market selloff. Indeed, even on a down day, Cramer is always on the lookout for a bull market.

With that out of the way, Cramer headed straight to Chesapeake Energy (CHK - Get Report), which has been on fire for the last year. Cramer said that he's been all over this stock because of the CEO's relentless insider buying. But now that the stock is up $6 from the CEO's last big purchase, where are we now with Chesapeake? Does it go up or does it go down from here?

Because Cramer isn't a fortuneteller, he decided to get the company's CEO, Aubrey McClendon, on the phone.

McClendon, who bought 500,000 shares in 2004, said he knows how to spot value when he sees it. And his bullishness was well rewarded Thursday, when the company turned in record numbers after the close. As to where he sees the price of oil going, he said it's definitely not going back to $18 -- and maybe not even $50 a barrel.

But this company is leveraged to natural gas and if natural gas spikes to $9 or $10, it would be huge for Chesapeake. The company is largely unhedged beyond $7. Cramer called the company the best and biggest pure play on natural gas in the market, and he said he would back up the truck on the stock and buy it.

Terex -- for a Trade

In light of the great quarter that Terex (TEX) reported Wednesday night, Cramer said it was prudent to address those who think it's ridiculous to own Terex -- which is not best of breed in its industry -- instead of Caterpillar (CAT), which is best of breed.

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