Cramer's 'Mad Money' Recap: Fallout Shelter

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Baby bull calves were born today on the floor of the market, said Jim Cramer on his "Real Money" TV show Thursday.

Despite the red ink in the major indices, "today was a breakout day" for the banks and for tech stocks, he said. Sectors that can withstand a selloff like Thursday's, will rally when things get better, he said.

Tech, especially, is the new leadership, said Cramer, with Google (GOOG Quote), Qualcomm (QCOM Quote), Motorola (MOT Quote), Apple Computer (AAPL Quote), Juniper Networks (JNPR Quote), SanDisk (SNDK Quote) and Yahoo! (YHOO Quote) leading the way.

Among banks, Wachovia (WB Quote) and JP Morgan Chase (JPM Quote) were standouts Thursday.

Cramer likes tech and financials on any weakness, he said.

Raising the Bar

Cramer said the fallout from Refco (RFXCQ Quote) will likely boost the stock of FTI Consulting (FCN Quote) as more companies rush to find out if they might have hidden legal agreements of the kind that brought down Refco.

Refco's law firm had apparently checked off on a document that led to the fourth-largest bankruptcy in history, said Cramer.

FTI will win because you can't realistically hire a law firm to investigate another law firm, he said. The legal profession just doesn't work that way. But, you can hire FTI Consulting, which Cramer called a kind of "CSI" of corporate fraud.

FTI's stock is near a 52-week high, said Cramer, because the company also has a bankruptcy business, which has been booming as distressed debtors rushed to file bankruptcy before a new, tougher bankruptcy law went into effect earlier this week.

But, that trade is now over, said Cramer.

However, Cramer doesn't believe that the market yet fully appreciates that FTI will become the chief investigator in a post-Refco world. FTI Consulting "is in a real sweet spot," he said.