Cramer's 'Mad Money Recap': Hot Chilean Stocks

Finally, Cramer said he was fond of Santander's 4.5% dividend yield and the fact that it trades at just eleven times its earnings. With 13% income growth year over year, Cramer said Banco Santander is a steal.

A Red Hot Utility

Cramer also recommended Chilean utility company Enersis ENI as a safer, more conservative Chilean play.

Much like his recommendation of CPFL Energia CPL in Brazil, Cramer said Enersis is a high-growth foreign utility.

Enersis' revenues are split equally between its power generation and distribution businesses. Cramer noted that with two-thirds of the company's power derived from hydro-electric sources, Enersis is also an environmental play as Chile works toward energy independence.

Cramer said Enersis is a growth story. As Chile continues its stable economic expansion, the country's need for power will fuel automatic growth for Enersis. The company plans to invest up to $5 billion into its infrastructure by 2021, which signaled to Cramer a strong, multi-year move for the stock.

Cramer said with its 2.1% dividend yield and the stock trading at just 19 times its earnings, Enersis is trading at a discount to the global utility average. He said this $17 stock should be trading in the mid $20s.

Bad Speculative Plays

In the "Sell Block" segment, Cramer put out a warning on IndyMac Bancorp IMB and Standard Pacific SPF.

He advised investors not to be enticed by low-dollar speculations, saying such speculative moves can wipe out entire investments overnight.