Cramer's 'Mad Money' Recap: Hidden Gems

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"There are still some hidden gems in this market," Jim Cramer told viewers on another special, midday episode of his "Mad Money" TV show Wednesday.

While the markets continue to focus almost exclusively on the fates of Freddie Mac (FRE Quote) and Fannie Mae (FNM Quote), Cramer said the real buys may be in retail and tech.

Cramer said that he's taking a new look at the retailers after many have reported better-than-expected numbers this past quarter. He said that TJ Maxx (TJX Quote) is now among his favorites.

In the technology sector, Cramer said the earnings from Hewlett Packard (HPQ Quote), which he also owns for his Action Alerts PLUS portfolio, really do matter and that it's amazing that HP's business has been so good in a worldwide slowdown.

He sees strength in many of the big cap tech names like Research In Motion (RIMM Quote), Apple (AAPL Quote), Intel (INTC Quote), Google (GOOG Quote) and even Qualcomm (QCOM Quote).

Cramer: How to Buy General Mills

Surviving the Ethanol Mandate

Cramer talked with Tyson Foods (TSN Quote) CEO Dick Bond to get some insights into the state of the food business as it struggles against sharply rising inflation in raw costs.

Bond reiterated his opposition to government mandated quotas on ethanol production, saying that the conversion of 30% of the nation's corn crop to 3% of the country's gasoline needs hurts consumers more than it helps. He called the mandates just wrong, saying the consumers haven't yet felt the true magnitude of the inflation since many companies have been working hard to absorb them.

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