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Cramer's 'Mad Money' Recap: A Tale of Two Markets

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NEW YORK ( TheStreet) -- It's a tale of two markets, Jim Cramer told "Mad Money" viewers. Thursday was the sixth straight down day for the market.

There are things to like and things to avoid in this market, said Cramer, but don't think that's it's all bad, that would just be foolish.

Cramer said there are still winners in this market, money can still be made. He said the utilities are doing well, as are the REITs, telcos and some retailers. Stocks such as AT&T (T), Verizon (VZ), Target (TGT) and Wal-Mart (WMT) are not hard to find.

Food stocks, drug stocks and even tobacco are still good investments, added Cramer. Both Merck (MRK) and Johnson & Johnson (JNJ) have been standout performers as of late. Cramer was also a fan of Starbucks (SBUX) and Dunkin Brands (DNKN).

But there's also a lot not to like about the markets. The industrials continue to plummet and falling oil prices are taking the oil and gas stocks along with it. Computer sales are sluggish and luxury shopping is coming to an abrupt halt. And stocks like Cummins (CMI) and Caterpillar (CAT) remind us daily of how a slowing Europe is affecting the machinery and infrastructure stocks.

Cramer said if the banks reveal the need for credit is still slowing, that would also be bearish for employment growth, and would in turn send the markets still lower. But that doesn't negate the fact that there are still plenty of things going right in the markets. Cramer said investors need to remain vigilant and keep their focus on what's going right.

Time to Buy Duke Energy

What should investors do with Duke Energy (DUK - Get Report) after the CEO shakeup of last week? According to Cramer, it's time to buy, buy, buy.

Cramer said that he's outraged at the last-minute maneuvering that gave Progress Energy CEO William Johnson the boot and turned control of the new company back to Duke CEO Jim Rogers. Was there a corporate hijack? Were shareholders misled? Cramer said there needs to be investigations to answer these questions.

But despite the corporate scandal in the boardroom, Cramer said the fact remains that utilities practically run themselves and the combined Duke and Progress Energy will yield 5% to 7% in cost savings. Cramer reminded viewers that Rogers has delivered an 88% return since taking the helm at Duke, so he clearly knows what he's doing.
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