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Cramer's 'Mad Money' Recap: Focus on Making Money

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NEW YORK (TheStreet) -- Don't focus on Italy, focus on the best way to make money, Jim Cramer told "Mad Money" TV show viewers Tuesday. He said the best way to make money in the markets is not to fret over Italy but to focus on everything that's working right here in America.

Cramer said the days when Italy's economy could drag the U.S. down with it are over. The U.S. is stronger, he said, while Italy, and indeed most of Europe, has only slid further into irrelevancy.

Meanwhile, here in the U.S. we have an unbelievable housing recovery underway, one that's led Home Depot (HD) to post what Cramer called the single best earnings so far in 2013.

Home Depot, a stock Cramer owns for his charitable trust, Action Alerts PLUS, posted a strong 7% gain in same-store sales and boosted its dividend by 34%, all while buying back more of its stock and maintaining a positive outlook for the rest of 2013.

When asked where the company is seeing strength, Home Depot management rattled off a list of departments that sounded more like a store directory than pockets of strength. Everything from tools, lumber and lighting to kitchens, bath and decor saw rising sales.

Cramer said he wouldn't buy shares of Home Depot at current levels, but on any weakness he's a buy, buy, buyer. He said the spillover from Home Depot will be good news for all the housing-related stocks including Stanley Black & Decker (SWK), Eaton (ETN), Masco (MAS), Lumber Liquidators (LL) and countless others.

Put Italy in perspective, Cramer concluded, and buy some Home Depot.

Executive Decision

In the "Executive Decision" segment, Cramer spoke with Chip Johnson, CEO of Carrizo Oil & Gas (CRZO), a stock that's fallen 20% since Cramer last spoke with Johnson in March 2012. The company just posted a 19-cent-a-share earnings beat.

Johnson said Carrizo is still building value for its shareholders. He said the company's proven reserves are now valued at $1.4 billion. Adding on unproven assets, that figure is likely north of $3.6 billion. Unlike many drillers that have been slow to transition away from natural gas and into the more lucrative oil markets, Carrizo has been able to move quickly, said Johnson, which is only helping production increase ahead of schedule.

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