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Jim Cramer's 'Mad Money' Recap: Forget the Fed's Old News

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NEW YORK ( TheStreet) -- Stop trading off old Federal Reserve meeting minutes, Jim Cramer commanded "Mad Money" viewers Wednesday.

Cramer said what the Fed was thinking over a month ago has no lasting impact on today's markets. When today's selling subsides, the bulls will be back.

Bear markets come in all shapes and sizes, Cramer explained. Some are caused by rising inflation, some are self-induced and still others stem from markets abroad. But bull markets are all the same, with several factors in common.

First, every bull market must have its share of skeptics, as this one does. It must also have a compliant Federal Reserve, which we also have, with super-low interest rates and aggressive bond buying. Bull markets also need lowered expectations, ones that companies can easily beat. We've had many companies beating earnings and raising estimates this quarter.

Finally, Cramer said all bull markets need something new to like, which we saw today in natural gas, biotech and even the retail sector.

A bull market doesn't mean everything is going up all at once, however. Cramer said that as one sector heats up, another cools off -- which is why social media stocks are cooling since the Twitter (TWTR) IPO as others, such as 3D printing, are ailing.

But the overall direction of the market is clearly higher, Cramer concluded, which is why investors should be ready once the Fed-induced sellers have moved on and the bulls return.

It's a Gift

Today's market weakness is a gift for investors looking to buy into stocks of companies that are executing well, said Cramer. He highlighted Home Depot (HD - Get Report), Dick's Sporting Goods (DKS - Get Report) and Best Buy (BBY - Get Report).

Cramer said housing remains one of the areas of the economy on fire, and Home Depot's 8.2% rise in same-store sales proves it. Everything from kitchen and lighting to plumbing and tools are on the rise at Home Depot, and Cramer said that bodes well for Fortune Brands Home Security (FBHS), Stanley Black & Decker (SWK) and Lumber Liquidators (LL), as well as for Cree (CREE), which Home Depot called out by name for its hot-selling LED light bulbs.
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