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NEW YORK (TheStreet) -- Those who embraced the panic Wednesday missed out on substantial gains, Jim Cramer said Thursday on "Mad Money". Cramer said leadership matters, and in this market the two most important sectors are indeed in charge.
The financials and technology make up the largest part of the S&P 500, Cramer explained, and these two key groups are vital to any sustainable market advance. That's why its great to see even the worst houses in these neighborhoods heading higher, a sure sign of continued strength to come.
Among the financials, Cramer said Citigroup (C) has not been a standout. The bank not only still has sizable exposure to the bad debts of its past, but it's also struggling with slowing emerging markets. Yet, shares of this challenged bank have been showing signs of strength.
Meanwhile, in technology, Cramer said that Intel (INTC) has seen numerous estimate cuts as that company continues to struggle making the transition to mobile. Yet, there, too, the stock has been buoyed of late, thanks to the overall strength of its sector.
There are still areas of froth and concern in the markets, Cramer noted, including the fuel cell stocks, 3-D printing and even some cloud names, but for the rest of the market valuations still remain near historic lows.
That's why Cramer said he's only keeping one eye on the Federal Reserve but not both of them. Those who only paid attention to the Fed yesterday missed out on totally "gettable" gains today.
Executive Decision: Michael Small
For his "Executive Decision" segment, Cramer spoke with Michael Small, president and CEO of Gogo (GOGO - Get Report), the in-flight wifi provider that competes with Viasat (VSAT), whose CEO Cramer interviewed a week ago.
Small said the connected aircraft is the future of aviation and Gogo is proud to be the leading provider for global aviation. The company is ramping up its international efforts and building on its leadership position in a business where scale matters.
Small touted his company's new GTO service, which combines both satellite- and ground-based connectivity for an even faster wifi experience with better coverage across the U.S. That service will be available on its first plane by the end of summer and will ramp up throughout 2015, Small said. GTO will offer speeds up to 70 Mbps per plane, more than double the fastest service available today.
GTO will provide travelers with the ability to stream movies, for an additional fee, or view movies already preloaded on the plane.