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The

Federal Reserve

finally got it right by cutting its target rate 50 basis points, Jim Cramer said on

CNBC's

"Stop Trading!" segment Wednesday.

"There's no interpretation, this was just positive," Cramer said. "We have money flush from the sidelines." He believes that the financials will mount a recovery based on the Fed's move. "

Bank of America

(BAC) - Get Bank of America Corp Report

will want to buy

Countrywide

( CFC)."

"Fifty basis points is good," Cramer continued. He anticipates a market recovery thanks to the rate cut.

Cramer observed that some positive results are already visible. "People bought the

WaMu

(WM) - Get Waste Management, Inc. Report

preferred. That's good. ... This is a huge positive, and the market should react. ... It's huge. ...

TheStreet Recommends

GM's

(GM) - Get General Motors Company Report

breaking out. The GM preferred ... is a fantastic piece of paper."

Investors should get in now, although "perhaps they'll give you something that is negative to give you another chance," Cramer said.

In Cramer's view, the export economy is "red hot." He said he was "raising numbers on all financials."

"All is forgiven," Cramer said of his previous animosity toward the Federal Reserve. "Financials should be bought."

Cramer added that playing the agriculture boom is still a smart move. "Oil's going to $100. ... I think you can still own

Bunge

(BG) - Get Bunge Limited Report

upgraded. ...

Archer Daniels

(ADM) - Get Archer-Daniels-Midland Company Report

is good."

On the overall economy, Cramer declared, "I am bullish. ... I'm not going to change my mind ...

the Fed did it right."

At the time of publication, Cramer had not positions in any of the stocks mentioned.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click

here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click

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clicking here.

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