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NEW YORK (

TheStreet

) -- "Don't freak out over Ben Bernanke's negatives," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday.

He said the

Federal Reserve

chairman's testimony before Congress today may have pulled the markets lower, but there are still a lot of things going in our favor.

Cramer identified 10 tailwinds that are now swinging in favor of higher, not lower, stock prices going forward. They included:

1. China's Comeback. Cramer said the Baltic Freight Index is on the rise thanks to returning demand for just about everything from China.

2. Brazil's Strength. The growth in Brazil is positively impacting the earnings of many companies.

3. Europe's Stabilizing. The fears about Europe have not been showing up in corporate earnings as expected.

4. Financial Regulation. With regulations finally done, the banks can finally breath easy.

5. Washington's Gridlock. With Republicans gaining in election momentum, the resulting gridlock in Washington will be great for the markets.

6. Bernanke's Plan. Super low interest rates and no inflation have created the perfect environment for companies to grow.

7. Tech's Titans. From

Apple

(AAPL) - Get Report

, a stock which Cramer owns for his charitable trust,

Action Alerts PLUS, to

Eaton

(ETN) - Get Report

, strong corporate earnings are everywhere.

8. Stock Valuations. "Stocks prices are the lowest I've seen in 30 years," Cramer said.

9. Bears abound. Sentiment is terrible, he said, adding that means a lot of sellers to convert into buyers.

10. Chartist's Delight. As we pass by the one year anniversary of many of the markets' troubles, stock charts begin to look better and better to the technicians.

For all of these reasons, Cramer said the markets are still the place to be when it comes to your portfolio.

Bull Market in Oil Services

With a recovery in China finally taking hold, Cramer said there's a bull market coming in the oil service sector. That's why he reiterated his buy on

Weatherford

(WFT) - Get Report

, a stock which he owns for his charitable trust,

Action Alerts PLUS, and the fourth largest oil service company in the world.

Cramer said Weatherford's success should come as no surprise, as he interviewed the company's CEO on June 8. Since then, its shares have risen a solid 19%. He said this trend was also confirmed by rival

Halliburton

(HAL) - Get Report

on its recent conference call.

Cramer said despite the company's huge international exposure, Weatherford still trades at a 25% to 30% discount to its peers thanks to an earnings miss earlier in the year. The issue, he said, turned out to be the company's failure to downsize for the recession, something that is now a positive as Weatherford now has a two- year jump on the competition.

Weatherford reported in the past quarter earnings per share of 11 cents, four cents above expectations, on a 22% increase in revenue and expanded gross margins. Cramer said the company was even able to raise prices during these troubled times. Speaking of which, Weatherford exposure to the Gulf oil spill just one cent a share.

Cramer said Weatherford is clearly a buy, and he'd be a buyer ahead of the

Schlumberger

(SLB) - Get Report

earnings later this week.

Optimistic Energy Prospects

In the "Executive Decision" segment, Cramer welcomed back David Demshur, chairman, president and CEO of

CoreLabs

(CLB) - Get Report

, a stock Cramer last recommended on Feb. 9 on the heels of the company's 20% dividend hike. Since then, shares have soared 37% and are now flirting with a 52-week high.

Demshur painted a very optimistic picture of CoreLabs prospects, saying that effects from the Gulf oil spill are negligible, as Gulf projects only account for 2% to 3% of the company's total revenues.

What is affecting revenues however, are the company's six projects in southern Iraq, said Demshur, where CoreLabs and others are attempting to bring the country back to their 1978 production levels of 3.6 million barrels a day.

Turning to natural gas, Demshur said the oil shale fields are getting a lot more attention now, and the prospects for natural gas in this country are great. He said CoreLabs has technology to help maximize production from natural gas fields as they do with traditional oil fields.

Finally, when asked about the company's special dividends, Demshur explained that the CoreLabs focuses on maximizing free cash flow, investing only in high return projects and returning all excess capital to shareholders, whether that be through dividends, special dividends or share repurchase programs. There will be "more of that to come," he said.

Cramer reiterated his "buy, buy, buy" on CoreLabs.

Am I Diversified?

Cramer talked with callers to see if their portfolios have what it takes. The first caller's portfolio included

Verizon

(VZ) - Get Report

,

Kraft

( KFT),

Lincoln National

(LNC) - Get Report

,

Energy Transfer Partners

(ETP)

and

First Niagra

(FNFG)

.

Cramer said this portfolio needs a drug stock, and he recommended swapping Lincoln for for a stock like

Abbott Labs

(ABT) - Get Report

, an Action Alerts Plus name.

The second caller's top holdings included

Altria

(MO) - Get Report

,

Annaly Capital

(NLY) - Get Report

,

Bank of America

(BAC) - Get Report

,

Cisco

(CSCO) - Get Report

and

Vodaphone

(VOD) - Get Report

.

Cramer said that Annaly and Bank of America were too similar, and he recommended selling Bank of America in favor of a drug stock, again like Abbott Labs.

The third caller had

Apple

(AAPL) - Get Report

,

Netflix

(NFLX) - Get Report

,

Bank of Montreal

(BMO) - Get Report

,

Express Scripts

(ESRX)

and

Eldorado Gold

(EGO) - Get Report

.

Cramer said this portfolio was diversified and well played.

Lightning Round

Cramer was bullish on

SanDisk

(SNDK)

,

Cirrus Logic

(CRUS) - Get Report

,

Skyworks Solutions

(SWKS) - Get Report

,

ARM Holdings

(ARMH)

,

International Paper

(IP) - Get Report

,

Cytec Industries Inc

(CYT)

,

Swift Energy

(SFY) - Get Report

and

Salesforce.com

(CRM) - Get Report

.

He was bearish on

Microsoft

(MSFT) - Get Report

.

-- Written by Scott Rutt in Washington D.C.

To watch replays of Cramer's video segments, visit the Mad Moneypage on CNBC

.

Want more Cramer? Check out Jim's rules and commandments forinvesting from his latest book by

clicking here.

For more of Cramer's insights during the Lightning Round, clickhere

.

At the time of publication, Cramer was long Apple, Weatherford, Abbott Labs.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.