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) -- "We need a new playbook to deal with this roller coaster of a market," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday.

He said investors can't afford to get caught up in the day-to-day gyrations of markets, they need to stick with stocks with great long-term secular growth stories.

According to Cramer, the markets have just gotten too hard for anyone other than the nimblest of day traders to tackle on a daily basis. He said that his viewers need to stick with stocks that are working, and that means stocks that are uniquely domestic, have strong growth, or do well when the rest of the market panics.

For example, Cramer said the generic drug makers, stocks like

Teva Pharmaceuticals

(TEVA) - Get Report

, a stock which he owns for his charitable trust,

Action Alerts PLUS, will do well in this market since governments are still trying to save on health care costs.

Then there are also stocks like


(WY) - Get Report

, which Cramer highlighted on yesterday's show, that are benefiting from the coming housing shortage and the fact the company is converting itself into a Real Estate Investment Trust, or REIT, later this year.

For defensive names, Cramer threw out

General Mills

(GIS) - Get Report



(MCD) - Get Report

as two good names. He also noted domestic natural gas plays like

Atlas Energy



National Fuel Gas

(NFG) - Get Report


Cramer also gave the nod to other recent mentions, like

Steve Madden

(SHOO) - Get Report



(AAPL) - Get Report

, another Action Alerts Plus stock, along with


(NFLX) - Get Report


Chipotle Mexican Grill

(CMG) - Get Report


"Forget the drama," Cramer told viewers, "buy stocks with great long term growth stories."

Dividend Friendly

In the "Executive Decision" segment, Cramer spoke with David Demshur, chairman, president and CEO of

Core Labs

(CLB) - Get Report

, a stock that's up 21% since Cramer last recommended it on Feb. 9.

Demshur said shareholders are important to Core Labs, which is why the company has been returning excess capital in the form of dividends, special dividends and stock buyback programs. He said while the company's dividend yield may seem small, Core Labs has been augmenting that yield with special dividends up to $1 per share over the last two years.

Turning to current event, Demshur said he sees no long-term impact on Core Labs from the recent oil spill in the Gulf of Mexico, but he does see strong growth in Iraq, as that country's new government gets back on its feet. He said his company is working on six projects in Northern Iraq currently, but will be expanding into five large projects in southern Iraq soon.

Demshur explained that using Core Labs proprietary technology, the company helps maximize the output and life span of both oil and gas fields. He said the company continues to focus on international crude development, but also assists in domestic oil and gas shale field development as well.

Cramer said that Demshur was a winner, and he continues to recommend the stock.

Undervalued Bank Stocks

"Despite the headlines, stocks still trade on future earnings," Cramer told viewers, as he continued his series of sectors delivering outstanding upside surprises. Tonight's focus, the national banks, a sector Cramer called the most undervalued out there.

Cramer said despite worries of financial reforms, and the government's attack on

Goldman Sachs

(GS) - Get Report

, Cramer said the national banks are still attractive.

"Financial reforms won't kill these companies," he said as he reiterated buys on

JPMorgan Chase

(JPM) - Get Report


Bank of America

(BAC) - Get Report

and Goldman, all three of which Cramer owns for Action Alerts Plus. He also gave a tip of the hat to


(C) - Get Report

, a stock he believes will see $12 a share by 2012.

Of the group, Cramer said JPMorgan is perhaps his favorite. The company delivered 74 cents a share in earnings, 10 cents more than analysts were expecting. With bad loan losses down for the quarter, and the stock trading at just seven times earnings, Cramer said JPMorgan is a steal.

Cramer said Citigroup also hit the ball out of the park when it earned 12 cents a share on massive revenue growth. Cramer said Citi also saw lower credit losses. He said this quarter was proof that this international powerhouse is returning to its former glory while trading at a 19% discount to its book value.

Am I Diversified?

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

Abbott Labs

(ABT) - Get Report



(LOW) - Get Report



(MCD) - Get Report


Plains All American Pipeline

(PAA) - Get Report


Plum Creek Timber



Cramer said this portfolio was perfect, with a good dividend yield to boot.

The second caller's top holdings included

Linn Energy




(GSK) - Get Report



(BP) - Get Report



(F) - Get Report



(KO) - Get Report


Cramer said BP and Linn Energy are two of a kind and he'd sell Linn in favor of a timber company like Plum Creek.

The third caller had


(IMGN) - Get Report


Huntington Banshares

(HBAN) - Get Report



(SD) - Get Report


Walter Energy




(RIG) - Get Report

as their top five stocks.

Cramer said this portfolio also has too much energy exposure. He said he would sell Transocean and add a stock like Plum Creek Timber.

Lightning Round

Cramer was bullish on


(RTN) - Get Report


Weatherford International

(WFT) - Get Report



(INTC) - Get Report


Kinder Morgan Energy Partners




(T) - Get Report



( MOT) and


(AAPL) - Get Report


He was bearish on


(TEF) - Get Report



(NOK) - Get Report



(V) - 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 Teva Pharmaceuticals, Apple, JPMorgan Chase, Bank of America, Goldman Sachs, Intel, Weatherford International.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of 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, 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 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, 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, 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 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, 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.