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NEW YORK (

TheStreet

) -- "Don't lose your head," Jim Cramer said on his

"Mad Money"

TV show Thursday.

Cramer said the same litany of negative news that drove the markets lower Wednesday was present today, but the market's reaction was markedly different now when Dow is at lower levels.

Whether it's worries about home equity loans not being repaid, or a lack or new small business loans, or fears of lower demand for commodities, Cramer said the bears will continue to spew their negativity. He said the markets, though, simply give them less credence at lower levels.

At Dow 10,500, Cramer said the glass appears half empty, but at Dow 10,000, and especially at Dow 9,500, the glass is decidedly half full. He said the markets are clearly range bound, and how it responds to negative news will depend on where it is in that range.

At the high end of the range,

Cisco

's

(CSCO) - Get Report

bad quarter was a huge negative, but at lower levels it may have been tempered by positive news from

Macy's

(M) - Get Report

and

Walt Disney

(DIS) - Get Report

.

Cramer said this phenomenon should only come as a shock to those who don't understand how the game it played. Viewers of "Mad Money," however, should be able to see these moves coming, he said.

Mini-Bull Markets

"There's always a bull market somewhere," Cramer reminded viewers, as he followed up on his thesis from last night that said that one-third of the market would be bottoming at the open today.

Cramer said the groups that he expected to be held hostage by the futures markets, were indeed at the open today, but shortly thereafter, right on schedule, they began to rally.

One sector Cramer liked was agriculture. He noted

Potash

(POT)

and

John Deere

(DE) - Get Report

opened lower, but ended the day with solid gains.

Also on the list was health care. Cramer referred to the charts of

Medco Health Systems

(MHS)

and

Allergan

(AGN) - Get Report

that showed the stocks rallied strongly by day's end.

Finally were the utilities, as evidenced by

Consolidated Edison

(ED) - Get Report

,

Duke Energy

(DUK) - Get Report

and Cramer's favorite,

Progress Energy

(PGN)

.

Cramer noted that only gold did not open lower as he expected. He said that group, including

Agnico-Eagle Mines

(AEM) - Get Report

, opened higher, and crept higher still throughout the day.

Bad CEOs

In the Thursday "Sell Block" segment, Cramer unveiled the "viewer's choice" award for his coveted "Wall of Shame" list of the worst CEO's. He said with 38% of the votes, the Wall of Shame spot goes to Robert Fornado, CEO of

AirTran Holdings

( AAI).

AirTran shares have fallen 55% since Fornado took the helm in November 2007. Cramer said the stock has repeated missed earnings and underperformed its peers. He said while there is not much downside left in the stock, AirTran's only option may be to merge with another airline.

Cramer said the other honorable mentions were the head of the

Blackstone Group

(BX) - Get Report

, a stock down 69%; the head of

Nokia

(NOK) - Get Report

, with shares down 59%; and the CEO of

Johnson & Johnson

(JNJ) - Get Report

, whose shares have slipped 8%.

Cramer said in all of these cases, the CEOs were bad, but not bad enough. "You can't get on my wall that easily," he said.

Am I Diversified?

Cramer played "Am I Diversified" with callers to see if their portfolios have what it takes. The first caller's portfolio included:

Annaly Financial

(NLY) - Get Report

,

Apple

(AAPL) - Get Report

,

Boeing

(BA) - Get Report

,

Kinder Morgan Energy Partners

(KMP)

and

Pepsico

(PEP) - Get Report

.

Cramer said this portfolio was not only diversified, but has an opportunity to make a lot of money.

The second caller's top holdings included

Kinder Morgan Energy Partners

(KMP)

,

BP Prudhoe Bay

(BPT) - Get Report

,

Hugoton Royalty Trust

(HGT)

,

Altria

(MO) - Get Report

and

AT&T

(T) - Get Report

.

Cramer said this portfolio has two oil trusts and one needs to be sold to make way for a good utility stock like Consolidated Edison.

The third caller had

Altria

(MO) - Get Report

,

AT&T

(T) - Get Report

,

Consolidated Edison

(ED) - Get Report

,

Chevron

(CVX) - Get Report

and

Bristol-Myers Squibb

(BMY) - Get Report

as their top five stocks.

Cramer said this portfolio was perfect for diversification and dividend yield.

The fourth caller's top stocks were

Abbott Labs

(ABT) - Get Report

,

Bank of America

(BAC) - Get Report

,

ConocoPhillips

(COP) - Get Report

,

John Deere

(DE) - Get Report

and

Eaton

(ETN) - Get Report

.

Cramer said he loved this portfolio as well.

More from Jim Cramer Cramer's 25 Rules for Investing

Lightning Round

Cramer was bullish on

Tiffany & Co

(TIF) - Get Report

,

Coach

(COH)

,

Intel

(INTC) - Get Report

,

Centurytel

(CTL) - Get Report

,

Windstream

(WIN) - Get Report

,

Caterpillar

(CAT) - Get Report

,

CSX

(CSX) - Get Report

,

Union Pacific

(UNP) - Get Report

,

Chesapeake Energy

(CHK) - Get Report

,

Agnico-Eagle Mines

(AEM) - Get Report

,

Eldorado Gold

(EGO) - Get Report

and

Nvidia

(NVDA) - Get Report

.

He was bearish on

Saks

(SKS)

,

El Paso

( EP),

WellPoint

(WLP)

,

Best Buy

(BBY) - Get Report

and

Yamana Gold

(AUY) - 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 not long any stock mentioned.

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.