Click here for an archive of Cramer's "Mad Money" recaps.

"This is one of the worst days I've ever seen without a catalyst" to precipitate it, Jim Cramer told "Mad Money" viewers on Tuesday in response to a day that saw the

Dow Jones Industrial Average

plunge more than 180 points.

"On the surface, this market looks completely incomprehensible, and that should scare you," Cramer said. But he warned investors not to run and hide.

The markets needs generals, he explained, adding that the leaders of the last market run-up are all played out. "The generals are dead," Cramer said, and listed


(CSCO) - Get Report



(DELL) - Get Report



(MSFT) - Get Report



(INTL) - Get Report





Marvell Technology

(MRVL) - Get Report



(GOOG) - Get Report

as examples of previously hot stocks that are now lukewarm.

A False Sense of Security

He also added

General Motors

(GM) - Get Report



(WMT) - Get Report

as two stocks that may have "lulled us into a false sense of security," but that didn't, in the end, have the right stuff to rescue the market from its latest slide.

"We're leaderless, headless, and things will get volatile," he said. "It's because we've got no generals."

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To beat the rudderless market, Cramer suggested that investors stand to benefit by buying stocks of commodity companies, as well as recession stocks. "But, he said "they can't go up at the same time. It's like a seesaw."

He recommended


(CLX) - Get Report

as a good investment in the current environment.

Cramer said that today's offer to take pipeline company

Kinder Morgan

(KMI) - Get Report

private saw the stock price jump 18% from Friday's close.

Although that was good for investors who had the foresight to buy the stock, that news is now in the past. As regular "Mad Money" viewers know, it's future events that count when trying to make money -- not old information.

Cramer identified


(ENB) - Get Report

as a similar company to Kinder, but one where the stock still retained upside price potential.

"I rate it a triple buy," he said.

The company has 43,000 miles of oil and gas pipeline in Canada that will benefit as energy producers start to develop the Canadian oil sands. When produced, the extracted energy will need piping, and that's where Enbridge stands to gain.

Cramer's target is $40 a share, and the stock's 3% dividend will reward investors while they wait for the price to rise.

"I think they are the best, most undervalued way to play Canada," he said.

He quickly moved on to an interesting technology play. "Wireless home routing is about to become the next big thing," said Cramer. "I can see how useful it is to have wireless Internet at home."

But he cautioned investors that it's not how many friends they see using wireless at home, but rather it's the actual market statistics that really matter for investing purposes.

Cramer sees


(NTGR) - Get Report

as the best-of-breed stock most likely to benefit from at-home wireless Web, as well as the growth of Internet phoning.

In addition, the stock has a high cash position and has seen its market share grow lately.

"There was no great way to hook the phone up to Internet, until Netgear," Cramer said. "The company's Skype phone should drive good earnings for 2007."

"They are the Genghis Kahn of wireless routers."

The CEO of

Transmeridian Exploration

( TMY), Lorrie Olivier, joined the show by phone to help answer Cramer's questions. The company operates its oil exploration and production business mainly in the former soviet republic of Kazakhstan.

"Are we paying too much given Kazakhstan's tenuous nature, or is this good situation?" asked Cramer.

"Transmeridian is an undervalued company," said Olivier, "and the geopolitical situation in the world supports Kazakhstan's continued growth."

The company has approximately 200 million barrels of proven and probable reserves of oil, and production is well on the way to 30,000 barrels a day within the next two years, he said.

The reason for the stock's lack of participation in the recent oil-sector run-up was likely due to lack of knowledge of the company by institutional investors, Olivier said.

Cramer added that this "is a call option on an area that is a little dicey. Is it safe? Only for the most speculative of accounts," he warned.

To view Cramer's interview with Olivier, please click here


Lightning Round


Cramer was bullish on


(HAL) - Get Report






(COP) - Get Report



(ENB) - Get Report


Cedar Fair

(FUN) - Get Report


Nektar Therapeutics

(NKTR) - Get Report


Hain Celestial

(HAIN) - Get Report



(CMCSA) - Get Report


Anheuser Busch

(BUD) - Get Report



(PEP) - Get Report


Bank of America

(BAC) - Get Report



(C) - Get Report


Crystallex International

( KRY)and

VeriFone Holdings




Cramer was bearish on

Maverick Tube

( MVK),


(EBAY) - Get Report


Marvell Technology


Oil States International

(OIS) - Get Report


Six Flags

( PKS),

XM Satellite Radio

( XMSR),





( FAL),


(STKL) - Get Report


Marshall & Ilsley

( MI)and

IndyMac Bancorp

( NDE).

For more of Cramer's insights during the most recent Lightning Round, click here.

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

clicking here


At the time of publication, Cramer was long URS, Microsoft and Halliburton.

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. 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.