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"Behind all of the losses and ugliness in the market, there is something positive," Jim Cramer told viewers of his "Mad Money" TV show Thursday.

While a bull market may seem like a needle in the haystack, it's out there, he said.

Cramer reiterated his belief that the markets will not fall below the lows set on July 15 and that a bottom is forming thanks to lower oil and natural gas prices. He listed six reasons why he feels investors should see the light at the end of the tunnel.

A bottom is forming in the housing stocks, signaling a bottom in the housing market that he says is coming in 300 days.

The Federal Deposit Insurance Corp. has announced a plan to fix ailing banks, allowing stronger entities to buy good assets while the government assumes the bad loans.

Both presidential candidates are likely to lower individual tax rates, which will help spark consumer spending.

Commodity prices have crashed across the board, helping to lower the raw costs for every company that uses commodities.

The price of gasoline is coming down even lower than Cramer first expected. "This is almost a tax cut in and of itself," he said.

Cramer: At Least One Builder's Improving

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The stock of

Wal-mart

(WMT) - Get Report

, a place where millions of Americans shop, is showing some strength.

Given these six reasons, Cramer told investors to begin looking for bargains amid the chaos in the markets.

Back to Its Roots

Cramer said the stock of tax-preparer

H&R Block

(HRB) - Get Report

may be attractive, even in the off-season. The stock took a huge hit today, down 9.7% after the company missed earnings estimates by 5 cents a share. But Cramer called the weakness a buying opportunity.

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Cramer last recommended H&R Block on March 19 in the middle of the busy tax season. Despite a 17.8% gain so far, he said the company is still a buy.

Cramer said his thesis rests on his belief that no matter who becomes president in November, one thing Americans can count on is a new tax code. That will create confusion and confusion, which is H&R Block's bread and butter.

H&R Block is also exiting mortgages and focusing on its core tax business, a plan which Cramer applauded. In addition, the company plans to purchase a large franchise operator in Texas and neighboring states, allowing it to convert 385 franchised locations into company-owned locations, which should provide a 5-cent-a-share boost to its bottom line.

Cramer said all of these points, along with the company's 2.3% dividend yield and stock buyback program, make H&R Block a buy at these deflated levels.

Sell Block

In this segment, Cramer sent home builder

Hovnanian Enterprises

(HOV) - Get Report

straight to prison, without a trial, after the company's abysmal earnings report.

He compared the company to rival

Toll Brothers

(TOL) - Get Report

, whose stock was up fractionally despite the horrible market action.

Cramer said Hovnanian's run is over. He said he heard nothing positive on the company's conference call, including a $2.67 a share loss for the quarter, unit orders down 38% year over year, and a 33% cancellation rate on home orders. He predicted $9.60-per-share loss for the year.

Cramer said the rising tide is not lifting all home-building boats. Hovnanian issued 14 million new shares of stock in May, which further diluted the struggling shares. Cramer also noted the company's $600-million bond sale, which now costs the company an interest rate of 11.5%.

"Hovnanian is a lot more expensive than it looks," said Cramer, who predicted the company will languish in ever increasing debts and market problems.

For the Record

Cramer talked with Howard Atkins, Sr. Executive VP and CFO of

Wells Fargo

(WFC) - Get Report

, about the controversy surrounding the company's $1.75 billion bond offering earlier this year.

Bill Pimco had said earlier in the day on another TV show that the bond offering was being sold to retail investors.

But Atkins characterized the offering as an institutional offering, noting it was pretty standard for Wells Fargo. He said that more than 100 institutions participated in the transaction, which was oversubscribed on the offering day.

Atkins went on further to call the deal very successful for Wells, calling its tax-deductible nature appealing for all who bought in.

Cramer said he felt it important to allow Wells to clarify the offering, amidst scrutiny in the market. He said he remains bullish on the stock.

Sudden Death

Cramer was bearish on

ValueClick

(VCLK)

and

CIRCOR International

(CIR) - Get Report

.

Lightning Round

Cramer was bullish on

United Parcel Service

(UPS) - Get Report

,

Oilsands Quest

( BQI),

Healthways

(HWAY)

,

Deere & Co

(DE) - Get Report

,

Frontline

(FRO) - Get Report

,

Nordic American Tanker

(NAT) - Get Report

,

Honda Motor

(HMC) - Get Report

,

Halliburton

(HAL) - Get Report

and

Nabors Industries

(NBR) - Get Report

.

He was bearish on

Fedex Corp (Federal Express)

(FDX) - Get Report

,

Watson Pharmaceuticals

(WPI)

,

Gamestop

(GME) - Get Report

,

Massey Energy

( MEE),

Diana Shipping

(DSX) - Get Report

,

General Motors

(GM) - Get Report

and

Union Drilling Inc

( UDRL).

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At the time of publication, Cramer was not long on any stock.

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."

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