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After today's somewhat confusing employment number, Jim Cramer told the viewers of his "Mad Money" TV show that diversified portfolio is the way to play the markets going forward.

He said investors need to understand the context of employment number to really understand where the markets are headed.

Cramer said today's employment number was all about expectations. The top line under of 9.4% unemployment is indeed a bad number, he said, but it's far better than the garden variety depression many experts forecast just a few month ago.

Cramer said American business took swift action last year when they saw the economy worsening. They laid off huge numbers of people fast to save their bottom lines. Now, with the government's handling of Chrysler and GM also going better than expected, the worst is likely behind us, he said.

According to Cramer, the recession is not over, which is why he continues to recommend sticking with the leaders that have been working, mainly the banks, oils, tech and now aerospace.

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In these groups, Cramer likes

JPMorgan Chase

(JPM) - Get Report

and

Conoco Phillips

(COP) - Get Report

, two stocks which Cramer owns for his charitable trust,

Action Alerts PLUS, along with

Apple

(AAPL) - Get Report

and

Boeing

(BA) - Get Report

.

Cramer also recommended adding a few defensive names to investors' portfolios, names like

Agnico-Eagle Mines

(AEM) - Get Report

for gold exposure, and

Johnson & Johnson

(JNJ) - Get Report

and

Colgate-Palmolive

(CL) - Get Report

.

By using a diversified portfolio, Cramer said investors will find themselves at a great place in a confusing market.

Tech Plays

There are lots of ways to play the booming rally in technology, Cramer said.

He said investors can go with the big bellwethers such as

Apple

(AAPL) - Get Report

or

Google

(GOOG) - Get Report

. They can choose one of Cramer's small, speculative picks like

Tessera

(TRSA)

,

Ciena

(CIEN) - Get Report

and

Brocade

(BRCD)

, which are up 34%, 12% and 27% since Cramer's last mention. But there's also money to be made at the heart of tech as well, he said.

Cramer recommend wireless communication chipmaker

Broadcom

(BRCM)

as another way to profit from the tech rally.

He said Broadcom makes the chips in the hottest gadgets, including wireless handsets, cable set-top boxes and networking devices. And with only 5% of the company's sales coming from cell phones, it has a lot of room to grow, he added.

Broadcom should benefit from the adoption of "combo" chips, which include multiple services, like bluetooth, wifi and FM radios, all on a single chip. Currently only 5% of cell phones have combo chips, but it's estimated that 75% of phones will have the smaller and cheaper chips over the next few years, he said.

Cramer said Broadcom should continue to prosper with the proliferation of the mobile Internet. He said he also likes the company's bid for

Emulex

(ELX)

.

Speculative Stock of the Year

In a bold and unexpected call, Cramer named student loan giant

SallieMae

(SLM) - Get Report

as his speculative stock of the year.

He said while many are already writing the obituary for this once great company, the stock has simply gotten too low for all the wrong reasons.

According to Cramer, SallieMae has fallen to just $6 a share based on comments from President Obama that he may abolish the private student lending in favor of a government run program through the Department of Education. In addition, the credit agencies has lowered the company's debt ratings.

But Cramer pointed out that SallieMae currently has $2 of earnings power and is trading at just 3 times earnings. Even if the company were to close up shop today, he said, it still has $14 to $15 a share worth of run off value from its loans already on the books.

Cramer said even if Obama has his way and takes over student loan originations, there will still be a need for loan services and debt collection, two businesses SallieMae does better than anyone. In reality, he said, most colleges are not prepared to provide direct financing, making Obama's plan very unlikely to materialize, he said.

Cramer predicted shares of SallieMae could double in the coming months, thus making it worthy of his speculative-stock-of-the-year title.

Lightning Round

Cramer was bullish on

Aluminum Corp of China

(ACH) - Get Report

,

Anadarko Petroleum

(APC) - Get Report

,

Travelers Companies

(TRV) - Get Report

and

Eli Lilly

(LLY) - Get Report

.

He was bearish on

Wells Fargo

(WFC) - Get Report

,

Chesapeake Energy

(CHK) - Get Report

,

Hartford Financial Services

(HIG) - Get Report

and

Pfizer

(PFE) - Get Report

.

Check out the latest edition of

"Cramer's Take onTop-Searched Stocks" on Stockpickr.

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clicking here

.

Read more of Cramer's Mad Money Lightning Round insights

.

For "Mad Money" performance statistics and other links, check out Mad Money stats

At the time of publication, Cramer was long JPMorgan Chase, ConocoPhillips.

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.