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

"Everyone has been saying that retail sales drove the markets up today, but that's utterly false," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

Cramer said the rally, which saw the Dow up 178.83 points and Nasdaq up 53.80 points, had nothing to do with a strong retail sales report, but rather the strength in oil prices. "Oil is the umbrella that makes everything else work."

Cramer likened the day's rally to many similar ones in 2007, when oil prices rallied despite high oil inventories. Cramer noted higher oil prices affects many different stocks and sectors.

They include stocks like

First Solar

(FSLR) - Get Report

, which reported a better-than-expected quarter and also surprised with upside guidance. Cramer expects strength in First Solar to also spill over into other alternative energy plays like

Applied Materials

(AMAT) - Get Report

and

MEMC Electronics

(WFR)

.

The oil umbrella will also carry the natural gas stocks. Cramer likes

Ultra Petroleum

(UPL)

,

Apache

(APA) - Get Report

,

Anadarko

(APC) - Get Report

and

XTO Energy

( XTO),which he owns for his charitable trust,

Action Alerts PLUS.

Cramer also says coal stocks such as

Arch Coal

(ACI)

and

Peabody Energy

(BTU) - Get Report

will work well.

Cramer says the oil umbrella extends to rail stocks like

CSX

(CSX) - Get Report

.

And Cramer says agriculture stocks are also affected, including

John Deere

(DE) - Get Report

,

Mosaic

(MOS) - Get Report

, and infrastructure stocks such as

Chicago Bridge and Iron

(CBI)

,

Jacobs Engineering

(JEC) - Get Report

and

Shaw Group

( SGR).

FMC's Hidden Asset

"Investors need to have confidence in the stocks they own," Cramer reminded viewers.

And that's why he likes

FMC Corp

(FMC) - Get Report

. He said the stock has enjoyed a 26% gain since he first recommended it on June 8. He once again reiterated a buy on the stock, which closed Wednesday at $53.54, up $1.16 for the day.

Cramer sees hidden value in the company's soda ash business. Soda ash is used for a variety of things, including making glass and brick and cleaning swimming pools.

He used the recent acquisition of soda ash maker General Chemicals by Tata Chemicals as a metric to value FMC's soda ash assets. Using the numbers in that deal, Cramer values FMC's soda ash business at $2.3 billion.

By adding this number to FMC's other businesses, Cramer values all of FMC at $5.7 billion, or $70 per share. "This gives investors a 30% upside in FMC," Cramer told viewers, "This one's going higher."

Providing a Healthy Return for Shareholders

Cramer welcomed David Steiner, CEO of

Waste Management

( WMI), to the show to discuss his business.

Steiner said Waste Management's pricing program has allowed the company to raise prices despite a weak economy. The company has also returned over $7 billion to shareholders over the past five years.

Steiner said his company has consistently raised its dividend and will channel $850 million toward a share repurchase program this year.

"This is one you can own for your 401k," Cramer said. "This is a consistent, no-surprise deliverer of earnings."

Am I Diversified?

Cramer played "Am I Diversified" with callers to see if their portfolios are right for the markets. The first caller's portfolio included

McDonald's

(MCD) - Get Report

,

Verizon

(VZ) - Get Report

,

PPL Corp

(PPL) - Get Report

,

Schering-Plough

( SGP) and

Nokia

(NOK) - Get Report

.

Cramer blessed this portfolio as diversified, saying it was about as perfect as you can get.

The second caller's portfolio had

John Deere

(DE) - Get Report

,

Starbucks

(SBUX) - Get Report

,

IDEX Labs

(IDXX) - Get Report

,

Cisco

(CSCO) - Get Report

and

McDonald's

(MCD) - Get Report

as his top holdings.

Cramer was concerned about having both Starbucks and McDonald's in the portfolio and suggested a defensive play to replace one of those two.

In the third portfolio, the caller had

Yamana Gold

(AUY) - Get Report

,

Clean Energy

(CLNE) - Get Report

,

Intel

(INTC) - Get Report

,

Nighthawk

( NHWK) and

Taser

(TASR)

.

Cramer said Clean Energy, Taser and Nighthawk are all speculative plays and recommended a healthcare company, oil company and a defense contractor to round out this portfolio.

Sudden Death

Cramer was bullish on

Nordstrom

(JWN) - Get Report

,

Kohl's

(KSS) - Get Report

,

Apple

(AAPL) - Get Report

,

Google

(GOOG) - Get Report

,

Owens Illinois

(OI) - Get Report

and

Qwest Communications

(Q)

.

Image placeholder title

Lightning Round

Cramer was bullish on

First Solar

(FSLR) - Get Report

and

Energy Conversion Devices

( ENER).

Cramer was bearish on

Bank of America

(BAC) - Get Report

,

Darling International

(DAR) - Get Report

,

AirTran Holdings

( AAI),

OptionsXpress

( OXPS),

Cisco Systems

(CSCO) - Get Report

,

American International Group

(AIG) - Get Report

,

Barnes & Noble

(BKS) - Get Report

and

ReneSola

(SOL) - Get Report

.

Want more Cramer? Check out Jim's rules and commandments for investing by

clicking here

.

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

.

At the time of publication, Cramer was long XTO Energy, McDonald's and Schering-Plough.

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.