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NEW YORK (

TheStreet

) -- The retail world is an enigma these days, Jim Cramer told the viewers of his "Mad Money" TV show Wednesday.

According to Cramer, conventional wisdom would say that when high-end retail is booming, low-end retail would be a bust. But today, he added, that notion got turned upside down.

Cramer cited today's

New York Times

article, which said consumers are "trading up" for higher-end items, while doing so less often. He said this on the same day that

Family Dollar

(FDO)

reported great earnings, indicating that consumers are "trading down" for less expensive private label brands.

In addition, Goldman Sachs upgraded

TJX Stores

(TJX) - Get Report

, a trade down retailer, Tuesday, while upgrading

Coach

(COH)

, a trade-up retailer, today.

Cramer said never in his 30 years of investing has he ever seen everything working all at once. But the fact remains, he said, that this market has destroyed many of the old patterns, and if everything is working, then we can buy everything.

Cramer said tomorrow's retail sales numbers will once again bring out the naysayers, those predicting a horrible Christmas retail season. When this happens, Cramer said it'll be a great time to buy into either the high-end, or the low-end of retail, whichever makes the most sense to you.

Resilient Health Care Stock

Investors looking for a health care stock that's vaccinated from both the economy and Obama's health care reforms need to consider

Covidien

(COV)

, said Cramer. This healthcare products maker is doing all of the right things, yet is trading at a deep discount.

According to Cramer, no health care company comes risk free, but for Covidien, the worst it appears to be facing from current proposals would be a tax hike on its medical devices. Fortunately, only 58% of the company's sales come from medical devices, with another 25% coming from pharmaceutical products and the rest from medical supplies. Cramer said this diversification makes Covidien stand out from the pack.

Cramer said the upside in Covidien is very real, as the company makes diagnostic and preventive care products and devices which are in high demand. Covidien is also a smart operator, making small acquisitions to bolster its product lines while jettisoning its unprofitable products.

With the whole health care sector hammered by reform fears, Covidien trades at just 13.1 times its 2010 earnings, a full point below the average for large-cap health care stocks. Cramer said even if the company returns to multiples seen before health care became an issue, Covidien could see $52 a share.

Mad Mail

Cramer followed up on

Heartland Payment Systems

(HPY)

, a stock which stumped him in last week's Lightning Round. He said viewers need to stay away from the stock until the full ramifications of a security breach in January can be determined.

Cramer told a second viewer that

Verizon

(VZ) - Get Report

may not be a high flier like

Apple

(AAPL) - Get Report

or

Tessera

(TSRA)

, but he's still a fan of the company and its stock for its dividend yield.

Cramer told a third viewer that all metals are not created equal. He said while gold is used mainly in jewelry and silver is used in a few applications, copper is primarily an industrial metal, with 30% of the world's supply routed directly to China.

He said in that market, he like

Freeport McMoran

(FCX) - Get Report

, a stock which Cramer owns for his charitable trust,

Action Alerts PLUS.

Am I Diversified?

Cramer talked with callers to see if their portfolios have what it takes. The first caller's portfolio included

Barclays

(BCS) - Get Report

,

Ford

(F) - Get Report

,

JA Solar

(JASO)

,

Oshkosh

(OSK) - Get Report

and

Wal-Mart

(WMT) - Get Report

.

Cramer said that while some may argue Ford and Oshkosh both make trucks, this portfolio was "well-played."

The second caller's top holdings included

Boeing

(BA) - Get Report

,

Bruker

(BRKR) - Get Report

,

China Unicom

(CHU) - Get Report

,

Nordic American Tanker

(NAT) - Get Report

and

Portland General Electric

(POR) - Get Report

.

Cramer said this portfolio was a tricky one, but is "properly diversified."

The third caller had

DuPont

(DD) - Get Report

,

Bristol-Myers Squibb

(BMY) - Get Report

,

BP

(BP) - Get Report

,

Verizon

(VZ) - Get Report

and

TEPPCO Partners

(TEP)

as their top five stocks.

Cramer said this high-yielding portfolio was the best he's seen in ages!

Lightning Round

Cramer was bullish on

Palm

( PALM),

Johnson Controls

(JCI) - Get Report

,

Skyworks Solutions

(SWKS) - Get Report

,

Kinder Morgan

(KMP)

,

Alcoa

(AA) - Get Report

and

Medifast

(MED) - Get Report

.

He was bearish on

American Axle

(AXL) - Get Report

and

ALLETE

(ALE) - Get Report

.

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 long Freeport-McMoRan, Bristol-Myers Squibb. BP.

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.