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In his endless hunt for perfection, Jim Cramer has come across what he believes is the ideal oil stock, he told viewers of his "Mad Money" TV show Thursday.

Most oil companies are imperfect, to say the least, Cramer said. Because big oil companies are not taking advantage of high oil prices and increasing their drilling or finding new resources to exploit, market players are forced to invest in the second- or third-best companies.

For too long, people have settled for oil companies that buy back stock instead of exploiting new properties, he explained. But no more. The "ideal" oil play Cramer said he's found is

XTO Energy

( XTO).

In fact, Cramer said, echoing Victor Kiam years ago, he likes it so much he bought it for his charitable trust,

Action Alerts PLUS.

Now every time investors hear about higher oil and gas prices, instead of complaining, they can do something about it: They can buy XTO, he said. XTO, Cramer said, takes advantage of pricing that is on the move. "It's the perfect oil company," he said.

Cramer highlighted XTO when it was trading at $52 on March 20, and since then it is up 14%. Plus, because of a recent acquisition it made, Cramer said he believes that XTO should be able to deliver double-digit growth for the next four or five years.

XTO has the earnings growth and visibility to take it higher, he said. Why? Because it recently bought

Dominion Resources'

(D) - Get Report

deposits in the Rocky Mountains, the Gulf Coast, the San Juan Basin in New Mexico and South Louisiana.

These increased holdings should lead XTO higher, Cramer said, adding that people now can get in the oil stock at an even lower price than his trust did.

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NYSE Flogfest

Cramer said he called

NYSE Euronext

(NYX)

his growth stock of the year at the beginning of 2007, but since then, it's down 15 points.

Still, six months into the year, Cramer doesn't believe he's made a mistake with NYX, a stock he owns for his charitable trust,

Action Alerts PLUS.

Euronext, Cramer said, is the fastest-growing exchange, and it alone is worth $80. He said he's willing to stick with this underperformer, but he understands that many investors are not because it has become the "worst trading" stock he has seen.

Duncan Niederauer, NYX's president and co-COO, joined Cramer on his show and said the company had a big analyst day on Wednesday, during which its main message was that NYSE Euronext is the only multiproduct global exchange.

"It's still a wonderfully scaleable business, and a lot of the market doesn't know how to evaluate us because we're not quite as attractive as the derivative-only exchanges," Niederauer said.

"But we're more attractive than the equity-only exchanges, and there's no other animal like us," the COO added.

On the derivative side, "the U.S. futures market is still a hole in our global footprint," he said. "The only way in is an acquisition."

When it comes to building share, the pricing structure on the NYSE side is not the problem, Niederauer said. It's more about making sure the market model is right. Share is down from last year, but it seems to be stabilizing.

When Cramer pointed out that there is something wrong with the actual way the stock trades and that "something's wrong with how quickly it drops," Niederauer agreed. "It's very strange," he said. "How many $25 billion companies trade like our stock trades? It trades in a very choppy way for a large-cap company."

Though Cramer said he's not sure when NYX is going to stop going down, he is not backing away.

To view Cramer's interview with Duncan Niederauer, please click here.

Sell Block

In his "Sell Block" segment, Cramer told viewers that this week his triumphs have been minor and his mistakes major.

Sure,

Norfolk Southern

(NSC) - Get Report

and

Johnson & Johnson

(JNJ) - Get Report

went down and

Guess?

(GES) - Get Report

rocketed, just like he thought they would.

But Cramer said he missed "the big one" this week -- the selloff and the action in the bond market, he said.

The lesson he learned here is that if the big money managers think something about a market, it will become a reality no matter what he believes.

Even though Cramer likes the stock market more than the bond market, he can't ignore the bond market, he said.

"You ignore what the big institutional investors are doing at your own peril," Cramer said.

But something that will not relegate him to sipping scotch on his dirty linoleum floor is

Monster Worldwide

(MNST) - Get Report

, he said.

Cramer predicted that Monster would get a takeover bid, and though it hasn't happened yet, he still believes the company will get bought.

Monster, he said, has now placed a team at the top, led by new CFO Timothy Yates, to sell the company.

Cramer said that "Monster should be bought on the news of its new CFO. I think he's there to sell the thing."

Mad Mail

In his "Mad Mail" segment, Cramer told viewers that he believes the

Wal-Mart

(WMT) - Get Report

risk reward is better than

Target

(TGT) - Get Report

.

If people own Target, he recommends ringing the register, because it's had a good run. It's true everyone benefits from Wal-Mart not building new stores, but mostly it's Wal-Mart itself that will benefit because now it can buy back stock and fix its stores, Cramer said.

Cramer said he likes

Lowe's

(LOW) - Get Report

, as well.

Responding to another mailer, Cramer said he likes

Verizon

(VZ) - Get Report

because its growth rate is accelerating and it has yield protection.

On an ending note, Cramer stressed to viewers that the selloff in the market is not done. "Let it come in -- let the market open down," he said. "If it opens up, do some selling. Don't do any buying. I'll tell you when I think it's overdone," he said. But it's not overdone yet."

Lightning Round

Cramer was bullish on

Morgan Stanley

(MS) - Get Report

,

Goldman Sachs

(GS) - Get Report

,

Altria

(MO) - Get Report

,

Wachovia

(WB) - Get Report

,

Bank of America

(BAC) - Get Report

,

Apple

(AAPL) - Get Report

,

Amazon.com

(AMZN) - Get Report

,

Research In Motion

( RIMM),

Google

(GOOG) - Get Report

,

Celgene

(CELG) - Get Report

,

GOL Linhas Areas Inteligentes

(GOL) - Get Report

,

McDermott

(MDR) - Get Report

,

Chemical & Mining Co. of Chile

(SQM) - Get Report

,

Potash Corp. of Saskatchewan

(POT)

and

Gilead Sciences

(GILD) - Get Report

.

Cramer was bearish on

Rackable Systems

(RACK)

,

Annaly Capital Management

(NLY) - Get Report

,

Foster Wheeler

(FWLT)

,

Knight Capital Group

(NITE)

and

Rentech

(RTK)

.

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

.

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clicking here

.

At the time of publication, Cramer was long Altria, XTO Energy, Goldman Sachs and NYSE Euronext.

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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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.