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NEW YORK (TheStreet) -- When in doubt, it must be bad. That's the market's mantra, Jim Cramer said on  Mad Money Wednesday. But investors often forget there are two parts to the old saying, "Plan for the worst, but hope for the best."

So why it is that when interest rates fell again today, the markets automatically assumed the economy is slowing? Home builder Toll Brothers (TOL) - Get Report reminded us that when rates are low, more homes get sold, and when more homes are sold, more homes need to be built.

Then there are the banks. Banks make money on net interest margins of the deposits they are sitting on, but have investors forgotten banks can also loan that money and make a lot more than net interest margins? Cramer said the scaremongers would have you believe so.

The fact remains that stocks aren't tanking as the Federal Reserve scales back its bond buying. The markets are actually flourishing as the federal budget deficit is shrinking. Even the IPO market is back on track, as (JD) - Get Report showed us today.

A little skepticism is healthy, Cramer concluded, but the markets didn't get to new highs because things are bad. They got there because there are profits and prosperity to be had by those with the courage to look for them.

Off the Charts

In a special Wednesday edition of his "Off The Charts" segment, Cramer went head to head with colleague Carly Garner over the direction of crude oil prices. Garner's last call on oil prices was spot on, Cramer told viewers, which is why her current opinions matter.

Garner used a weekly chart of the West Texas Intermediary, or WTI, futures, along with the CBOE's commitment of traders, or COT, report for her analysis. Using those, she determines that the largest of traders are currently holding a record level of WTI futures, meaning the markets will soon run out of buyers, and fast.

When that happens, Garner predicts a $20 to $25 a barrel drop in oil could be possible as these large traders head for the exits en masse, leaving a vacuum in their wake.

This thesis was confirmed by looking at a chart of WTI crude prices, which showed a ceiling of resistance at $108 and $112.50 a barrel for crude, along with the RSI, or relative strength indicator, signaling a very overbought condition lurking.

Cramer said he's a believer in Garner's analysis, which makes him question his own bullish thesis that global oil demand is on the mend. This has been a one-sided trade for a long time, he concluded, and that's never good news.

Executive Decision: Jack Koraleski

For his "Executive Decision" segment, Cramer welcomed back Jack Koraleski, chairman and CEO of Union Pacific (UNP) - Get Report, the railroad whose shares have rallied 17% in 2014 and are flirting with new highs.

Koraleski was on location to celebrate the opening of his company's new intermodal terminal in Santa Teresa, New Mexico. He said the facility is perfectly positioned to make transportation from the west to the east easier and also to capitalize on the growing trade running north and south between the U.S. and Mexico.

Koraleski explained that intermodal is the future for Union Pacific because one train can take 280 trucks off the highway and deliver the goods with four times the fuel efficiency. That's why Santa Teresa is already beating expectations for container volume.

When asked about the U.S. economy, Koraleski described it as a "good period" with housing, construction and even some steel seeing strength. He was also bullish on energy with coal, oil and gas shipments along with sand used for fracking all on the rise.

Cramer said as the economy expands he's betting on Union Pacific.

Executive Decision: Nick Akins

In his second "Executive Decision" segment, Cramer also sat down with Nick Akins, president and CEO of American Electric Power (AEP) - Get Report, which posted a solid 22-cents-a-share earnings beat when it last reported on April 25. Shares of AEP currently yield a solid 3.8%.

Akins talked about the EPA's new rules for lowering greenhouse gases by retiring coal-fired power plants. He said AEP is set to see a 21% reduction in those gases but still feels the industry needs more time to fully comply.

Akins reminded viewers that for decades the President and the country wanted cheap, reliable coal and that's what the industry delivered. He said it will take longer than a few years to undo that trend now that natural gas is readily available.

Cramer once again asked about the economy, and Akins replied that thanks to the company's footprint in many of our nation's shale regions, industrial and chemical plants are being built and even housing is seeing an uptick in growth.

Cramer said that AEP remains a great investment for both growth and yield.

Lightning Round

In the Lightning Round, Cramer was bullish on Seattle Genetics (SGEN) - Get Report, First Solar (FSLR) - Get Report, Palo Alto Networks (PANW) - Get Report, Williams-Sonoma (WSM) - Get Report and VeriFone (PAY) .

Cramer was bearish on Chuy's Holdings (CHUY) - Get Report, Northwest Biotherapeutics (NWBO) , Tata Motors (TTM) - Get Report, JinkoSolar (JKS) - Get Report, FireEye (FEYE) - Get Report and Abercrombie & Fitch (ANF) - Get Report.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer opined on the state of momentum investing by diving into the action from Michael Kors (KORS) and Workday (WDAY) - Get Report, two former momentum darlings that are now living in the doghouse.

Cramer said shares of Kors flew higher when the company reporting a spectacular quarter -- but any company in this market trading over 30 times earnings is going to go under the microscope, which is exactly what happened later in the day. As analysts found "trouble" in an uptick in inventory, shares immediately retreated.

The same with Workday, which saw its gains falter on worries its margins will contract with impending competition.

Cramer said with so many skittish investors, these stocks have become battlegrounds -- which is why he's moving on to safer pastures.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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-- Written by Scott Rutt in Washington, D.C.

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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.