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) -- If you

buy into panic

 instead of selling into it you'll make more money. That was Jim Cramer's bottom line to his

Mad Money

 viewers Thursday. Cramer said the markets suffered from a "depressive mood disorder" when it entered 2015, but those investors who obeyed their rational brains and bought into the panic made a ton of mad money.

Cramer likened the market's recent action to the Ebola scare back in September. Back then the markets were also falling daily on the irrational premise that Ebola was everywhere and you were just a touch or a sneeze away from being next. But history proved that those fears were irrational and buying into panic was the smart move.

Fast forward to today's markets where an irrational fear that lower oil prices can only mean the world's economies are in free fall. Once again the negativity became a self-fulfilling prophecy, Cramer said.

If you buy into panic and sell into euphoria, you make more money, Cramer concluded. This simple notion was proven in September and again this month so remember it for next time.

Oil Boom Continues

Is America's oil boom coming to a screeching halt now that oil prices have plummeted? Not so fast, Cramer told viewers -- 2015 is still shaping up to be a banner year for U.S. production.

Cramer said while it's true oil producers such as Concho Resources (CXO) and Sanchez Energy (SN) have announced deep cuts in their drilling budgets for 2015, Concho is still expecting to increase its production between 16% and 20% in 2015 while Sanchez expects 40% production growth.

The reality is most shale producers are still expecting record-setting production, even with fewer new wells being drilled. Add to that two huge offshore projects coming online from Chevron (CVX) and Hess (HES) , and the world will be flush with oil for quite a while.

That's why investors should expect oil prices to remain depressed for the foreseeable future as the supply of U.S. oil is only just getting started, Cramer said.

The 10 Best Performers on the S&P

Now that the market is once again acting rationally, what should investors do with the top 10 best-performing stocks in the S&P 500? Cramer reviewed the list to find out.

1. Southwest Airlines (LUV) . After being up 124% in 2014, Cramer said he prefers American Airlines (AAL) or Spirit Airlines (SAVE) , both of which are less expensive.

2. Electronic Arts (EA) . Cramer said this stock, up 105%, is too hard to recommend given the hard comparisons. He prefers Take-Two Interactive (TTWO) .

3. Edward Lifesciences (EW) . Cramer said this medical device company is "killing it" and its 93% run in 2014 is just the beginning.

4. Allergan (AGN) . Cramer said this story is played out but he still likes Actavis (ACT) , which is acquiring Allergan.

5. Avago Technologies (AVGO) . Cramer said he'd rather own Apple (AAPL) , which is a holding in his charitable trust, Action Alerts PLUS, or Cypress Semiconductor (CY) .

6. Mallinckrodt (MNK) . Cramer said this story is not done and the stock is only trading at 12 times earnings.

7. Delta Airlines (DAL) . Cramer said Delta is good but American and Spirit are better.

8. Keurig Green Mountain (GMCR) . This stock, up 75%, has multiple ways to win and Cramer said this one is a buy.

9. Royal Caribbean (RCL) . Cramer said there's no reason to pay up for this stock, but he likes the company with fuel prices plummeting.

10. Kroger (KR) . Cramer said he's still a big fan of this under-appreciated grocery chain.

What's New in Biotech

In a special interview, Cramer sat down with NBC News Medical Contributor Dr. Natalie Azar to discuss one of the hottest areas of biotech -- immunotherapy, or helping the body fight cancer cells directly rather than carpet-bombing your body with chemotherapy.

Dr. Azar explained that our body's immune system is an amazing system of checks and balances that allows us to function but still ward off infection and disease. In the case of cancer, our bodies want to fight off and kill cancer cells but a protein known as PD-1 prevents that from happening.

That's why a new class of immunotherapy drugs that works with our immune system and bypasses the PD-1 blocker are is exciting. Analyst expect that in just 10 years this class of drugs could be used against 60% of all cancers, representing a $35 billion opportunity.

Azar noted that while this line of treatments is still in development and testing, the beginning uses of these drugs may not be that far off and they may likely prove to be safer and more effective than the current chemotherapy that cancer patients must endure.

Lightning Round

In the Lightning Round, Cramer was bullish on Spectra Energy (SE) and Skyworks Solutions (SWKS) .

Cramer was bearish on JetBlue Airways (JBLU) , Consolidated Edison (ED) , Carlyle Group (CG) , Aegean Marine Petroleum (ANW) , Infoblox (BLOX) and King Digital Entertainment (KING) .

Am I Diversified?

In the "Am I Diversified?" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets.

The first portfolio included Apple, Phillip Morris (PM) , Johnson Controls (JCI) , Washington Real Estate Trust (WRIT) and Bank of America (BAC) .

Cramer said this portfolio was perfectly diversified with great dividend yield to boot.

The second portfolio's top holdings included Intel (INTC) , Cypress Semiconductor, Monster Beverage (MNST) , Skechers (SKX) and Under Armour (UA) .

Cramer advised selling Intel and adding Bristol-Myers Squibb (BMY) and replacing either Skechers or Under Armour with an industrial stock like United Technologies (UTX) .

The third portfolio had Cytokenetics (CYTK) , OncoMed (OMED) , Walt Disney (DIS) , Isis Pharmaceuticals (ISIS) and Cypress Semiconductor as its top five stocks.

Cramer identified three of a kind with Cytogenetics, OncoMed and Isis. He recommended adding an industrial and a defense contractor like Lockheed Martin (LMT) .

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.

To email Scott about this article, click here: Scott Rutt

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL and UTX.