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NEW YORK (

TheStreet

) -- "Sometimes investors need to take a look around at the big picture," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday.

He said while the markets were essentially flat today, he found the next big investment idea on the front page of the

New York Times

.

Cramer said the article highlighted a stimulus plan proposed by former President Bill Clinton for home weatherization incentives, aptly named "

Cash For Caulkers

." Cramer said the plan, if passed, could be a huge windfall, if you know which companies will be the beneficiaries.

Cramer said the "Cash For Clunkers" auto program was great for auto dealers like

AutoNation

(AN) - Get Report

and

Carmax

(KMX) - Get Report

, which were up 80% to 90% from the time the plan was merely speculation until it became law. The same will be true for companies that can take advantage of residential home weatherization, he said.

Cramer said the obvious choices for who would benefit from making homes more energy efficient would be

Owens Corning

(OC) - Get Report

, which is the leader in home insulation, and

Home Depot

(HD) - Get Report

, a stock which Cramer owns for his charitable trust,

Action Alerts PLUS

, and the likely place homeowners and contractors would go for their insulation, caulking and weatherization needs.

However Cramer said there are some less obvious companies that would benefit from the plan as well. He said a company like

Cypress Semiconductor

(CY) - Get Report

, whose Envirosystems division is developing wireless thermostats that can be monitored and remotely controlled, is likely to benefit. As is

Watsco

(WSO) - Get Report

, one of the installation leaders in high-efficiency residential heating, ventilation and air conditioning systems.

"Don't wait until cash for caulkers becomes law," said Cramer. The time to invest in these names is now, he said.

Time to Reconsider

Cramer did an about face on a group that he's been telling investors to avoid. He said the Canadian Energy Trusts are a group that can no longer be ignored, and every single company in the group can now be bought.

What changed? Cramer said he'd initially panned this group because of they were losing their favorable tax status in Canada, meaning that its once enormous dividends were soon going to be not so enormous. But Cramer said recently these firms have begun to be taken over at huge premiums, which now makes their dividend issues seem trivial.

Cramer said while the Canadian energy trusts have been soaring on the takeover fever, U.S. investors haven't missed a thing. He said the best in the group is

Baytex Energy Trust

(BTE) - Get Report

, a trust with a juicy 5% dividend yield and production growth to boot.

Baytex has the least exposure to natural gas and the most exposure to crude oil, which Cramer said is a good thing since Canadian firms can't compete with U.S natural gas shale plays given the weak dollar. He said that new technology is allowing the company to extend the life of its wells, which is also great news.

Baytex is up 181% year to date, but Cramer said the company is worth it given its solid dividend, its growth prospects and the new technology it's using.

A Shift in Focus

In the "Executive Decision" segment, Cramer spoke with Larry Nichols, chairman and CEO of

Devon Energy

(DVN) - Get Report

, whom he last spoke with at the University of Oklahoma on Oct. 30.

On Monday, Devon announced its plan to sell its Gulf of Mexico and international properties by year's end so that it can focus on its U.S. onshore properties.

Nichols said that while he loves his international and offshore properties, the reality was that with all of their major projects working so well, they exceeded the capital the company had available to expand them.

He said that Wall Street was also not recognizing the value of these properties, adding a sale will give Devon the cash it needs to fully monetize its domestic operations.

Nichols said that Devon is maintaining its diversity between oil and natural gas and is keeping the balance between properties that investors have come to expect from the company. He said the sale is bittersweet, since it means losing great employees, but the capital raised will mean sizable investments in the company's other properties.

Finally, when asked about natural gas' prospects in Congress, Nichols said he is seeing movement on Capitol Hill. He said that clean-coal technology legislation is being pushed back until next year, and there is some renewed interest in natural gas as a bridge fuel to the future.

Cramer again threw his support behind Nichols and Devon Energy.

Am I Diversified?

Cramer played "Am I Diversified" with callers to see if their portfolios have what it takes. The first caller's portfolio included

Amgen

(AMGN) - Get Report

,

Wal-Mart

(WMT) - Get Report

,

Entergy

(ETR) - Get Report

,

Vodaphone

(VOD) - Get Report

and

Bank of America

(BAC) - Get Report

.

Cramer called this a fabulous portfolio.

The second caller's top holdings included

AK Steel

(AKS) - Get Report

,

Allscripts

(MDRX) - Get Report

,

Corning

(GLW) - Get Report

,

Applied Materials

(AMAT) - Get Report

and

Crocs

(CROX) - Get Report

.

Cramer said this portfolio has two technology plays. He advised selling Applied Materials and getting a financial stock.

The third caller had

General Mills

(GIS) - Get Report

,

Abbott Labs

(ABT) - Get Report

,

Intel

(INTC) - Get Report

,

AT&T

(T) - Get Report

and

Enterprise Energy Partners

(EPD) - Get Report

as their top five stocks.

Cramer called it a great portfolio.

Lightning Round

Cramer was bullish on

Wynn Resorts

(WYNN) - Get Report

,

Tellabs

( TLAB),

ADC Telecommunications

( ADCT),

Brocade Communications

(BRCD)

,

Echostar Communications

(DISH) - Get Report

,

DirecTV

(DTV)

and

CMS Energy

(CMS) - Get Report

.

He was bearish on

MGM Mirage

(MGM) - Get Report

.

Final Note

Cramer said that

Netapp

(NTAP) - Get Report

reported a monster quarter after the close and is up 50% from where he recommended it. Cramer said he'd still hold onto the stock.

-- Written by Scott Rutt in Washington

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

.

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

.

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

.

At the time of publication, Cramer was long Home Depot, Bank of America, Abbott Labs.

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.