It's time to find out why I like

Dow Chemical

(DOW) - Get Report

, Jim Cramer told listeners of his

"RealMoney" radio show Thursday.

It just paid a $20 billion natural gas bill, boosted its dividend by 12%, and natural gas prices are now coming down, he said.

Dow Chemical has 10% growth and sells at 8 times earnings, he added.

"How can we think there's no bargains out there when the largest chemical company in the world sells so cheaply?" he asked.

Cramer said the fact that

Goldman Sachs

(GS) - Get Report

, which he called the world's premier investment bank, is selling so cheaply shows that there isn't a broad bubble in the stock market.

Proctor & Gamble

(PG) - Get Report

, which Cramer owns for his

Action Alerts PLUS charitable trust, had an unbelievable quarter but did not go up, he said.

Nabors

(NBR) - Get Report

, one of the best drillers, sells at only 10 times earnings, he said, adding that

Countrywide Financial

sells at 7 times earnings but grows at 12%.

These companies don't seem too expensive, Cramer said. They are priced for a vicious recession that is not going to come, he added.

Cramer said he believes that the nasty selloff is over, but he is still getting email from listeners who say they are getting hammered in the markets.

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Specifically, people are saying that they're in the house of pain with

Allegheny Technologies

(ATI) - Get Report

, which was hovering near $50 while the show aired, a few dollars from its 52-week high.

Cramer's advice: "Sell the darn thing please. ... Just go buy something that doesn't move -- something that can't hurt you."

You can't play in this volatile league if you are shaken by a $2 loss on a stock that you went out and bought all at once at a high price, he added.

Not only do you have to know the stock, the sector and the economy, but also you have to know yourself, he said, adding that when you invest in commodity stocks "you are playing with fire."

Stump Cramer

Every Thursday is "Stump Cramer" day, when callers try to find companies that he's never heard of but might want to know about.

Cramer warned listeners to not run out and buy a stock that stumps him just because a caller makes it sound good, but to wait for Will Gabrielski or Michael Comeau, who write

TheStreet.com's

Stocks Under $10 and

Breakout Stocks

newsletters, to analyze the stock. One or both of the team join him every Friday to deliver their verdict on the company.

"You're playing with fire if you buy the stocks" before they are reviewed, he said, adding that most of the stocks that have stumped him have turned out to be total dogs.

Cramer was stumped by pretty much everything that came his way, including

Pacific Internet

, an Internet play that the caller said covers all of Southeast Asia and has seen accelerated earnings.

He hadn't heard of

Almaden Minerals

(AAU) - Get Report

, a company that the caller said is a speculative minerals play. Even thought it's not profitable yet, the caller said it is working with

BHP Billiton

(BHP) - Get Report

.

Cramer was also stumped by

Ceragenix Pharmaceuticals

, a biotech stock that does not trade on any of the major exchanges, adult entertainment play

Rick's Cabaret

(RICK) - Get Report

and

Strategic Diagnostics

a diagnostic test company.

However, he did know

Lumenis

, a laser company that trades on the pink sheets.

Best-of-Breed Plays

The company listeners wanted to know about this week, also known as the "Cramer on Demand" stock, was

Electronic Arts

.

He said that it's "by far the best-of-breed video-game maker," but that it's suffering from a hardware gap.

The Xbox 360 is just now shipping and the other two main hardware consoles haven't started shipping, Cramer said; and if you're Electronic Arts you have to deal with the real gulf between now and when those consoles will finally hit the market.

That's why he believes that it's time to aggressively buy Electronic Arts shares, adding that it probably won't go much lower than $52. It's a well-run company, he said, adding that the stock will likely move higher once the hardware gap is resolved.

Cramer told a caller that he would be inclined to endorse

Digital Angel

(DOC) - Get Report

as a speculative play.

He added that the medical-assistance products company is growing revenue at a good clip but that it hasn't broken into the black, and its market cap is only $150 million.

He told another caller that

Capstone Turbine

(CPST) - Get Report

is another speculative story that he believes is okay to hold onto ahead of its earnings report.

"I doubt the quarter will be anything to write home about," he added.

As for the oil drilling sector, Cramer told a caller to go for best-of-breed plays including Nabors,

Schlumberger

(SLB) - Get Report

and

Halliburton

(HAL) - Get Report

, which he also owns for his charitable trust.

Even though the stocks are down again today, Cramer said that they are likely testing their lows and that he wouldn't hesitate to buy them.

He said that he is not a fan of

Texas Instruments

(TXN) - Get Report

at this level. While he had been behind the stock for some time, he now believes that the big trade has been made.

The show ended with callers castigating Cramer for bad calls that he's made on

Lucent

and

Charles & Colvard

(CTHR) - Get Report

.

Cramer said that he was truly wrong about Lucent and that he would apologize again for the call he made. He owns the company for his charitable trust, and added that he too had taken a hit on the stock.

He called Charles & Colvard "another one I screwed up on."

When the stock slipped to $21 after he recommended the company, Cramer told listeners to cut their losses. Now the stock is at $13.

These are mistakes, Cramer told listeners, and he is willing to admit to them because he knows that it is impossible for one man to be correct all of the time.

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

clicking here

.

At the time of publication, Cramer was long Proctor & Gamble, Lucent, Halliburton and BHP Billiton.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict."