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You need to buy weakness, stay diversified and remain disciplined in the current market environment, Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

The Dow Jones Industrial Average was up 212 points today, but it's not just because Fed Chairman Ben Bernanke spoke or because of earnings, Cramer said.

Rather, today's rally was more a product of too much negativity. People were panicking and either sold or got short. Eventually, we got to a point at which the market was oversold, Cramer said.

This morning, Cramer said he was feeling down and confused about the market, so he took a look at the charts.

Cramer said he doesn't really believe in them, but was desperate enough to take a look. But it's a good thing he didn't follow them, he said.

This morning, the charts were saying the bulls were nowhere to be seen. They were showing a classic head-and-shoulders topping pattern and implying the market was going lower.

The head and shoulders got Cramer close to capitulation. But if he had followed the pattern, he would have been blinded. Anyone who followed the charts and sold into the negativity lost big today, Cramer said, adding that discipline can make you money on good days and keep you from losing money on bad days.

Aside from being oversold, things today really do look different for the market. VF Corp. ( VFC) was up, despite analysts' negativity about it, and CSX ( CSX) reported good numbers, too, he said.

Be positive, but not too positive, Cramer warned. Not everything is going to keep going up, so investors need to stay disciplined.

People were selling General Mills ( GIS), Altria ( MO) (which he owns for his charitable trust) Action Alerts PLUS and Pepsi ( PEP). And as long as this rally continues, those stocks will stay down tomorrow, said Cramer, adding that it is a good time to buy them.

If a stock is up big today and doesn't stay up there because of where we are in the business cycle, then be disciplined and sell it, he recommended. Don't get too defensive, but stay diversified.

Before today's rally we saw brutal selloffs of almost all the industrial stocks, therefore you need to separate the good industrials from the bad ones, Cramer said.

For example, Grainger ( GWW) guided down, and the stock lost a dozen points. Similarly, 3M ( MMM) missed its quarter by just a couple of pennies, and the stock took a beating.

In fact, United Technologies ( UTX) is the only industrial company that was going up before today's rally.

To evaluate all industrials and see what is worth buying and what is worth selling, Cramer offered a four-point checklist. As long as the company you're looking at has these four aspects, it's OK to buy into it.

First, the company must be levered to the booming BRIC (Brazil, Russia, India and China), he said. Because United Tech gets more than half of its revenue from outside the U.S., it gets a check.

Second, the stock must be levered to bull markets. As United Tech is focused on defense, aerospace, infrastructure and commercial real estate growth worldwide, it gets a check on this point, too, Cramer said.

The third point is that that company's outlook must be bright, which United Tech's is.

Finally, your industrial should be buying back stock, as this gives investors confidence to buy, he said. United Tech has an aggressive buyback, Cramer said.

In the "Am I Diversified" segment of the show, the first caller owned the following five stocks: Apple ( AAPL), Halliburton ( HAL), Bank of America ( BAC), Foster Wheeler ( FWLT) and Valero Energy ( VLO).

Although Cramer said he doesn't believe the caller is in the House of Pain at all, he does have an oil driller and oil company. Cramer said that although the portfolio is good, he would sell a little Valero on the way up.

The next caller owned the following stocks: Peabody ( BTU), ConocoPhillips ( COP), Schlumberger ( SLB), Southwestern Energy ( SWN) and Valero.

Cramer said the caller was not diversified since every stock was an oil pick. He recommended getting a health care stock and buying Pepsi.

Cramer said to hold Schlumberger and said it was the caller's ace. Even though he said he liked the other companies, he advised letting them go.

The third caller had the following five picks: Boeing ( BA) CSX ( CSX), Trustreet Properties ( TSY), Dow Chemical ( DOW) and Pfizer ( PFE).

Cramer blessed the portfolio and said it was completely diversified.

Cramer welcomed CSX CEO and Chairman Michael Ward onto the show and asked him if he should be worried about his stock.

"No, not at all," Ward responded. "Everything in the marketplace indicated that the rail renaissance continues strong. We see tremendous opportunities going forward and are anticipating double-digit figures in revenues ... over the next five years."

Ward said his company is forecasting growth in the second half in the 4% to 6% range. He said the company has improved its operations and is ready to grow in the second half.

Cramer called Ward a good executive and said he's staying bullish on CSX.

To view Jim Cramer's interview with Michael Ward, click here .

Lightning Round

Cramer was bullish on Wells Fargo ( WFC), Countrywide Financial ( CFC), Grey Wolf ( GW), Motorola ( MOT), Nabors ( NBR), Schlumberger ( SLB), Chevron ( CVX), United Parcel Service ( UPS), Sears Holdings ( SHLD) and Electronic Arts ( ERTS).

Cramer was bearish on SunTrust Banks ( STI), Avocent ( AVCT), Baker Hughes ( BHI), PetroQuest Energy ( PQ), ( BIDU), Washington Mutual ( WM) and EMC ( EMC).

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 Altria, Foster Wheeler, Halliburton, Nabors Industries, Sears Holdings and United Technologies.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of 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, 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 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, 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, 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 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, 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.

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