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There are market opportunities to find stocks that work based on their fundamentals, Jim Cramer told viewers of his "Mad Money" TV show Thursday.

While Cramer remains bullish on agriculture, infrastructure and health care stocks, he believes oil stocks may present the biggest opportunity for investors.

Cramer cited dwindling oil reserves as the long-term catalyst that make oil stocks attractive. He noted companies like Statoil ( STO) and BP ( BP), both of which were taken lower recently on fears the companies may be running out of reserves.

For this market, Cramer raves about FMC Technologies ( FTI - Get Report), a high-tech oil equipment and service company.

In particular, FMC makes products for underwater oil processing systems and has recently landed large contracts for the coveted Pazflor Project off West Africa, among others. In a world where Cramer sees oil heading to $125 a barrel, FMC's commanding lead in its market will allow it to continue to prosper.

In addition, he points out, the company offers investors a cushion with a huge stock-repurchase program with 14 million shares left to buy. And he says it's also cheap, trading at less than twice its growth rate, with solid fundamentals.

Looking Out for the Little Guy

Cramer welcomed Eric Dinallo, the state of New York insurance superintendent, to the show to discuss recent concerns and allegations involving MBIA ( MBI - Get Report) and other insurers ravaged by the subprime mortgage mess.

Cramer expressed his concerns for municipal bondholders who may get short-changed by the growing credit crisis.

Dinallo said his agency is looking out for "the little guy," and that he was happy to see MBIA recently cut its dividend to preserve capital. He defended his recent move to persuade Berkshire Hathaway , to get into the bond insurance business. And he pointed out that many firms are now working with his agency to become more transparent and resolve the current concerns.

A Difference of Opinion

There's a battle brewing over Salesforce.com ( CRM - Get Report) and Cramer's taking sides. It seems Salesforce was recently upgraded by UBS on the same day Goldman Sachs downgraded the stock.

"What's amazing about these differing opinions," Cramer points out, "is how much the analysts agree on."

Both firms agree that Salesforce is the best run company in the software service industry, with the best management and great recurring revenues. Both analysts also agree that the company is the leader in its industry and is having a great quarter. So why, Cramer asks, did the Goldman analyst downgrade Salesforce? Because the stock is priced for perfection, he points out.

Cramer is siding with the Goldman analyst and recommends trimming your position in Salesforce and selling into any strength.

The stock, he points out, trades at 170 times its 2008 estimates, and that's just too high. Any bad news could signal disaster for Salesforce. Cramer believes there may be 10 points of upside, but perhaps as much as 30 points of potential downside. The lesson, Cramer says, "is even great companies can be too expensive."

Am I Diversified?

In his "Am I Diversified" segment, a viewer called in with Monsanto ( MON), Corning ( GLW), Microsoft ( MSFT), McDonald's ( MCD) and Merck ( MRK) as his top holdings. Cramer blessed this portfolio as diversified, saying it was "picture perfect."

The next caller's portfolio included Berkshire Hathaway Cypress Semiconductor ( CY), Monsanto ( MON), EMC ( EMC) and Leucadia National ( LUK).

Cramer noted that there is overlap between Cypress and EMC's Sunpower ( SPWR) subsidiary, but blesses the portfolio as diversified because Sunpower could be categorized as an energy play.

And finally, the third caller's portfolio included Goldman Sachs ( GS), Transocean ( RIG), Google ( GOOG), Caterpillar ( CAT) and Raytheon ( RTN). Cramer felt the caller's portfolio was diversified and asked "what's not to like?"

In the Lightning Round, Cramer was bullish on Accenture ( ACN - Get Report), First Cash Financial Services ( FCFS - Get Report), Harsco ( HSC - Get Report), Thompson Creek Metal ( TC)and CVS Caremark ( CVS)

Cramer was bearish on Ciber ( CBR), Pacer International ( PACR), Intuitive Surgical ( ISRG - Get Report), KeyCorp ( KEY - Get Report), American International Group ( AIG - Get Report)and Rite Aid ( RAD - Get Report)

Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

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

At the time of publication, Cramer was long CVS Caremark, Corning, McDonald's, EMC, Goldman Sachs, Transocean and Caterpillar.

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."

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