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Ignore the negativity in the markets and use the opportunity to take advantage of some investment opportunities, Jim Cramer told viewers of his "Mad Money" TV show Thursday.

Cramer said the negativity is a reflection of the "stupidity" of nervous traders who sold off shares after the Federal Reserve's recent rate cut because they didn't understand just how significant it was.

Cramer said they didn't realize the rate cut represents an important turn for the economy, offering an opportunity for investors to get back into the markets.

Cramer reiterated his "love affair" with retail, financial and homebuilder stocks. In this show, however, he turned his attention to two retailers: J.C. Penney ( JCP - Get Report) and Ralph Lauren ( RL - Get Report).

Both companies are partners in a new venture called "American Living" that is set to open on Feb. 19. Despite the promise of this new brand, J.C. Penney, Cramer notes, is down 41% year over year. Additionally, Ralph Lauren was just downgraded by two separate firms.

This is where the market is wrong, Cramer says. J.C. Penney, he says, caters to the lower-end consumer and should perform well in a slowing economy. Ralph Lauren, he notes, is an "aspirational" brand that keeps people coming back to their stores.

The combination of these two excellent management teams almost ensures success for both companies success.

Disney's Upside

"On Tuesday, we saw a great miscarriage of justice," Cramer told viewers, referring to Citigroup's recent downgrade of Walt Disney ( DIS - Get Report). Everything about this downgrade is dead wrong, he said.

Cramer said Citigroup's report only addresses the Disney theme parks, and not the company's cable, broadcast, DVD or film ventures.

Only 22% of Disney's net income last year came from its parks, Cramer noted, while 45% of its income came from its cable properties.

The report also cites the rising cost of energy, a weak housing market and slowing consumer spending as warning signs. But Cramer says all of these points are old news that's been factored into the stock.

In addition, he said Disney's management took the unusual step of publicly refuting many of the arguments in Citigroup's report.

At just $30 a share, Disney trades at just 15 times this year's earnings but maintains a 13% long-term growth rate. "This makes Disney historically cheap," Cramer said. He called Disney "a great long-term buy."

The Fight Against Breast Cancer

Cramer says there's an epidemic of breast cancer in this country, and he believes Hologic ( HOLX), a company he owns for his charitable trust Action Alerts PLUS, could be our best defense.

He welcomed Jack Cumming, CEO of Hologic to the show for an update on the company's business.

Cumming said Hologic has 60% market share in the digital mammography market and the company is two years ahead of its closest competitor.

Contrary to recent reports, Cummings said he sees lots of room for growth in the U.S. market, where digital mammography has 30% market penetration compared to 70% for traditional mammography.

Cummings sees opportunity for strong overseas growth in the coming years. Cummings also said the company's made exceptional strides in integrating its recent acquisition of Cytek.

In response, Cramer said Hologic "is money" and he continues to be a buyer.

Am I Diversified?

Viewers called Cramer to find out if their portfolios were up to par for the new bull market. The first caller had Altria ( MO), Pfizer ( PFE), Apache ( APA), Citigroup ( C) and Mosaic ( MOS - Get Report) as his top holdings. Cramer applauded the portfolio.

The second caller had Sirius Satellite ( SIRI), Caterpillar ( CAT - Get Report), Mercadolibre ( MELI), Lowe's ( LOW) and Sears Holdings ( SHLD) as her top holdings.

Cramer didn't like this portfolio. He said Sears and Lowes are competing companies, and he would dump Lowe's in favor of a medical company like Hologic ( HOLX).

The third caller's portfolio included BioMarin ( BMRN), Yamana Gold ( AUY), Petrobras ( PBR), St. Joe ( JOE) and Schering-Plough ( SGP).

Cramer noted that there are two drug companies in the portofolio, and that he doesn't like drug and biotech companies in the same portfolio. He recommended making changes to get this portfolio more diversified.

In response, Cramer said Hologic "is money" and he continues to be a buyer.

Lightning Round

Cramer was bullish on Goodrich ( GR), Corning ( GLW - Get Report), Caterpillar ( CAT - Get Report), ING Group ( ING)and Mosaic ( MOS - Get Report).

Cramer was bearish on Excel Maritime ( EXM), Rubicon Technology ( RBCN - Get Report), Martha Stewart Living ( MSO), Tootsie Roll ( TR - Get Report), Silicon Laboratories ( SLAB - Get Report), Danaher ( DHR - Get Report)and China Mobile ( CHL).

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

At the time of publication, Cramer was long Corning, Hologic, Caterpillar, Altria, Citigroup, Sears Holdings and Schering-Plough.

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."

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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.