Updated from 7:04 a.m. EDT

Jim Cramer has made it clear to investors that he was very happy to see the Federal Reserve cut rates on Wednesday. Now all Cramer wants is for China and Europe cut rates so that the U.S. and global stock markets can begin to recover and rally. He also sees a recovery for businesses and the consumer with the rate cut, as the credit markets loosen up. He says the housing market could bottom in mid-2009 if the federal government were to guarantee 3 million mortgages.

Cramer is starting to spot a possible recovery for the economy and markets. Recently, he found opportunity in stocks that benefit from a strong dollar, such as Pfizer ( PFE); U.S.-based stocks, such as Altria ( MO); and stock picks for the rate cut, including Apple ( AAPL). Here are some Cramer highlights from over the past week as aggregated from his "Mad Money" TV show, the "Stop Trading!" segment on CNBC and his RealMoney blog posts (these blog post links require a RealMoney subscription).

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At the time of publication, Altucher and/or his fund was long Eaton and Foster Wheeler, although positions may change at any time.

James Altucher is president of Stockpickr LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs a fund of hedge funds. He is also a weekly columnist for the Financial Times and the author of Trade Like a Hedge Fund, Trade Like Warren Buffett and SuperCa$h. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback; click here to send him an email.

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