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"This is a market bursting with opportunity," Jim Cramer told viewers of his "Mad Money" TV show Thursday.

"But investors don't seem to care," he continued. He said the problem with the market is not earnings, nor the economy, but is instead the fact that the market is broken and investors simply don't trust it anymore.

Individual investors can't handle these volatile swings in the market, said Cramer, swings where stocks can move up or down 10% in the blink of an eye and on no news.

He said the markets have entered a period where who owns a stock, and why they're selling, is now more important that a company's fundamentals.

Cramer blamed Securities and Exchange Commission Chairman Chris Cox for creating a market where the playing field is no longer level and instead is tilted heavily in favor of large institutional hedge funds and away from the individual retail investor. "How can you trust a market where the pro's know something you don't?" asked Cramer.

"This market is being manipulated," said Cramer. He urged whomever is Obama's choice for chairman for the SEC to undo the madness caused by Cox.

Specifically, Cramer said the SEC needs to start enforcing the laws again, regulate the markets, stop bear raids on stocks, get rid of the ultra leveraged ETFs and bring back the uptick rule.

Cramer said the only thing investors CAN trust in the markets are companies with safe dividends, smart CEOs and strong fundamentals. "Those are the only things that will see us through," he concluded.

Cramer: This Stock Is Bottoming

Sell Block

In Thursday's "Sell Block" segment, Cramer released long-time inmate NYSE Euronext ( NYX), saying the company is finally a buy.


Since Cramer turned bearish on the NYSE on May 20 at $67.95 a share, the stock has plummeted 42 points. But Cramer said the company is finally safe to buy with several positives going for it.

After months of consecutive market-share losses, the NYSE is finally starting to regain some of its mojo, he said. The company's new trading platform offers customers faster execution on all of its exchanges. That has led the NYSE to post two consecutive months of market gain, its first in over a year.

Cramer said the NYSE is also trimming costs, announcing sizeable layoffs and finally getting approval for layoffs at its European Euronext exchange. The company is also starting to realize synergies from its acquisitions of the American Stock Exchange and Euronext.

As the NYSE's fundamentals are improving, the company's dividend, now yielding 4.7%, provides investors with much needed safety.

He recommended buy NYSE slowly, using pullbacks as buying opportunities.

What Recession?

Cramer talked with Ronal Shaich, chairman and CEO of Panera Bread ( PNRA), to find out how that company is weathering the recession and if it's benefiting from lower gas and commodity prices.

Shaich said he's probably one of the only people feeling really good in today's market. He said his company's costs are dropping every day, allowing Panera to profit even more. He said that wheat prices are now locked in for 2009 at rates 30% lower than that of 2008.

When asked about the company's zero debt, Shaich said no debt means flexibility. He said that recessions are the best opportunity to build a company, as real estate prices are at their lowest. With many other restaurants failing, Shaich said Panera gets calls all the time from developers making offers to assume leases at great prices.

Cramer complimented Panera and its management for providing a lot of value for its customers while managing to grow during difficult economic times.

Outrage of the Day

Cramer took aim at CBS ( CBS) head Les Moonves, for recent comments bashing Jeff Zucker, NBC president and Cramer's boss.

Cramer said there are many reasons for Moonves to be angry, such CBS' share price falling from $35 to $7, or the company's falling profits, or its radio division and affiliates which are in ever increasingly dire straits.

But Cramer said it doesn't make a bit of sense to make comments against a competing network.

Lightning Round

Cramer was bullish on Kinder Morgan ( KMP), Terra Nitrogen ( TNH), CPFL Energia ( CPL), Ashland ( ASH) and VF Corp ( VFC).

He was bearish on Inergy Holdings ( NRGP) and Macy's ( M).

Check out the latest edition of "Cramer's Take on Top-Searched Stocks" on Stockpickr.

You can find out more about Jim's rules and commandments for investing by clicking here.

Read more of Cramer's Mad Money Lightning Round insights.

For "Mad Money" performance statistics and other links, check out Mad Money stats
At the time of publication, Cramer was long VF Corp.

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.

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