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Are things really better off now than they were three months ago? That's the question Jim Cramer posed on his "Mad Money" TV show Friday.

"Not really," said Cramer, who noted four things that are going right in the market.

Cramer said the first thing going right is retail. Some retailers, he said, posted some better-than-expected earnings this week. If things were still getting worse, companies like Wal-Mart ( WMT), a stock which he owns for his charitable trust, Action Alerts PLUS, would be posting negative same-store sales, instead of positive ones, and companies like Family Dollar ( FDO) would not be making positive comments.

The second thing going right was semiconductors. He said he sees some price firming in that sector and companies like Qualcomm ( QCOM), another Action Alerts Plus name, should indeed be better off now than three months ago.

Third, copper inventories are continuing to fall and metal prices across the board are starting to rise. He said this bodes well for the mining and mineral stocks.

Fourth, while some companies are cutting their dividends, like Wells Fargo ( WFC), others such as Coca-Cola ( KO) and Kimberly Clark ( KMB) are raising theirs.

Since none of those four trump increasing job losses, staggering bank failures, an incredible 40% drop in auto sales and the appalling destruction of wealth and optimism being caused by Obama, Cramer said he's staying in the bear camp for the time being.

Cramer also discussed the potential bear case for the Dow Jones Industrial Average. In a worst-case scenario, he said the index could fall as low as 5320 because he's no longer hopeful about a second-half recovery.

In order for the Dow to fall to that level, however, a number of things will have to go wrong for the industrials. (To read a detailed account of Cramer's take on the Dow 30, please click the following link. Cramer: Worst-Case Dow View.)


With President Obama putting targets on the backs of the oil stocks, defense contractors, utilities, health insurance companies and the drug and medical device makers, Cramer said he's found two more stocks that appear to be "Obama resistant."


He said that Becton Dickinson ( BDX) and Baxter International ( BAX) are two stocks worth considering.

Cramer said both companies don't make obscenely expensive drugs or devices, and aren't a target for Medicare gouging. Instead, both companies focus on basic hospital supplies, which is not only Obama resistant, but also recession resistant.

Becton Dickinson gets 58% of its revenue from the basic hospital supplies, with 53% of sales from medial systems, 30% from diagnostic systems and another 17% from biosciences. The company reported earnings that beating Wall Street estimates by 11 cents a share.

Baxter derives 37% of its revenue from basic hospital supplies, with 44% of its sales from biosciences, 37% from medial delivery systems and 19% from dialysis products. Baxter beat Wall Street estimates by 2 cents a share.

Cramer said both companies are trading at an "Obama discount," at the low end of their historical valuations. Becton trades as 11.8 times earnings and Baxter trades at just 12.3 times its earnings. Cramer said he'd be a buyer of both names.

Outrage of the Day

Cramer again took on the SEC for not reinstating the uptick rule and banning the UltraShort Financial ProShares ( SKF) fund, a fund he calls the "fund of mass destruction."

Cramer argued the lack of an uptick rule and the existence of the UltraShort fund are pulverizing the financial stocks on a daily basis and creating an unstable market. He said opponents of the uptick rule often cite the rights of short sellers to make a profit as the reason not to reinstate the rule, but those opponents, he said, don't know their history.

Cramer explained the rule was enacted by Congress after the Great Depression to avoid a situation where it's for shorts to destroy stocks and instill fear and panic.He said the decision was made then in the national interest to deny the rights of the shorts in favor of a stable market system.

Cramer said an orderly market system is the lifeblood of our economy, and that's why the uptick rule, rooted in history, is so desperately needed.

Am I Diversified?

Cramer spoke with callers to see if their portfolios have what it takes. The first caller's portfolio included BB&T ( BBT), 3M ( MMM), Wyeth ( WYE), CSX ( CSX) and Pepsi ( PEP).

Cramer called this group of stocks "perfect."

The second caller's top holdings included Procter & Gamble ( PG), Kraft ( KFT), Pfizer ( PFE), Pepsi ( PEP) and Coca-Cola ( KO).

Cramer identified three of a kind with drink companies Coca-Cola and Pepsi, and Kraft. He recommended selling Kraft in favor of a biotech and Coca-Cola for a diversified industrial company.

The third caller had Biovail ( BVF), Eldorado Gold ( EGO), Nutrisystem ( NTRI), Penn West Energy ( PWE) and U.S. Steel ( X) as their top five stocks.

Cramer said this portfolio was diversified.

Lightning Round

In the Lightning Round, Cramer was bullish on Hasbro ( HAS), Energy Transfer Partners ( ETP), Kinder Morgan ( KMP), Northrop Grumman ( NOC)and Amgen ( AMGN).

He was bearish on Constellation Energy ( CEG), Oil States International ( OIS)and Tupperware ( TUP).

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

Want more Cramer? Check out 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 Pepsi, Wal-Mart.

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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