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NEW YORK ( TheStreet) -- "The markets have entered 'get long or be wrong' territory," Jim Cramer told the viewers of his "Mad Money" TV show Tuesday.

He said with the S&P 500 now up double digits for the year, professional money managers are pouring money into the markets, pushing stocks higher on even the weakest of days.

Cramer said the markets should've opened lower today by all indications. But despite the negative indicators, the bulls raced in yet again and began buying at any sign of weakness. Why? Cramer said the pros can't ignore the averages any longer and have to put their money money to work or risk being left behind.

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Cramer said money managers can't sit on their hands any longer and need to be fully invested. That means buying into stocks on even the weakest of selloffs, like today's. Cramer said he saw the pattern in stocks like Apple ( AAPL), Joy Global ( JOYG), Mastercard ( MA) and Potash ( POT), all of which opened lower before buyers stepped in launched them higher.

As a former money manager himself, Cramer said he fully understands the urge to keep buying stocks like Bank Of America ( BAC - Get Report) and Wells Fargo ( WFC), two stocks which he owns for his charitable trust, Action Alerts PLUS. He said fund manager's cannot afford not to own these red hot names.

Canadian Power

Cramer unveiled the second in his "Foreign Legion" portfolio of overseas stocks that is designed to offer investors protection from the ailing U.S. economy.

Cramer said Canadian pipeline purveyor TransCanada ( TRP) is the next company to qualify for his legion of superior foreign stocks.

TransCanada is not only the largest natural gas pipeline company in North America, but it's also the largest private power generator in Canada. Cramer said the company makes money on the flow of energy, not the price of energy, making it a stable place to invest.

With a 5% dividend yield and over $2.5 billion in cash, Cramer expects TransCanada to be a solid earner with growth to boot. The company is expanding its pipeline operations and its power generation business adds even more stability to an otherwise volatile industry. He expects the company's dividend to rise even higher as the company continues to deliver increased earnings.

Off the Charts

In this segment, Cramer went head to head with colleague Dan Fitzpatrick, over the chart of Bank Of America ( BAC - Get Report), a stock which Cramer owns for his charitable trust, Action Alerts PLUS.

According to Fitzpatrick, Bank Of America is a buy. After churning between $12 and $13 a share for months, the stock is now heading into a period of "volatility expansion" says Fitzpatrick, and has already broken out of the top of its range at $14 a share.

Cramer agrees with Fitzpatrick about BofA heading higher but for completely different reasons. He said this stock could double because it's now too big for money managers not to own. He told investors not to look at the stock's once $3 price tag, as it never should've been that low in the first place.

BofA is doing everything right, said Cramer, adding it already controls 12.2% of the country's deposits and is cautiously building reserves to bolster its balance sheet. He said with any positive turn in the economy, this bank will own the mortgage market.

Outrage of the Day

Cramer sounded off against the Securities and Exchange Commission's $33 million fine against Bank Of America ( BAC - Get Report) over its disclosures of its Merrill Lynch acquisition. "What's the point?" he asked.

According to the SEC, Bank Of America shareholders were hurt by the failure to disclose the terms of the deal. The SEC's remedy? To fine the company. But who owns the company? The shareholders.

Cramer called this resolution "totally backwards" and said what the SEC should have done was fine management for failing to disclose and in turn, return that fine to the shareholders. "Why does the money go to the government?" asked Cramer. And why do the shareholders get burnt twice?

Lightning Round

Cramer was bullish on Research In Motion ( RIMM), ConocoPhillips ( COP - Get Report), Kimberly-Clark ( KMB - Get Report), SanDisk ( SNDK), Costco ( COST) and Bristol-Myers Squibb ( BMY - Get Report).

He was bearish on NCR Corp ( NCR - Get Report), Elan Corp ( ELN) and Mylan Laboratories\ ( MYL - Get Report).

-- Written by Scott Rutt in Washington

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At the time of publication, Cramer was long Bank of America, Wells Fargo and Bristol-Myers Squibb.

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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