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NEW YORK ( TheStreet) -- "We're in a global economy, where individual sectors are no longer held captive by their old leaders," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday.

He said while the bearish pundits believed the markets would teeter on the earnings from Intel ( INTC) and JPMorgan Chase ( JPM), two stocks which Cramer owns for his charitable trust, Action Alerts PLUS , the markets had other ideas.

Cramer explained that there was no pin action from the so-so earnings from these two companies because the markets are now global, and they take their cues from many places. He said "we're rewriting American investing history," adding the old investing mottos and strategies simply no longer apply.

Cramer said the markets were instead taking their cues today from the rising rise of copper and gold, along with the rising price of grain. He said it was taking cues from the strong earnings of railroad CSX ( CSX), which is signaling rising global economic activity.

Cramer asked, who needs Intel, when the markets are getting strong earnings from Cisco ( CSCO), Google ( GOOG) and Apple ( AAPL), another Action Alerts PLUS name. Who needs JPMorgan when the markets have Prudential ( PRU), State Street ( SST) and Travelers ( TRV).

Cramer said he can't blame the bears for their old beliefs. In the old stock market, they rang true every time. But in today's market, the bears just keep looking silly.

Colonoscopy Alternative

Continuing his weeklong series featuring biotech companies with blockbuster drug potential, Cramer recommended Exact Sciences ( EXAS), a company working on a non-invasive test to detect colorectal cancer.

Cramer said that only 40% of new colorectal cancer cases are detected early, in part to the reluctance of patients aged 50 and over being reluctant to get regular, and often uncomfortable, colonoscopies. He said the survival rate for colorectal cancer is 91% if detected early, but only 11% if the cancer is not found until it spreads throughout the body.

Enter Exact Sciences, with a new colorectal cancer test that only involves mailing a stool sample to a lab. The test is currently preparing for Phase III clinical trials and is likely to seek FDA approval in 2012. While Exact Sciences' test is not a replacement for colonoscopies, given how many patients avoid the test, Cramer said it could be a $1.2 billion opportunity for the company.

Shares of Exact Sciences have risen a hefty 83% in the last few weeks, and Cramer told viewers not to be greedy, while still saying that the stock is attractive ahead of an Oct. 29 conference where it will provide updates on its testing.

Cramer said Exact Science should be considered a speculative stock, given that the company is likely to issue five million new shares in the coming months, and given that a 2012 approval is still a long way off. However, he said that the potential for this test is enormous, which makes the stock attractive.

Alcoa's Turnaround

It's time to buy aluminum maker Alcoa ( AA), Cramer told viewers in a sparkling outfit made from aluminum foil. He said Alcoa's quarterly results were not only a thing of beauty, they were also truly significant.

Cramer said normally, the notion of Alcoa being a bellwether stock is simply ridiculous, but this quarter's conference call is a "must read." He said Alcoa painted a picture of end markets that are clearly on the upswing, including aerospace, automotive and even trucks and trailers, with strong demand being seeing around the globe, from Asia to Europe to South America.

According to Cramer, the earnings estimates for the aluminum maker had simply gotten too low, making the company's six-cent-a-share earnings beat on revenue up 15% a cinch. He said the company has reduced its surplus, is seeing pricing holding firm and has earnings visibility for the first time in a long time.

With shares of Alcoa trading at a 15% discount to their historical averages, Cramer said pointedly, "Alcoa doesn't belong this low."

Am I Diversified?

Cramer talked with callers to see if their portfolios have what it takes. The first caller's portfolio included Apple ( AAPL), Conoco-Phillips ( COP), UnitedHealth Solutions ( UNH), Abbott Labs ( ABT) and Coca-Cola ( KO).

Cramer said UnitedHealth has to go, because it's too similar to Abbott Labs, and the portfolio needs an industrial stock.

The second caller's top holdings included Freeport McMoRan ( FCX), SPDR Gold Shares ETF ( GLD), iPath Copper ETF ( JJC), Baidu ( BIDU) and Chimera ( CIM).

Cramer said Freeport and the copper ETF gave this portfolio too much exposure to copper, and one had to go.

The third caller had Alcoa ( AA), Las Vegas Sands ( LVS), Hartford ( HIG), Advanced Micro Devices ( AMD) and U.S. Steel ( X) as his top five stocks.

Cramer said this portfolio was properly diversified.

Lightning Round

Cramer was bullish on Ross Stores ( ROST), Home Depot ( HD), Bed Bath & Beyond ( BBBY), Best Buy ( BBY), TJX Companies ( TJX), Energy Transfer Partners ( ETP), Inergy LP ( NRGY), Abbott Laboratories ( ABT), Johnson Controls ( JCI), ARM Holdings ( ARMH), Skyworks Solutions ( SWKS) and Cirrus Logic ( CRUS).

Cramer was bearish on Saks ( SKS), El Paso ( EP), Johnson & Johnson ( JNJ) and Tenneco ( TEN).

--Written by Scott Rutt in Washington, D.C.

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For more of Cramer's insights during the Lightning Round, click here .
At the time of publication, Cramer was long Intel, JPMorgan, Apple.

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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