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NEW YORK ( TheStreet) -- "Don't fear a correction, pray for one," Jim Cramer announced to the viewers of his "Mad Money" TV show Wednesday, as he told investors that the stock market is done doing nothing, and they need to be in it.

Cramer said after 10 years of the markets moving sideways, he feels it's time to get bullish on stocks. He said investors need to stop worrying about 3% to 5% corrections and learn to love them, as they may be the only time to get into the markets at a great price.

Cramer cautioned that investors who sell at these levels might not be able to get back in as stocks surge ever higher.

Cramer said he's seeing signs of strength, whether it's Caterpillar ( CAT), a stock which he owns for his charitable trust, Action Alerts PLUS , or Eaton ( ETN) or railroad CSX ( CSX). Cramer said it's clear that the industrials are on fire.

Likewise with the banks, said Cramer. While the bears fret that Bank of America ( BAC), another Action Alerts PLUS name, is up too much in the short term, Cramer reminded viewers that this $15 stock once traded over $50 a share before the 2008 crash.

Cramer was also bullish on Citigroup ( C) and Action Alerts PLUS favorite JPMorgan Chase ( JPM).

Other bullish names included Alcoa ( AA) and Ford ( F), a company Cramer said could become the world's No. 1 auto maker.

"Don't let a correction scare you," Cramer concluded, "do some buying."

Real Dogs

"Most losers stay losers," Cramer told viewers, as he examined the dogs of the S&P 500 for 2010. Just because a stock has come down, said Cramer, doesn't make it cheap. While may big losers eventually snap back, bad companies are not worth owning at any price.

When Cramer last looked at the dogs of the S&P back in July, the results were incredibly positive. Cramer identified Nvidia ( NVDA), Jabil Circuit ( JBL) and Verizon ( VZ), three stocks that are up 55%, 44% and 42% respectively.

But this year's dog are a different story, said Cramer. They include Dean Foods ( DF), H&R Block ( HRB), Apollo Group ( APOL), Diamond Offshore ( DO), Supervalu ( SVU), Western Digital ( WDC) and Pulte Homes ( PHM).

With each of these stocks declining between 24% and 55% over the past year, Cramer said investors may be tempted to buy into these stocks.

But secular trends are working against each and every one, said Cramer, from Dean Foods, which is fighting overcapacity, to Diamond Offshore, which has the wrong type of drilling rigs, to Supervalu, which is struggling with its Albertson's acquisition.

Cramer said in the oil patch, stocks like Schlumberger ( SLB), or Action Alerts PLUS name Weatherford ( WFT), would be better plays. Investors looking for housing exposure need to consider Bank of America, said Cramer.

Of all of the dogs he examined, Cramer said he wouldn't be a buyer of any of them.

A Second Look

Some dogs can be winners, said Cramer, as he uncovered three stocks that are worth a second look.

Coming in third was memory chip maker Micron ( MU), a stock that was down 24% last year.

Cramer said this company is rapidly moving from old school DRAM memory into the hot new flash memory that goes into tablets and other mobile devices. He said at eight times earnings, Micron is a speculative way to play the continued growth of Apple ( AAPL), an Action Alerts PLUS bellwether.

Coming in second, steel maker AK Steel ( AKS), who saw its shares slide 23% in 2010. Cramer said AK Steel is a cyclical play, and with aluminum and steel being late in the recovery cycle, AK may be in the sweet spot for 2011. He also liked AK for the possibility of a takeover.

And the winner of Cramer's dogs of the S&P 500 contest is Southwestern Energy ( SWN), a provider of natural gas that was down 22% in 2010.

Cramer said Southwestern got crushed by falling natural gas prices, but with prices now stabilizing, Southwestern should recover. While the stock was down for 2010, the company has delivered a 2,600% gain over the past decade. "Don't count this one out," said Cramer.

Am I Diversified?

Cramer spoke with callers to see if their portfolios have what it takes. The first caller's portfolio included JPMorgan Chase ( JPM), Altria ( MO), AT&T ( T), Exxon Mobil ( XOM) and Kennametal ( KMT).

Cramer called this portfolio "perfection."

The second caller's top holdings included Apple ( AAPL), John Deere ( DE), Huntington Bancshares ( HBAN), LyondellBasell ( LYB) and MedcoHealth Solutions ( MHS).

Cramer said "wow," calling the portfolio "beautiful."

The third caller had Enterprise Products Partners ( EPD), McDonald's ( MCD), Alcoa ( AA), Devon Energy ( DVN) and SPDR Gold Shares ( GLD) as their top five stocks.

Cramer said he'd bless this portfolio since Devon finds oil and gas and Enterprise moves oil and gas.

Lightning Round

In the Lightning Round, Cramer was bullish on Duke Energy ( DUK), Ivanhoe Energy ( IVAN), Fluor ( FLR), Citigroup ( C), Hess Corporation ( HES), People's Bank ( PBCT) and Atmel ( ATML).

He was bearish on Sempra Energy ( SRE) and Exxon Mobil ( XOM).

Closing Comments

In his "No Huddle Offense" segment, Cramer opined on investigation of Goldman Sachs ( GS) investment in Facebook.

He said in just 72 hours, Goldman has gone from accusations to praise for its handling of the deal. This is not by accident. Goldman has a history of reinventing themselves and pioneering new financial products.

Cramer said Goldman doesn't deserve to trade at the discount it currently receives. He feels the company could earn $20 a share in 2011 and deserves a 12 times multiple, for a price target of $240 a share by the end of 2011.

--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 Caterpillar, Bank of America, Weatherford, 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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