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NEW YORK ( TheStreet) -- "The averages are masking some big changes in the market," Jim Cramer told the viewers of his "Mad Money" TV show Thursday, as he said some of the market's former high fliers and once again ready to roll.

Cramer said much of the market's recent rally was made on the backs of the industrial stocks and fertilizer plays like Caterpillar ( CAT), a stock which he owns for his charitable trust, Action Alerts PLUS , and Potash ( POT). It was also made by the technology stocks, thanks to strength in smartphones and cloud computing.

In recent days however, as many of these high fliers were taking a breather, Cramer said a minor chord in the market, one that was bullish on the safer consumer products names, took over. That of, of course, until today.

Cramer said worries over rising costs at Colgate-Palmolive ( CL) and Procter & Gamble ( PG) have silenced that bull market, sending money flooding back into tech and the industrials.

Cramer said he still likes Caterpillar, which he feels could add another $25 a share, along with Eaton ( ETN) and Potash. In the tech space, Cramer said Netflix ( NFLX) remains on fire, as does chipmaker Qualcomm ( QCOM) and Cirrus Logic ( CRUS).

Also on Cramer's hot list, F5 Networks ( FFIV), which saw its shares pummeled in recent days, and ( CRM).

Rising Commodity Costs

What can investors learn from Procter & Gamble's recent earnings? Plenty, said Cramer. He said while Procter technically delivered an earnings beat, the stock sold off hard as investors worried about the company's rising commodity costs.

Cramer said for consumer products companies, it's all about the gross margin, the amount of money the company makes on each sale. And with commodities from grain to metals to oil on the rise, companies like Procter can't raise prices fast enough to offset these rising costs.

According to Cramer, a diversified portfolio now needs to account for rising commodity prices. Cramer said while he likes companies like General Mills ( GIS), Procter and McDonald's ( MCD), these companies will all be held hostage to margin pressures.

As an alternative, Cramer said investors need to consider companies that make commodities, and avoid companies that use them. Stocks like Alcoa ( AA), an Action Alerts PLUS name, and Potash, he said, are two great examples of the former.

Raw Materials Boom

In the "Executive Decision" segment, Cramer once again spoke with Dan DiMicco, CEO of Nucor ( NUE), an Action Alerts PLUS stock that's up 14% since Cramer last spoke with DiMicco on July 22.

DiMicco said that Nucor is a long-term focused company, which is why it has invested over $6 billion into their assets since 2007. He said Nucor now has tremendous leverage, including a low cost structure and a great team of people. That's why the company is able to make money at just 70% capacity utilization. "Imagine what we'll be doing at 91% utilization," he said.

DiMicco also said that he's seeing significant demand for raw materials worldwide, and that demand is being driven by real underlying growth. He said it's a slow, steady process that will take years to reach its former highs, but the markets are all moving in the right direction.

DiMicco also took aim at what he called failed U.S. trade policies that overburden U.S. companies with regulations and lead to distorted trade practices. He said our country needs to fix these issues before they make things even worse.

Cramer continued his support for Nucor, calling himself a "buy, buy, buyer."

Am I Diversified?

Cramer played "Am I Diversified" with callers to see if their portfolios have what it takes. The first caller's portfolio included Yahoo! ( YHOO), Starbucks ( SBUX), Wal-Mart ( WMT), Potash ( POT) and Citigroup ( C).

Cramer said this portfolio was OK, but argued that Wal-Mart and Starbucks could be both considered retail stocks, in which case he would lose Starbucks.

The second caller's top holdings included Annaly Capital Management ( NLY), Macy's ( M), U.S. Steel ( X), McDonald's ( MCD) and Novagold ( NG).

Cramer said this portfolio was diversified.

The third caller had Ford ( F), US Bancorp ( USB), USA Mobility ( USMO), Endo Pharmaceuticals ( ENDP) and Enbridge Energy ( EEP) as their top five stocks.

Cramer said he'd bless this portfolio, even though he considers both USA Mobility and Endo to be speculative stocks.

The fourth caller's top stocks were Bristol-Myers Squibb ( BMY), Kinder Morgan Energy Partners ( KMP), Honeywell ( HON), Chimera ( CIM) and PPG ( PPG).

Cramer said this portfolio was perfection and was well played.

Mad Mail

Cramer told a viewer that he would take profits in Ndivia ( NVDA) and play with the house's money. He told another viewer that he'd be a strong buyer of F5 Networks ( FFIV).

When asked about the shipping business, Cramer said there are still far too many ships and he'd still stay away from that group. When asked when is a good time to take profits, Cramer said he'd start scaling out of a stock after a 25% gain.

And finally, when asked if a company's high debt is a problem, Cramer said for companies with huge cash flows, like Verizon ( VZ), debt is not an issue, which is why he still likes that company.

Lightning Round

Cramer was bullish on Airgas ( ARG), Corning ( GLW) and ConocoPhillips ( COP).

He was bearish on NIC Inc ( EGOV), Tellabs ( TLAB) and Magnum Hunter Resources ( MHR).

Closing Comments

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

To contact the writer of this article, click here: Scott Rutt.

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To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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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, Alcoa, Nucor.

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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