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NEW YORK ( TheStreet) -- "We are in a better place, financially speaking, than we were a week ago," Jim Cramer told the viewers of his "Mad Money" TV show Tuesday.

Cramer said while the devastation in Japan is heart wrenching, if the worst case scenario for a nuclear disaster is off the table, then the stock market is set to rebound.

According to Cramer, the financial world is radically different than it was just a few days ago when the world was worried about sky high oil prices and unrest in the Middle East.

But with Japan's oil demand on hold, and calm slowing taking hold in Saudi Arabia and Bahrain, Cramer said the speculators have been flushed from the market, and oil prices are returning to normal.

Cramer said the world was also worried about the Federal Reserve and the European Central Banks raising interest rates. But today, the Fed said rates will remain low, and the Europeans seems poised to do the same in lieu of the Japanese tragedy.

The markets also worried when communications chip maker Finisar ( FNSR) disappointed Wall Street with weak sales. But here too, the coming Japanese demand should cure all sales and inventory worries.

Cramer said he expects to see strength in a host of companies, from chips to copper to machinery and agriculture. He said Joy Global ( JOYG) and Caterpillar ( CAT), a stock which Cramer owns for his charitable trust, Action Alerts PLUS, are both attractive.

Finally, Cramer said the world was worried about the auto market, as evidence by Ford's ( F) declining shares. But Cramer noted that with demand from Japan on the horizon, and a possible shortage of Japanese cars here in the U.S., Ford too should be bottoming soon.

Nikkei Not in Free Fall

In the "Off The Charts" segment, Cramer went head to head with colleague Dan Fitzpatrick to determine how the Japanese markets are faring amidst the crisis, and which stocks might be ready to bounce back first.

Fitzpatrick said a chart of the Japanese NIKKEI ( NIKI) average shows that the markets fell 31% below its 50-day moving average in 2008 at the beginning of the financial mess, and 12.7% in a similar panic in 2010. But today, the NIKKEI has only fallen 8% below its moving 50-day moving average, showing the the Japanese markets are not in free fall.

Fitzpatrick also looked at oil prices, which have fallen from their highs of $104 a barrel back below $100 a barrel, a key support level. Fitzpatrick said the next stop for oil is likely $93 a barrel.

Fitzpatrick and Cramer both agreed that while oil prices are falling, coal is the place to be, particularly with Peabody Energy ( BTU). Fitzpatrick noted that Peabody has seen a series of $36 moves in the stock, followed by periods of consolidation. He said the stock is seeing support at $61 a share, but is poised to ramp 45% to the mid $90's soon.

Cramer said the fundamentals for a rally in Peabody are strong, as the company is a major coal producer in Australia, which supplies Japan. With the Japanese nuclear industry in shambles, the country's logical choice will be increased coal usage until order can be restored.

America Back in the Game

In the "Executive Decision" segment, Cramer sat down with Harold Hamm, chairman and CEO of Continental Resources ( CLR - Get Report), one of the companies leading the charge to unlock the huge U.S. oil reserves in the Bakken shale region of Montana and Wyoming.

Hamm said the oil industry always knew the Bakken region was big, but it simply wasn't commercially viable to drill conventional wells, or even horizontal wells. He said only with new multi-stage fracturing technology has the Bakken been able to be "turned on" to its potential.

This technology does come with a price however, Hamm noted, as some the company's wells span two miles and require 30 separate stages of fracturing to produce oil at a cost of $60 a barrel. But given today's $100 a barrel oil price, Hamm said America is "back in the game."

The Bakken has helped America increase its oil production for the five years, said Hamm, with 2010 seeing a 2.5% increase in production. He said American oil imports have fallen below 50% for the first time since 1997. The Bakken is also creating jobs, as Continental has increased its labor force from 5,000 in 2005 to 30,000 today.

Cramer called Continental Resources an American success story, and recommended the stock.

Connectivity Boom

In a second "Executive Decision" segment, Cramer also sat down with Moshe Gavrielov, president and CEO of Xilinx ( XLNX - Get Report), a stock Cramer has championed since Aug 2009 for a 47% return.

Gavrielov said that Xilinx has something special: differentiated products are in demand. He said there will be 50 billion connected devices by 2020, and Xilinx is in the sweet spot, benefiting from increased bandwidth, growth in emerging markets and the transition to programmable devices.

Gavrielov said that Xilinx is a fast moving company that supports tens of thousands of customers worldwide. He said that Japan represents only 10% of revenues, but he expects that resilient country to rebound quickly. In China, Gavrielov said he expects that country's growth to come in waves, noting that China is getting more organized with their growth all the time.

Finally, when asked about the company's dividend, Gavrielov said the best return on capital has been its dividend, which Xilinx has been paying since 2004. Gavrielov said he's confident the company will continue to generate cash from its operations and is committed to the dividend.

Cramer called Xilinx a winner, and continued to recommend the stock.

Lightning Round

Cramer was bullish on Airgas ( ARG).

He was bearish on TIBCO Software ( TIBX), Community Bank System ( CBU - Get Report)and Stillwater Mining ( SWC).

Chernobyl Off the Table

In his "No Huddle Offense" segment, Cramer reminded viewers that sometimes the worst-case scenario isn't all that bad. He said while things may still be touch and go with Japan's nuclear reactors, so far the reactors haven't been breached and aren't likely to spew radioactive materials all over the country.

Cramer said unlike Chernobyl, Japan's reactors are light water reactors, and their designs are far better than the old Soviet plants. While contaminated water and steam are indeed leaking, the fuel rods are staying put, and could be sealed in sand and concrete if a full failure occurs.

"No matter how bad things get, Chernobyl is off the table," Cramer concluded.

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

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At the time of publication, Cramer was long Caterpillar.

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.