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NEW YORK ( TheStreet) -- "Enjoy the reprieve," an upbeat Jim Cramer told his "Mad Money" TV show viewers on Wednesday. "This time, it might actually last for a week or two," he continued, as he opined on today's seemingly illogical market action.

Cramer said its rare to find a day when defensive, recession stocks like Merck ( MRK), HJ Heinz ( HNZ) and Colgate-Palmolive ( CL) rally at the same time as cyclical stocks like Chevron ( CVX), 3M ( MMM) and Boeing ( BA), but that's exactly what happened today.

What's the reason? Cramer said the recession names continue to trend higher every day there is no definitive resolution in Europe. He said the thinking is that a slowdown there will eventually spell a slowdown for the U.S. Meanwhile, the cyclical stocks rallied on a research report from JPMorgan Chase ( JPM), which said that China may be done raising interest rates, one of the 10 things Cramer said was needed for a sustainable rally.

Cramer said this seemingly benign report holds the key for many stocks, as China is the growth engine for many industries. He said stocks like Caterpillar ( CAT) and Cummins ( CMI), two stocks which he owns for his charitable trust, Action Alerts PLUS , both rely on a healthy Chinese economy, as do other less obvious names like Coach ( COH), Starbucks ( SBUX) and Yum! Brands ( YUM).

Cramer said the positive Chinese news has also turned his position on tech stocks, which he now feels are a buy, a full 10 days ahead of when he would normally recommend tech based on their traditional seasonal weakness.

Also on Cramer's buy list, Wynn Resorts ( WYNN), levered to the Chinese Maccau region, along with coal players like Cliffs Natural Resources ( CLF) and Peabody Energy ( BTU).

Natural Gas Industry Liftoff

In the "Executive Decision" segment, Cramer spoke with David Demers, CEO of Westport Innovations ( WPRT), a stock that rallied 20% today on the news of a co-marketing agreement with RDS Shell ( RDS-A) to begin offering liquified natural gas fueling stations in the U.S. and Canada.

Demers said the agreement is the starting gun for the entire natural gas industry. He said that many companies have been putting the pieces together, whether it be engines, fueling stations or the fuel itself, but this is the first time a major player has said "it's time to go" with this alternative fuel.

Demers continued by saying that Westport continues to talk with other players in the natural gas and transportation arena and today's deal is by no means exclusive. He said Shell will begin offering LNG fueling stations in Alberta, Canada by next year and expand from there.

Talking about the overall environment for natural gas, Demers said that for years companies questioned whether natural gas was sustainable for the future, but those questions have been put to rest. He said there are now enough customers, enough engines and trucks and the finances are right to begin making this move.

When asked about the political environment in the U.S. towards natural gas, Demers said that he loves the natural gas act currently in Congress and also supports the Pickens Plan, named for oil tycoon Boone Pickens. He said that using natural gas has the power to change the pricing power of OPEC and the security of the U.S., but there is still a lot of work to do.

Cramer continued his recommendation of Westport Innovations, saying the stock would be a buy on any pullback.

Learning From Winners

"Learn from the winners," Cramer told viewers, as he continued his look back into history for some of the best performing stocks over the past 10 years. He said that some of the biggest winners of the past decade, a period when the S&P 500 was only up 30%, including dividends, might surprise you, but they all illustrate principles that can be used to find the next big market movers.

Cramer first highlighted Deckers ( DECK), makers of Ugg boots, and a stock he has endorsed for some time. Shares of Deckers have risen 5,744% over the past 10 years, taking a 500-share investment that would have cost $735 to an astounding $42,950 today. Cramer said he's still a fan of Deckers, as Uggs are still relevant and the brand doesn't compete with other footwear categories.

Next up was drink maker Hanson Natural ( HANS), up 17,143% over the past decade. A 500-share investment in Hanson would have cost $245 and yielded $41,815 today. Hanson started by making all-natural juices, but quickly expanded into the red hot energy drink market. Cramer said the company is still innovating and trades at 23 times earnings with a 14.5% growth rate. He said on a pullback, Hanson is still also still a buy.

Finally, there was the Chinese NetEase.com ( NTES), which has risen 30,456% in the past 10 years. Cramer said NetEase combined the Internet with gaming, two powerful trends, which has propelled the stock into the stratosphere. Cramer said he's not a fan of NetEase, or any Chinese stocks outside of Baidu ( BIDU), as Chinese stocks remain too risky for average investors.

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 CNOOC ( CEO), Baxter Int'l ( BAX), Verizon ( VZ), Kinder Morgan Energy Partners ( KMP) and Altria ( MO).

Cramer said this portfolio was properly diversified.

The second caller's top holdings included Plains All American ( PAA), Plum Creek Timber ( PCL), Inergy ( NGRY), ConEd ( ED) and Abbott Labs ( ABT).

Cramer said this portfolio was also properly diversified as well as being a high-yielding portfolio.

Lightning Round

Cramer was bullish on Costco ( COST), Accuride ( ACW) and Ligand Pharmaceuticals ( LGND).

He was bearish on PriceSmart ( PSMT) and Sprint Nextel ( S).

Closing Comments

In his "No Huddle Offense" segment, Cramer applauded the management shake-ups at Yahoo! ( YHOO) and Action Alerts PLUS name Bank of America ( BAC), saying that investors should want boards of directors that hold CEO's feet to the fire.

Cramer said that Bank of America has a litany of legacy issues to work through and needs a stronger housing market, lower unemployment and a more lenient regulatory environment to flourish, a tall order indeed.

Cramer said that Yahoo! is likely better off sold, broken up or taken over, but he still cannot recommend the stock, as the value of the takeover might not be much higher than were the stock trades today. He recommended both Apple ( AAPL), another Action Alerts PLUS name, or Google ( GOOG) as far better tech companies.

--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, Cummins, Bank of America, Apple.

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."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com 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 TheStreet.com, 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 TheStreet.com. 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 TheStreet.com, 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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