Cramer spoke with callers to see if their portfolios have what it takes. The first caller's portfolio included Chevron ( CVX), McDonald's ( MCD), Caterpillar ( CAT), Kimberly-Clark ( KMB) and Teva Pharmaceuticals ( TEVA). Cramer said "Hallelujah" to this collection of stocks. The second caller's top holdings included Papa John's ( PZZA), Walmart ( WMT), General Mills ( GIS), Dow Chemical ( DOW) and Utilities Select SPDR ( XLU) as their top five stocks. Cramer also blessed this portfolio as diversifi The third caller's top stocks were Oracle ( ORCL), TDAmeritrade ( AMTD), SPDR Gold Shares ( GLD), Transocean ( RIG) and EZCorp ( EZPW). Cramer was bullish on this portfolio as well.
Cramer was bullish on Oracle ( ORCL), Amarin ( AMRN) and Sanofi-Aventis ( SNY). Cramer was bearish on Computer Associates ( CA), McDermott International ( MDR) and IntraLinks Holdings ( IL).
In his "No Huddle Offense" segment, Cramer handicapped the likelihood on a European bailout. He said that there's only a 60% chance of a bailout at this point, but all of the options are hard to swallow. Cramer said that the Europeans could print euros to buy bad bonds and take them out of circulation, they could continue the status quo and rescue only as much as needed, or the can simply let the countries and banks fend for themselves, which will most certainly lead to deep recessions. Given that any of these options could still happen, Cramer said investors still can't own any banks stocks and need to hide in high-yielding dividend names. He said even those will fall on the whims of Europe, but they'll at least be the first to bounce back. --Written by Scott Rutt in Washington, D.C. To contact the writer of this article, click here: Scott Rutt. Follow TheStreet on Twitter and become a fan on Facebook. To submit a news tip, send an email to: email@example.com. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC. Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by clicking here. For more of Cramer's insights during the Lightning Round, click here .