Oil Service Tech Play

In the "Executive Decision" segment, Cramer checked in with David Demshur, chairman, president and CEO of Core Labs ( CLB), an oil service technology company that Cramer said is the one to buy.

Demshur said that 70% of Core Labs' revenue comes from crude oil projects outside the U.S. with only 20% tied to natural gas. Among the areas Demshur was most excited about were deep water drilling off of Brazil and Angola as well as projects in the Middle East and off the coast of Australia.

When asked about the 20% of revenues from natural gas, Demshur said that most of that revenue is also overseas, where natural gas prices are far higher than in the U.S. When it comes to North American revenues, Demshur said that projects include oil shale projects, but also deep water projects in the Gulf of Mexico and also projects in the oil sands of Canada.

Demshur also explained that Core Lans is all about production enhancement technology. He said that lateral oil shale wells, for example, only extract 10% of the available oil that's in place. Core Labs is looking to boost those numbers closer to 15%. In the case of the company's newest project off the coast of Israel, Demshur said the first thing Core Labs will do is tell the oil companies how much gas is down there and which technologies will recover the largest share of it.

Cramer and Demshur also discusses Core Labs' dividend strategy, which Demshur said is closely tied to the company's increasing free cash flow. He said Core Labs believes in long-term shareholder appreciation and will remain committed to the company's dividend and stock re-purchase program.

Cramer continued his recommendation of Core Labs and again told investors to use the weakness which occurs after every earnings release to buy in.

Lightning Round

Cramer was bullish on United Rentals ( URI), Apple ( AAPL), LSI Logic ( LSI), MagnaChip Semiconductor ( MX), AeroVironment ( AVAV) and KKR Financial Holdings ( KFN).

Cramer was bearish on Research In Motion ( RIMM) and The Blackstone Group ( BX).

Am I Diversified?

Cramer spoke with callers to see if their portfolios have what it takes for today's markets. The first caller's portfolio included Healthcare REIT ( HCN), Kraft Foods ( KFT), Merck ( MRK), Newell Rubbermaid ( NWL) and Freeport McMoRan ( FCX).

Cramer said this portfolio was properly diversified.

The second caller's top holdings included Bank of America ( BAC), McDonald's ( MCD), Home Depot ( HD), Nike ( NKE) and John Deere ( DE).

Cramer had only positive things to say about this well-diversified portfolio.

The third caller had Excelon ( EXC), Verizon ( VZ), DuPont ( DD), Kinder Morgan Energy Partners ( KMP) and IBM ( IBM).

Cramer was also bullish on this portfolio.

The fourth caller's top stocks were ConEd ( ED), SPDR Gold Shares ( GLD), Kinder Morgan Energy Partners ( KMP), McDonald's ( MCD) and Waste Management ( WM).

He said this portfolio was also diversified.

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

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

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At the time of publication, Cramer was not long any equities mentioned.

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."

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