Cramer's 'Mad Money' Recap: Putting Europe Into Perspective

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NEW YORK ( TheStreet) -- Let's keep one eye on Europe but the other on America, Jim Cramer told "Mad Money" viewers Monday as he tried to put the European crisis into perspective for investors.

Cramer said the notion that "all eyes must be on Europe" is flawed as it ignores the opportunities here in America that are being created by Europe. "We're blessed with two eyes," said Cramer, "Let's use both of them."

With a single eye on Europe, Cramer said it would have been easy for investors to ascertain they should avoid any company that does business on that continent. That eye would have also shown them to steer clear of the financials and the commodities as well.

But with the other eye focused on America, Cramer said one would have realized those stocks only account for two-thirds of the Dow Jones Industrial Average, leaving the remaining third as investable. What stocks are left in that remaining third? Stocks like Home Depot ( HD) and Wal-Mart ( WMT), two American retailers whose stocks have risen 52% and 29%, respectively.

Also on the list: Verizon ( VZ) and AT&T ( T), up 23% and 16%, respectively, with the additional benefit of great dividend yields. Intel ( INTC) and Microsoft ( MSFT) are also great performers, noted Cramer, as is Walt Disney ( DIS), which makes its money mainly from American theme parks, movies and TV networks.

So yes, keep one eye on Europe, concluded Cramer, but the other must be focused on America or opportunities will pass you by.

Turnaround Story

In a topsy-turvy market, investors need themes they can count on, Cramer told viewers, and one of those themes is the low cost of natural gas. While low gas prices may be causing havoc for the producers of the commodity, those who use it are flourishing, said Cramer, which is why a chemical company like Celanese ( CE) is now a buy.

Shares of Celanese have fallen nearly 27% from their recent highs in February, making the company too cheap to ignore, said Cramer. He explained that the company makes building-block chemicals for other industries, chemicals that include resins, filtration products, emulsions and plastics. What all these chemicals have in common, however, is that they use a ton of natural gas to manufacture.

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