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NEW YORK ( TheStreet) -- Bear markets create problems but bull markets solve them, Jim Cramer told "Mad Money" viewers Wednesday. Cramer compared the prevailing wisdom of just four months ago against the realities of today.

Cramer said that back in December there were five things the bears were preaching: The federal government was about to fall off a cliff, the Federal Reserve was going to slow its bond buying and problems in Europe were back on the radar. If those didn't kill us, then surely the debt ceiling and sequester would and, if not, fourth-quarter earnings would certainly be miserable.

Cramer said all of these notions seemed perfectly plausible back then, but reality played out in a starkly different manner. Earnings turned out to be some of the best we've seen in 15 years.

Meanwhile, the markets simply stopped being worried about Washington or Europe. Our tax code didn't change all that much and the Fed won't be slowing its stimulus until employment picks up. The sequester has been a dud thus far and continued gridlock in Washington has been a boon for the markets.

It's time to embrace the future, Cramer concluded, as the markets focus on the future, not the past. The bulls are in charge and those remaining bears are just costing investors money.

A Pharma Dividend Play

All Big Pharma names are not created equal, Cramer told viewers, as he highlighted GlaxoSmithKline ( GSK - Get Report) as the next stock in this week's focus on the sector. He said that Glaxo is not a breakup story, nor a catch-up stock, but a good, old-fashioned dividend play with a juicy 5.8% yield.

Cramer said that while a big yield is sometimes a red flag, that's not the case with Glaxo now that its legal issues are largely behind it. The company just reached a $3 billion settlement over the advertising of some of its anti-depressant drugs and it has a huge pipeline of new drugs.

Glaxo is set to seek approval for 15 drugs, some of them blockbusters, over the next three years. Everything from new asthma treatments to cancer drugs and heart therapies will be coming from the company in fairly short order. That translates into an 8.4% compound growth rate through 2018, said Cramer.

On the negative side, Cramer noted that Advair, Glaxo's current asthma drug, will be coming off patent in Europe soon and shortly thereafter in the U.S. Advair currently accounts for 20% of Glaxo's total revenue, but Cramer noted that many of the company's new drugs should offset any losses stemming from Advair over the next few years.

Trading at just 13.6 times next year's earnings, Cramer said Glaxo is a very cheap stock. He said a 16 times earnings multiple is certainly warranted and he'd be willing to pay even more for a company with such terrific growth.

A Noble Energy Play

As the oil and gas revolution marches on, Cramer said he has a new favorite company to replace EOG Resources ( EOG - Get Report) as the best way to play growth in the sector: Noble Energy ( NBL - Get Report).

Noble has laid out plans to double its production over the next five years and double its earnings per share over the next two years. Yet, despite those aggressive targets, this stock still trades at a meager 14 times earnings.

Noble has growth prospects all over the globe. The company has 640,000 acres in the Niobrara shale in Colorado, an area that could potentially rival the Bakken shale in size and profitability. Current estimates predict Noble could have over two billion barrels of oil under its acreage in Colorado.

Outside the U.S., Noble has assets in the Gulf of Mexico, Israel, West Africa and Latin America, just to name a few. Noble's reserves in Israel alone are estimated to be 17 trillion cubic feet of natural gas, a very valuable asset for Western Europe.

With natural gas prices rebounding, Cramer said Noble stands to profit handsomely. The company's net asset value is already 37% higher than its stock price, as the markets typically only value asset fully as production comes online.

Lightning Round

In the Lightning Round, Cramer was bullish on Red Robin Gourmet Burgers ( RRGB - Get Report), Panera Bread ( PNRA), 3D Systems ( DDD - Get Report), Flowserve ( FLS - Get Report), Emerson Electric ( EMR - Get Report), Briggs & Stratton ( BGG - Get Report), Sempra Energy ( SRE - Get Report) and Valero Energy ( VLO - Get Report).

Cramer was bearish on Generac Holdings ( GNRC - Get Report), Mosaic ( MOS - Get Report) and Phillips 66 ( PSX - Get Report).

Am I Diversified?

In the "Am I Diversified?" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets.

The first portfolio included: ConocoPhillips ( COP - Get Report), New York Times ( NYT - Get Report), Nordic American Tanker ( NAT - Get Report), Weyerhaeuser ( WY - Get Report) and Blackstone Group ( BX - Get Report).

Cramer blessed this portfolio as properly diversified.

The second portfolio's top holdings included: Realty Income ( O - Get Report), Rayonier ( RYN), AT&T ( T - Get Report), General Electric ( GE - Get Report) and Ventas ( VTR - Get Report).

Cramer said he loved this high-yielding portfolio for a 60-year-old investor who was thinking young.

The third portfolio had: Facebook ( FB - Get Report), Ford ( F - Get Report), Wells Fargo ( WFC - Get Report), Microsoft ( MSFT - Get Report) and Alcoa ( AA - Get Report) as its top five stocks.

Cramer said this portfolio can't have two tech stocks and he advised selling Microsoft and adding Merck ( MRK - Get Report).

No Huddle Offense

In his "No Huddle Offense" segment, Cramer opined on the only sector of the markets that hasn't rallied thus far -- technology.

He said with the death of the PC, a slowdown in enterprise spending and the collapse in Apple ( AAPL), a stock he owns for his charitable trust, Action Alerts PLUS, it's no wonder this sector has been in the doldrums.

But with many investors believing that worldwide growth will return during the second half of the year, Cramer said valuations for these companies have simply gotten insanely low.

Case in point, Oracle ( ORCL), a stock that traded as low as 11 times earnings after it reported but then was able to rally as valuations simply got in the way of a positive 2013 story.

Cramer said if technology can withstand this upcoming round of earnings, things are certainly looking up for the group during the second half of the year.

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

To email Scott about this article, click here: Scott Rutt

Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC

At the time of publication, Cramer's Action Alerts PLUS had positions in AAPL, COP, FB, GE, MRK, ORCL and WY.

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.