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: Weyerhaeuser ( WY), Eaton ( ETN), Bristol-Myers Squibb ( BMY), EMC ( EMC) and EOG Resources ( EOG). Cramer said that this portfolio "rocks" and is properly diversified. The second portfolio's top holdings included: Walgreen ( WAG), Union Pacific ( UNP), Berkshire Hathaway ( BRK.B), Lorillard ( LO) and Barrick Gold ( ABX). Cramer also blessed this portfolio as well diversified. The third portfolio had: Alkermes ( ALKS), American Capital Agency ( AGNC), Medical Properties Trust ( MPW), Annaly Capital ( NLY) and Radian Group ( RDN) as its top five stocks. Cramer said this portfolio can't afford to own American Capital, Annaly and Radian, which are all in the mortgage business. He advised keeping Radian and adding a stock like Berkshire Hathaway in order to be diversified. The fourth portfolio's top stocks were: Abbott Laboratories ( ABT), Facebook ( FB), Linn Energy ( LINE), Apple ( AAPL) and Joy Global ( JOY). Cramer said that this portfolio is also perfectly diversified.
No Huddle Offense
In his "No Huddle Offense" segment, Cramer sounded off about the price of oil, saying it's time for the U.S. to take back control of this most precious commodity. Cramer said it's totally absurd that worldwide oil prices are based on Brent crude which, as it turns out, is pegged to the output of just four oil fields in the North Sea -- four fields that are seeing declining output and declining relevance as places like the U.S. and Iraq are seeing huge spikes in production. The U.S. still imports 7.5 million barrels of oil a day, but it doesn't have to, said Cramer. Those in Washington seem happy with the status quo while at the same time remain hostile towards the use of fossil fuels. In reality, the U.S. has the ability to lower gas prices by 20% if it only approved projects such as the Keystone XL pipeline and endorsed natural gas as a bridge fuel to renewable energy. We don't have to tolerate high oil prices. The time to change that status quo is now, he concluded. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC. -- 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
Steve Ricchiuto, MZUHO Securities chief economist, and Bob Michele asset management global CIO with JP Morgan (JPM), joined BloomberTV's 'Bloomberg GO' to discuss the economy and the Fed raising rates.