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NEW YORK ( TheStreet) -- The big, bad event may now be behind us, but there just aren't a lot of sectors worth buying, Jim Cramer admitted his "Mad Money" TV show viewers Wednesday after the markets reacted badly to the minutes from last month's Federal Reserve meeting.

Cramer said the markets have been dreading the latest news from the Fed all week, even though that news was technically over a month old. Just the same, right at 2 p.m. EDT, the markets sold off like clockwork, only to snap back quickly before slowly fading into the close. According to the Fed minutes, the economy seemed to be improving, which would lead to the eventual tapering of bond buying and stimulus.

But a lot has changed in a month, said Cramer, and there's just about no measure of the economy that is better now than it was a month ago. Over the past 30 days, interest rates have rallied and everything tied to them has fallen considerably, from banking to housing to construction and most recently, retail. The Fed won't risk creating a recession within a recession, noted Cramer, so it's likely the next Fed minutes will once again talk about staying the course.

So now that the big event is behind us, are there any stocks worth buying? Cramer said the pickings are indeed getting slim as, sector by sector, earnings estimates are coming down to meet the new realities. From banking to oils to industrials and even the mineral stocks are all getting sluggish, he said, which makes stock picking a very difficult endeavor indeed.

Executive Decision: Sandy Cutler

In the "Executive Decision" segment, Cramer spoke with Sandy Cutler, chairman and CEO of Eaton ( ETN - Get Report), the industrial giant that reported a three-cents-a-share earnings beat on lighter-than-expected revenue while also offering investors tepid guidance for the remainder of 2013. Shares of Eaton are still up 12% since Cramer last spoke with Cutler in late April.

Cutler said the global reaction to the rising bond market is par for the course in a recovering global economy. He said while the first few years of that recovery, since 2009, have seen moderate growth, both 2012 and 2013 are shaping up to be transition years with far less growth than originally expected.

While overall growth is slowing, Eaton's fundamentals in many areas of the world, including Europe, China and the U.S., are improving, with next year looking to far exceed the growth of this year, Cutler said. He noted that Eaton's margins have been expanding; when non-residential contraction, which accounts for 30% of Eaton's revenue, begins to recover, the company's profits will immediately reflect that.

Cramer said he's still a believer in Eaton's potential, even if that potential may not be realized over the next couple of months. ETN is a holding in Cramer's charitable trust, Action Alerts PLUS.

Craft Beer for the Cookout

For the next installment of "Cramer's Cookouts," Cramer continued his look into the beer industry by taking the show outside for a special interview with Steve Hindy, co-founder and president of the privately-held Brooklyn Brewery, a hot player in the ever-growing craft beer segment.

Hindy said Brooklyn Brewery has been around for 25 years, and after many years of competing with the big boys, craft beers are now almost on par with imports when it comes to market share. He said smaller breweries are no strangers to fighting against the giants in the industry and they have the advantage since craft beers just can't be made at a scale that would move the needle for the largest of brewers.

How are craft beers able to win? Hindy said by focusing on their brands and adapting to the changing tastes of the American consumer. He explained that tastes change all the time. It happened with ice cream, it happened with coffee and now it's happening with beers. In fact, beer consumption overall has declined big over the past few years, said Hindy, yet, at the same time the industry now supports 2,500 individual breweries.

Will increased competition kill off many craft brewers? Hindy thinks not. He said that he feels our country could easily support up to 4,000 breweries as long as they all offered quality products and focused on individual tastes.

Cramer said the craft brew movement is one that should inspire all entrepreneurs and investors.

Lightning Round

In the Lightning Round, Cramer was bullish on Sinclair Broadcast Group ( SBGI - Get Report), Western Union ( WU - Get Report), Taser International ( TASR), Hasbro ( HAS - Get Report) and Fleetmatics Group ( FLTX).

Cramer was bearish on Plains All American Pipeline ( PAA - Get Report), Old Dominion Freight Line ( ODFL - Get Report), Vornado Realty Trust ( VNO - Get Report), Northern Tier Energy ( NTI), Bank of America ( BAC - Get Report) and eBay ( EBAY - 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: Ford ( F - Get Report), Starbucks ( SBUX - Get Report), Walt Disney ( DIS - Get Report), HollyFrontier ( HFC - Get Report) and Huntington Bancshares ( HBAN - Get Report).

Cramer said this portfolio was properly diversified.

The second portfolio's top holdings included: Exxon Mobil ( XOM - Get Report), AT&T ( T - Get Report), McDonald's ( MCD - Get Report), Johnson & Johnson ( JNJ - Get Report) and General Electric ( GE - Get Report).

Cramer said this portfolio "rocks."

The third portfolio had: BGC Partners ( BGCP), PetMed Express ( PETS), Macquarie Infrastructure ( MIC - Get Report), Coca-Cola ( KO - Get Report) and Mondelez ( MDLZ - Get Report) as its top five stocks.

Cramer said that Mondelez and Coke cannot coexist and advised selling Mondelez in favor of a drug stock.

The fourth portfolio's top stocks were: Ford, Facebook ( FB - Get Report), Verizon ( VZ - Get Report), SuperValu ( SVU) and US Airways ( LCC).

Cramer was also a fan of this portfolio.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said now that most retail earnings are in, the woes appear to be limited to just one segment -- apparel.

He noted that Lowe's ( LOW - Get Report) saw strength in just about everything that goes into your home, a sentiment that Best Buy ( BBY - Get Report) and the HomeGoods division of TJX Stores ( TJX - Get Report) also shared.

Meanwhile, Wal-Mart ( WMT - Get Report), Target ( TGT - Get Report) and Macy's ( M - Get Report) all fell sharply at the hand of apparel. Cramer concluded that consumers are spending on their homes and not themselves.

All of that could change if interest rates keep rising, however. But for now, the trend appears to be intact.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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

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

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At the time of publication, Cramer's Action Alerts PLUS had a position in EBAY, ETN, F, FB and GE.

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."

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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.