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NEW YORK (TheStreet) -- When the markets head south, you need to take opportunities where you can find them, Jim Cramer said on "Mad Money" Tuesday. In today's markets, that means taking advantage of eight big themes and avoiding two major pitfalls.
Cramer's list of opportunities includes:
1. Aerospace. Cramer said airlines are flush with cash and planes remain in demand.
2. Non-Residential Construction. After years of decline, this major generator of jobs is on the mend.
3. Personal Computers. The decline in PCs may finally be winding down because component makers appear to be bottoming.
4. Mergers and Acquisitions. The two big deals so far this year, Beam (BEAM) and Time Warner Cable (TWC), may just be the beginning.
5. Banking. The banking woes are winding down and all eyes are focused on the rise in net interest margins.
6. Europe. As Ford (F), General Electric (GE) -- a stock Cramer owns for his charitable trust, Action Alerts PLUS -- and may others have noted, Europe is growing again.
7. Telco Equipment Spending. Both Ciena (CIEN), another AAP holding, and F5 Networks (FFIV) are seeing strong equipment sales.
8. American Natural Gas. Cramer said chemical companies are finally benefiting from cheap American natural gas.
Cramer said investors also need to watch out for two major hurdles in the markets: One is a glut of oil and the continue assault on coal. He noted that both of these industries remain under pressure.
The other market hurdle: empty malls, which have been wrecking havoc on a host of retailers.
Executive Decision: Cheryl Bachelder
For his "Executive Decision" segment, Cramer sat down with Cheryl Bachelder, CEO of AFC Enterprises (AFCE), which starting today will be known as Popeyes Louisiana Kitchen (PLKI). Shares of Popeyes are up 75% since Cramer first got behind the stock 18 months ago.