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Cramer said that today is likely only the first day of the offensive against our markets, but in the end we'll likely be OK.
Cramer attributed 50% of Thursday's market decline to Russia and the ongoing crisis in Ukraine. He said the Europeans won't repeat history, which means the war of words will only heat up going into the weekend.
The other 50% of the market's decline rests squarely with China, said Cramer, as hedge fund managers seem to be selling on every negative data point that stems from that slowing economy.
Where does that leave the U.S.? Cramer said today was a new vacuum for U.S. stocks, with perhaps the exception of the stellar quarter posted by Williams-Sonoma (WSM - Get Report), which rose nearly 10%.
Cramer said that eventually it will be safe to buy the high-yielding utilities like ConEd (ED - Get Report), Dominion (D - Get Report) and American Electric Power (AEP - Get Report), but not quite yet. There will likely be more selling going into the weekend, Cramer noted, but in the end the possibility of World War III remains unlikely.
Executive Decision: Mark Dankberg
For his "Executive Decision" segment, Cramer spoke with Mark Dankberg, chairman and CEO of ViaSat (VSAT - Get Report), the in-flight wifi provider. Cramer explained that unlike rival Gogo Wireless (GOGO - Get Report), which offers just enough bandwidth for a handful of travelers to use, ViaSat's new satellites offer four times the speed.
Dankberg said ViaSat has been patiently waiting in the wings with its new technology. He said first the satellites needed to be launched, then the Federal Aviation Administration needed to test and approve the system for flight. But after successful tests on JetBlue Airways (JBLU - Get Report), the company is now ready to target the 84% of aircraft that don't currently have broadband.
Dankberg said ViaSat in-flight connectivity will transform from something a few people use to a service that everyone uses over the next few years. He also touted his company's home Internet services as another big opportunity because ViaSat offers speeds up to 12 megabits per second, rivaling that of terrestrial providers.
Cramer said ViaSat had an interesting story and compelling technology.
Watch the Refiners
The markets are getting slammed but there's one sector that's now got a terrific entry point, Cramer told viewers: refiners.
Cramer explained that after his recent trip to the Gulf of Mexico he discovered there's oil everywhere in the Permian Basin, oil that's simply got no place to go. That means the refiners are able to buy crude at the cheap West Texas Intermediary (WTI) price, refine it, then sell it on the global market at substantially higher world prices.
Cramer emphasized that this is a trade only, as new pipelines will be coming online in June to help move the Permian glut of crude to where it can be used and sold more efficiently. In the meantime, however, Cramer said these refining stocks will likely run higher until they report in May.
Cramer was bearish on Annaly Capital (NLY - Get Report), Yandex (YNDX - Get Report), Universal Display (OLED - Get Report), Horizon Pharma (HZNP - Get Report) and Columbia Property Trust (CXP - Get Report).
In another installment of "Cramer's Playbook," Cramer answered the question of whether an investor in his 30s should invest all his money for retirement or in a brokerage account.
Cramer said all investors should always invest for retirement first, but for younger investors he recommends only half to two-thirds of your savings head towards a tax-favored retirement account, with the rest earmarked for a discretionary, or "mad money," account.
Why two accounts? First, Cramer said, that money can't be easily withdrawn from an IRA or a 401(k) without substantial penalties. Second, investors should take fewer risks with their retirement savings.
Cramer said that savings are important. Don't be held hostage to your paycheck, he concluded. Save early, save often but don't put it all away for your golden years.
Off the Tape
In his "Off The Tape" segment, Cramer sat down with Tim Whall, CEO of the privately held security provider Protection 1.
Protection 1 had been a publicly traded company before going private a few years ago. Whall explained that as a private company it has been able to reduce attrition, increased customer satisfaction and increase operational efficiencies. With all that complete, the company is now ready to execute its plan and take market share.
When asked about the differences between residential and commercial services, Whall noted that residential has lower penetration and customers tend to buy one system use it for a very long time. Commercial customers, however, upgrade more frequently and are interested in more services. There's a sweet spot in both, if you know how to find it, Whall concluded.
Cramer said Protection 1 is a terrific turnaround story, one he wishes was available to buy publicly.
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