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NEW YORK (TheStreet) -- Many investors are fretting the markets, Jim Cramer told his Mad Money viewers Thursday. But if you're invested in the right stocks, there's a lot less reason to worry.

Cramer said he's been negative on big chunks of the market for quite some time now. He said the momentum names, those with little to no earnings, are like straw houses getting blown away with any market winds.

But those stocks with solid growth and solid earnings, along with those that offer big dividends and the possibility for mergers or breakups, are the brick houses that can withstand any market storm.

Cramer said the market has gone up a ton, so he's certainly not discouraging investors from taking profits and raising cash. But while much of the market is worrying over falling interest rates sending the economy back into recession, the smart money is focusing on the positives -- like more people getting put back to work.

Some investors cited Wal-Mart's (WMT - Get Report) disappointing quarter as a reason to worry, but Cramer pointed to both J.C. Penney (JCP - Get Report) and Nordstrom (JWN - Get Report) as proof that maybe Wal-Mart's problems are just Wal-Mart's.

In the end, Cramer said there are fewer good stocks out there, but they are still out there for those willing to embrace the positives.

Looking for Value

With investors looking for value, why not turn to a company that's lagged the markets but still has a ton of upside potential? Cramer said Cenovus Energy (CVE - Get Report) is one such company, one that pays a bountiful 3.4% yield yet has seen its shares fall 2.7% over the past 12 months.

Cenovus is one of the fastest-growing oil producers in the Canadian oil sands but was plagued by operational issues that made for a tough 2013. But while the market has taken a "wait and see" approach, Cramer said he thinks the company's issues are behind them and it won't be long before the stock warrants the premium it once had.

While some analyst have raised concerns that the stalled Keystone XL pipeline from Canada into the U.S. will be a death knell for the Canadian oil sands, Cenovus tells a different story, saying it's already using rail to transport its oil to the coast, where it's being exported worldwide.

Cenovus expects to grow production 14% annually for the next few years and Cramer thinks the company is not getting any credit for the great assets the company has. It's terrific 3.4% yield pays investors to wait while the rest of the market realizes that the company is already well on track to make up for last year's troubles.

Shunning Sexy

Is sexy going out of style? Are investors shunning exciting stocks for ho-hum safety stocks? Cramer said they are, and he's got two stocks to prove it.

Just two weeks ago Estee Lauder (EL - Get Report) and Clorox (CLX - Get Report) reported their earnings. Estee Lauder blew away the estimates and raised guidance while Clorox missed estimates on slowing growth. Yet, Clorox shares fell by less than $1 and for the year both stocks are hovering near breakeven.

Why is Estee Lauder not dramatically outperforming? Cramer said it's because Clorox is a safe, reliable name that just so happens to pay a hefty 3.3% yield that was just raised by 4% a few days ago.

Estee Lauder has everything going for it, Cramer said. The company is growing at 6% to 8% a year, it gets 60% of sales from overseas and it has exposure to the rapidly growing emerging markets. Estee Lauder also pays a 1.1% dividend and raised its full-year guidance.

Yet, none of this matters to investors, Cramer continued. They'd rather own the stable Clorox, makers of the bleach, detergent and trash bags that everyone needs no matter what the economic climate.

Cramer said investors willing to take a risk can certainly own Estee Lauder, but those who agree that caution should be the word of the day will be quite happy with Clorox.

Executive Decision: Terry Gregg

For his "Executive Decision" segment, Cramer sat down with Terry Gregg, CEO of DexCom (DXCM), makers of a constant glucose monitoring system for diabetics that eliminates the need for pricking a finger. Shares of DexCom are up 130% since Cramer first mentioned the company for speculation back in March 2011.

Gregg showed off his company's product, currently on the market, which includes a handheld monitor for continual glucose readings and also a wireless option that connects to the cloud and an iPhone app for remote monitoring, in real time, from anywhere in the world.

Gregg said the app can offer alarms and alerts anytime a monitor records a level too high or too low, making it perfect for children and anyone who needs remote monitoring. He said today's technology takes the mystery out of diabetes by clearly showing trends and alerting people to dangerous conditions.

DexCom aims to grow by 35% to 40% a year, after growing by 57% last year. The company has 63% market share in the pediatric diabetic market and boasts products that are 50% more accurate than the competition.

Cramer said the market will eventually embrace growth again; when it does, DexCom of one of the fastest-growing companies out there.

Lightning Round

In the Lightning Round, Cramer was bullish on Plug Power (PLUG - Get Report), Qualcomm (QCOM - Get Report), Carnival (CCL - Get Report) and Bank of Montreal (BMO - Get Report).

Cramer was bearish on Stifel Financial (SF - Get Report), Brocade Communications (BRCD) and Himax Technologies (HIMX - Get Report).

No Huddle Offense

In his "No Huddle Offense" segment, Cramer offered more words of caution about trading based on what the Wall Street gurus are telling you they are doing.

Cramer said a lot of investors are taking heed of hedge fund manager David Tepper's comments yesterday that this is "nervous time" for him and he's using extreme caution going forward. Tepper is a totally rational guy, Cramer said, one who's mindful of risk and kept a cool head throughout the financial crisis of 2008.

But Tepper's comments are only a snapshot of his thinking today, not a continual stream. What happens if the markets fall another 3% -- is that the time to buy? What about individual stocks? Tepper only addressed the markets overall.

Investing on the words of market gurus just doesn't make any sense, Cramer concluded, as David Einhorn's scathing 2011 call against Keurig Green Mountain (GMCR) proved. Those comments sent GMCR shares plummeting, for a time, but since then they've rallied big and Coca-Cola (KO) just bought a 16% stake in the company.

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.

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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.