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NEW YORK (TheStreet) -- We're not out of the woods yet, Jim Cramer warned his Mad Money viewers Wednesday. In fact, he continued, when you own stocks, you're never out of the woods.

When you own stocks there are always risks, but some days seem a lot darker and scarier than others. Think back to Monday, when all seemed lost with Greece, Puerto Rico and China dominating the headlines. Did the doom and gloom headlines ring true? Not really.

By Tuesday, there were peeks of sunshine amid the darkness as investors realized that even if Greece and Puerto Rico did default and China was indeed in a bear market, stocks like the domestic retailers and biotechs would still be OK.

By today, day three, sunshine abounds, and Monday's sellers seem almost silly as the buyers' return to the markets.

But Cramer warned that just as the panic of Monday was foolish, so, too, is the euphoria surrounding some stocks today. There's never an "all clear" when it comes to owning stocks, and investors always need to be on the lookout for what might come next.

Cramer said he's fine with taking some profits into tomorrow's strength just as he was buying into Monday's weakness.

Executive Decision: Dr. Philipp Lang

For his "Executive Decision" segment, Cramer spoke with Dr. Philipp Lang, president and CEO of ConforMIS (CFMS), a medical device maker that celebrated its initial public offering Wednesday, with shares rallying over 28%. ConforMIS manufactures knee replacement implants using the latest in 3-D scanning and printing technologies to produce custom devices that fit patients perfectly.

Lang explained that ConforMIS is truly disruptive technology that starts with computer-assisted designs that stem from 3-D CT scans, then custom 3-D printing of all the components a surgeon will need to install the device followed by just-in-time delivery.

While traditional knee implants come only in a handful of sizes, ConforMIS delivers an implant that is exactly the size and shape of your existing bone structure. That results in shorter hospital stays and quicker recovery times as well as fewer problems later on.

Lang said ConforMIS' biggest challenge today is simply getting the word out to both patients and surgeons that this technology is now available. ConforMIS is also in development for hip replacements using the same technology.

Cramer said this is exactly the kind of disruptive technology and innovation that makes America great.

Market Bright Spots

While much of the market may still be locked to the whims of Greece, there are still plenty of bright spots in the market, with more appearing by the day.

Case in point: Today's news that Ace (ACE) is acquiring the venerable insurance brand Chubb (CB) for $28 billion. That news sent Chubb shares soaring 26% and even gave Ace a pop to the upside. Could Travelers (TRV) or Hartford Financial (HIG) be next? Both stocks also rallied on the day.

There is also speculation Chinese casinos in Macau may be bottoming. Cramer said he's not yet ready to call a bottom in fave Wynn Resorts (WYNN) but it may be close at hand.

Other market winners included Constellation Brands (STZ), which Cramer told viewers to buy, buy, buy, as well at newcomer Fitbit (FIT), which is already up a quick 30% since its IPO last week.

Finally, Cramer once again gave the nod to the housing-related stocks, including home builders Lennar (LEN) and Toll Brothers (TOL) as well as Home Depot (HD) and Lowe's (LOW).

Executive Decision: Marty Mucci

In his second "Executive Decision" segment, Cramer also checked in with Marty Mucci, president and CEO of Paychex (PAYX), the payroll processor with a 3.2% yield that also offers investors a look into the state of hiring in our economy.

Mucci said that Paychex is having a good year so far in 2015, with revenue up 9% and non-payroll services hitting $1 billion for the first time. He said that growth stems from both existing customers using more of Paychex services, but also from Paychex taking share and adding customers.

When asked about the latest trends in hiring, Mucci said they're definitely seeing more part-time employment, both from Obamacare as well as an uptick in the so-called shared economy. Paychex is also seeing some of the hardest-hit areas of the country, like Detroit, start to rebound and get stronger.

Cramer said Paychex remains a great story, and if the Federal Reserve raises interest rates later this year that story will get even better.

Lightning Round

In the Lightning Round, Cramer was bullish on Bemis (BMS), Ventas (VTR), Edwards Lifesciences (EW) and St Jude Medical (STJ).

Cramer was bearish on Cummins (CMI), Greif (GEF), Physicians Realty Trust (DOC), Corning (GLW), FreshPet (FRPT), Intuitive Surgical (ISRG), Star Gas Partners (SGU) and Goodyear Tire & Rubber (GT).

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 Lululemon Athletica (LULU), GrubHub (GRUB), WhiteWave Foods (WWAV), Integrated Device Techonology (IDTI) and Halozyme Therapeutics (HALO).

Cramer said he'd bless this portfolio as properly diversified.

The second portfolio's top holdings included Abbott Labs (ABT), Netflix (NFLX), Huntington Bancshares (HBAN), Chevron (CVX) and Receptos (RCPT).

Cramer said Receptos can be considered a speculative stock, making this portfolio "terrific."

The third portfolio had Google (GOOGL), Netflix, IBM (IBM), Dominion Resources (D) and Altria (MO) as its top five stocks.

Cramer said Google and IBM are too similar and he'd recommend selling IBM and adding a drug stock like Bristol-Myers Squibb (BMY).

The fourth portfolio's top stocks were Cypress Semiconductor (CY), Boeing (BA), Under Armour (UA), Apple (AAPL) and SeaWorld (SEAS).

Cramer said this portfolio also has too much technology and should swap out Cypress for Bristol-Myers.

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

To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here.

At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, GOOGL and WWAV.

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