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Let the bad times roll, Jim Cramer told his Mad Money viewers Thursday. After a big three-day rally, Cramer said investors should expect a multi-day decline to follow. But not to worry, he said, because that only means we can buy some great stocks on the cheap.

Now's the time to roll up your sleeves and figure out what to buy, Cramer continued, and that job has been made easier by a strong earnings season. Adding to the momentum, comments from the Federal Reserve indicating flexibility on interest rates, a weakening U.S. dollar and stocks like Devon Energy (DVN - Get Report) , which was able to price a 69 million share secondary offering that sold for a premium.

Which stocks are making Cramer's shopping list? He gave the nod to McDonald's (MCD - Get Report) , along with two Action Alerts PLUS holdings, Jack in the Box (JACK - Get Report) and Panera Bread (PNRA) , both of which are now "too cheap," according to Cramer.

Also on the list are Clorox (CLX - Get Report) and Cisco Systems (CSCO - Get Report) , two stocks with great earnings, as well as Honeywell (HON - Get Report) and 3M (MMM - Get Report) in the industrial sector. Cisco is another Action Alerts PLUS holding.

Rounding out Cramer's list, WhiteWave Foods (WWAV) , yet another Action Alerts PLUS holding.

Executive Decision: Jim Reid-Anderson

For his "Executive Decision" segment, Cramer sat down with Jim Reid-Anderson, president and CEO, and John Duffey, CFO, of Six Flags (SIX - Get Report) , which just delivered a 5-cents-a-share earnings beat on an 18% rise in revenue and a 22% increase in attendance at its 18 locations around the country.

Duffey attributed Six Flags' strong quarter to significant investments in Halloween Fright Fest and year-end festivities. Reid-Anderson added he had a gut feeling years ago these off-season events could be big wins for the company, and now he has been proven right.

Innovation continues to be a driver at Six Flags, with the company continuing its strategy of having something new and exciting at every one of its parks, every year. Duffey said the company maintains a balance between both thrill rides and family rides and both sets of guests continue to be delighted.

With 80% of all Six Flags guests coming to its parks from within 100 miles, and many of them with more money in their pockets from cheaper gasoline prices, Cramer said Six Flags remains a winner in his book.

Too Cheap to Ignore

It's no secret that many stocks are now way off their 2015 highs, Cramer told viewers. But for a handful of stocks, this notable rise and fall has made them too cheap to ignore.

Such is the case with Alliance Data (ADS - Get Report) , the branded credit card and loyalty program purveyor that rallied over 570% from 2009 through its peak in 2015, on the heels of several smart acquisitions and a wave of retailers clamoring to keep customers coming to their stores.

Since December however, shares of Alliance data have plunged from $276 to just $198. The reason? Slowing revenue growth and declining forecasts.

But trading at just 10 times earnings, Cramer said Alliance Data has now become too cheap to ignore, especially given that the company just doubled its share buyback program. He said while the growth at Alliance may have slowed, the momentum players have now exited the stock and all of the long-term growth drivers are still in place.

Executive Decision: David Steiner

In his second "Executive Decision" segment, Cramer spoke with David Steiner, president and CEO of Waste Management (WM - Get Report) , a stock that's up 9% since Cramer last checked in back in July.

Steiner said Waste Management is in the sweet spot with the economy right now and the business is performing well. He said trash collectors need only two things, trucks and drivers, and Waste Management has turned getting and keeping drivers into a competitive advantage that is only growing the top line.

The only negative at Waste Management remains recycling, where the cost of recycled products continues to decline. That said, Steiner noted that if customers were better at keeping non-recyclables out of the recycle stream, Waste Management would not only be profitable in recycling, it would be able to recycle more.

Steiner noted his company is seeing the lowest customer churn rate since 2002 thanks to its continued excellent service. Cramer reiterated his buy recommendation on Waste Management.

Lightning Round

In the Lightning Round, Cramer was bullish on Amgen (AMGN - Get Report) , Celldex Therapeutics (CLDX - Get Report) , Nordic American Tanker (NAT - Get Report) and Fitbit (FIT - Get Report) .

Cramer was bearish on Omega Healthcare (OHI - Get Report) and Tesoro (TSO) .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer asked the question, does value matter again?

It sure seems that way with the airlines, a group that trades at roughly half the multiple of the average stock. Yes, the airlines have problems, but with cheap fuel and cheaper shares, they're getting hard to ignore.

Likewise with engine marker Cummins (CMI - Get Report) and Emerson Electric (EMR - Get Report) , two stocks that have also been overlooked at a time when the U.S. dollar appears to be weakening.

Finally, Cramer gave the nod to another Action Alerts PLUS core position, Apple (AAPL - Get Report) , a stock that still trades at a scant 10 times earnings.

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

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