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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday July 22.

Western Union (WU), Moneygram (MGI), U.S. Bancorp (USB), Fifth Third Bancorp (FITB)

While Cramer has been critical of Nancy Pelosi's "meddling" in the economy, this time a part of her agenda might actually be good for the stock market. It is likely that reforms will make it easier for illegal aliens to become citizens, and as these new immigrants send money back home, Western Union will be a major beneficiary. While this company usually performs better when the economy is strong, Western Union reported a decent quarter and said transactions have increased 3%. With the World Bank predicting an increase in remittances by 2010, competitor Moneygram going bankrupt and deals with U.S. Bancorp and Fifth Third Bancorp getting underway, Western Union is poised to go higher.

Apple (AAPL), Intel (INTC), Sandisk (SNDK), U.S. Steel (X), Nordstrom (JWN), Dow Chemical (DOW), Goldman Sachs (GS), JP Morgan Chase (JPM), Citigroup (C), Bank of America (BAC), Merck (MRK), Wellpoint (WLP)

Cramer is not a doctor, but he plays one on TV when it's time to diagnose the market. While all stocks were given the diagnosis of Black Death with the collapse of Lehman, Cramer thinks it is time for a second opinion based on the condition specific sectors. Transports, oils, retail and minerals were "severe disease plays" and the prognosis was not good for these stocks. However, performance from Nordstrom, U.S. Steel and Dow show that these sectors are no longer in critical condition and are on the road to recovery.

Tech, especially mobile internet, was given a "false diagnosis" and was never sick in the first place. In fact, Apple, Intel and Sandisk were "bulking up" while the rest of the economy was ailing. Commodities are hard to diagnose, because they were speculated upward by institutional investors and are being driven higher by Chinese demand.

Banks are in critical condition. While it is clear that Goldman Sachs and JP Morgan will recover, Citigroup is "permanently debilitated," and Bank of America has good days and bad days. Finally, groups of stocks harmed by Obama's reforms, such as utilities and healthcare stocks will be stronger as the White House puts these ambitious plans on hold and focuses on the economy.

While the market does not yet get a clean bill of health, it is clear that there is significant recovery in most sectors.

Victory against Leveraged ETFs: UltraShort Financial ProShares (SKF)

Cramer praised the integrity of Edward Jones & Co., a brokerage which decided to stop trading leveraged ETFs; “If only every company in the financial services business had that level of integrity,” Cramer said Wednesday, “Edward Jones should be the model for all the other firms…but instead it’s the exception.” Cramer has been critical of leveraged ETFs for the damage they cause the markets and to investors' holdings. While day traders may reap benefits, those who hold these ETFs for a bit longer easily see their gains wiped out; SKF should have done well while the banks were suffering, but is a loser instead.

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Source: Cramer's Mad Money - The Ultimate Nancy Pelosi Stock (7/22/09)