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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Thursday August 15.

Where Is Natural Gas Going? Stocks discussed: Weatherford International (NYSE:WFT), Petrobras (NYSE:PBR), Chart Industries (NASDAQ:GTLS), Cheniere Energy (NYSEMKT:LNG)

Natural gas went higher on news of smaller than expected inventories. Will the commodity continue its move up? Technical analyst Carly Garner thinks natural gas is not finished rising. The commodity usually experiences a slump in July and August, but rises in price as companies stock their inventories to get ready for the winter months. The chart is showing that natural gas is in extreme oversold territory, and there is a heavy short position in the commodity. Garner expects a short squeeze as bulls pile back in. The bottom for natural gas is $3.10, according to Garner, and if it falls below that level, which she thinks is unlikely, it may dip to $2.60. However, she thinks it is more likely that it will break through at least some of the following levels: $3.47, $3.80, $4.40 and may even reach $5.20.

Cramer took some calls:

Weatherford International (WFT) may rise with other natural gas companies, but is not well-run. Management has not been able to deliver on the promises of big finds.

Petrobras (PBR) is a good stock and a strong company and could go to $17 or $18.

Cheniere Energy (LNG) is a good yield play. Cramer also likes Chart Industries (GTLS), and he would wait for a dip to buy.

Cisco (NASDAQ:CSCO), Macy's (NYSE:M), Wal-Mart (NYSE:WMT), Ross Stores (NASDAQ:ROST), Hormel Foods (NYSE:HRL)

"Pretty much everything that could go wrong with stocks went wrong," on Thursday, Cramer said. The Dow plunged 225 points. The 6 year low in jobless claims seems like good news, but not when the street fears higher interest rates. In addition, there were major disappointments from Wal-Mart (WMT) and Cisco (CSCO). While Cisco reported good numbers, its outlook was not bright. Cramer still thinks CSCO is a decent stock. WMT's lackluster quarter so soon after Macy's poor earnings cast doubt on consumer confidence. Gold rose on inflation fears, and higher oil means elevated prices at the pump. There is very little leadership in the market, although there have been gains. Those who took profits prior to the plunge now have enough cash that they can buy stocks lower.

Cramer took some calls:

Ross Stores (ROST) is worth buying lower, but much lower, since retail is getting punished. Cramer thinks $62-63 is the right level.

Hormel Foods (HRL) one of the best acting food stocks with great management. Cramer says HRL is one of his favorites.

CEO Interview: Joe Papa, Perrigo (NYSE:PRGO)

Perrigo (PRGO) has given investors a 107% gain since Cramer got behind it in 2010 and delivers outstanding growth. However, the company reported a somewhat disappointing quarter, and the stock fell. Cramer thinks this decline might be a buying opportunity. PRGO acquired an Irish company, Elan, which has a successful MS treatment. Since Elan is located in Ireland, PRGO will secure tax savings that will enable it to do more M&A. CEO Joe Papa noted that the total business was up 16% and it expects 12-16% growth in the next year. It is growing store brands by 6%, twice the industry average, and plans to release 72 products in the next 12 months. PRGO is producing an alternative to the popular drug Mucinex, which will have the same efficacy with a 25% lower price tag. While demand in China for infant formula from the U.S. is huge, the Chinese regulatory environment is an obstacle. Cramer thinks PRGO may be a buy because of its aggressive growth.

What Is The VIX Saying About The Market?

The VIX rose on Thursday as the S&P 500 fell. That is a natural correlation between the two indexes. However, technical analyst Mark Sebastian doesn't think this spells a long-term sell off. In June there was a similar pattern, until the S&P 500 dropped and the VIX also dropped. This signaled a turnaround for stocks. Sebastian noted that, while the VIX rose and the S&P 500 rose on Thursday, intraday, the correlation broke down when the S&P 500 went lower and the VIX held steady. Cramer agrees with Sebastian that the selloff on Thursday does not mean a long-term move down for stocks.

Mad Tweets: OncoMed Pharmaceuticals (NASDAQ:OMED), Natural Grocers (NYSE:NGVC), Immunomedics (NASDAQ:IMMU), Nike (NYSE:NKE), Lululemon (NASDAQ:LULU), Radian (NYSE:RDN), Disney (NYSE:DIS)

OncoMed Pharmaceuticals (OMED) makes drugs that attack cancer stem cells. Cramer recommended buying it on the day of its IPO, when it spiked 60%. Since then it has dropped from $31 to $19. Cramer didn't recommend buying it in the aftermarket, since it is a volatile stock, but he likes the pipeline.

Natural Grocers (NGVC) is a play on healthy food, a winning trend, but trades at 70 times earnings, which is too rich a valuation. Cramer prefers Whole Foods (NASDAQ:WFM).

Immunomedics (IMMU) is up 75% for the year, and can't be bought. Similarly, Avanir (NASDAQ:AVNR) has risen 85% so far this year. Cramer likes biotechs, but he thinks these are fully valued.

Should Nike (NKE) buy Lululemon (LULU)? Cramer thinks it is too late; LULU is too expensive for a takeover target.

Radian (RDN) is a stock Cramer has liked, but with rising mortgage rates and the stock up big, Cramer recommends some profit taking, but he still thinks it is a solid stock.

Disney (DIS) has dipped. Cramer would buy it.

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Source: Cramer's Mad Money - Where Is Natural Gas Going? (8/15/13)