Powering the Dow: General Motors (NYSE:GM): - GM which seemed nearly bankrupt six months ago is "powering the Dow" according to Cramer. In spite of disagreement over whether its turn is long or short term, Cramer comments that it is a "remarkable run ... it's not done leading the Dow even higher" and warns against believing media hype which is trying to take market players out of GM. In addition, financial, retail and technology stocks are all going higher. "This is what a good rally looks like, and we're not done," says Cramer who adds that the time to pick up oil has not yet arrived.
They All Fall Dow: Devon Energy (NYSE:DVN), Phelps Dodge (PD), Freeport-McMoRan (NYSE:FCX), BP(NYSE:BP), - No matter what commodities companies do, comments Cramer, they all have the same fate: although DVN is doubling its reserves it is still low, no one is picking up inexpensive PD even though there is not a copper shortage and FCX which Cramer believes should go down to $43 is "hideously" low. However Cramer sees buying opportunities in "this wholesale destruction of commodities," and he would pick up Devon and sell BP.
Related: Yasar Anwar is bullish on Devon Energy.
Harrah's (HET) and Kinder Morgan (NYSE:KMI) - Cramer says that the market is doing well because private equity players feel that stocks are cheap whereas analysts insist that they are too expensive; "The bears want you out of this market and on the sidelines," Cramer said. "Their goal is to keep you from making money." Gary Loveman of Harrah (HET) and Richard Kinder of Kinder Morgan (KMI) are "sick and tired of seeing their stocks out of whack with the fundamentals" and are starting to "take matters into their own hands," Cramer said, noting that Apollo Management and Texas Pacific group gave HET a buyout offer for $81 a share.
Oil Service HOLDRs (NYSEARCA:OIH) - Cramer believes that oil might be worth picking up again in two or three weeks and it could hit its bottom "like lightning." He says that since there were no hurricanes or sudden changes in supply and demand the time to buy oil is near.
More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.
GameStop (NYSE:GME): Cramer says that people do not understand how good this stock is since it will put out software as Sony (NYSE:SNE) and Microsoft (NASDAQ:MSFT) are producing new hardware.
Schering-Plough (SGP): Cramer likes this company because he believes that CEO Fred Hassan is the best in the group, there is a good pipeline for new drugs, the fundamentals are strong and in the case that it doesn't improve it will merge with another company.
Wells Fargo (NYSE:WFC): This company is "a double-digit grower across the board," says Cramer who adds that this best-of-breed stock has the ability to cross-sell from one area to another.
Kohl's (NYSE:KSS): Retail is "strong as a horse" according to Cramer who expects KSS to report strong numbers. He suggests picking up half now and half later.
Get Cramer's Picks by email -- it's free and takes only a few seconds to sign up.
Seeking Alpha is not affiliated with CNBC, Jim Cramer or TheStreet.com