Valero Energy (VLO), National Oilwell Varco (NOV) - Oil moved up on Wednesday only to fall back down demonstrating that the sector is not yet stable, according to Cramer who nevertheless finds hopeful signs in Valero's upward push in spite of a bad quarter and NOV's rise before plummeting. While he says that investors can "start nibbling" at stocks, "there is no bottom until massive capitulation occurs" and he is not recommending oil now.
Toyota Motor (TM), General Motors (GM) and Ford (F) - Cramer remarked on a general note that although he used to be a "long-standing critic" of the Dow, he feels that recently "it is done much to capture the real economy" and believes that "the ramp in the Dow is for real." Looking at automotives, Cramer noted that while TM has been volatile its news on Wednesday of a 25% increase in sales may put it ahead of GM and F which are "losing money in America." Although TM is not cheap and has had its "periodic quality problems" Cramer believes that it will reach a high point by the end of the year.
Related: Miriam Metzinger discusses Toyota's 25% increase in U.S. sales.
Shaw Group (SGR) and Panera Bread (PNRA) - Cramer notes that stocks such as SGR and PNRA which are heavily shorted are experiencing dramatic upswings and in spite of reporting mediocre numbers are flying high; "These stocks are so hated and so gamed to the downside that they are acting as if they reported upside surprises,"he said.
First Data (FDC): Cramer notes that this company is cheap and he would buy it.
Allegheny Technologies (ATI): Cramer picks ATI as the only steel that is safe to own since it is currently at a "sensible level."
Hershey (HSY): This stock has a great upside, according to Cramer who would buy it "aggressively."
Sears (SHLD): Cramer is bullish on this stock.
World Wrestling Entertainment (WWE): "This is a terrific company," Cramer said. "I think the stock is going higher."
More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.
Gannett (GCI): "I would buy it if I had to buy a newspaper stock -- and if you put a gun to my head," Cramer said.
RadioShack (RSH): Although this stock is up 3 points since CEO Julian Day came on board, Cramer suggests buying SHLD instead.
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