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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday January 6.

3 Picks for Developed Countries: Statoil (STO), BHP Billiton (BHP), Bank of Nova Scotia (BNS)

While there is a wealth of investment advice circulating about emerging markets, Cramer devoted a segment to discussing three good stocks to buy in developed markets. Norway's currency is strong, its central bank is healthy and the country has been in recovery since August. Cramer would play the country's large oil reserves with Statoil (STO), which has cut costs and is affected favorably by rising oil prices; for every $1 increase in oil, Statoil sees a 3.6% rise in earnings, as opposed to the 2.1% seen by its competitors.

Australia virtually avoided the Great Recession, and it is ready to provide its hungry neighbor, China, with abundant natural resources thanks to BHP Billiton (BHP). This company is the largest mining company in the world and is a "one stop shop" for most minerals. BHP is also flush with cash and ready to make more acquisitions.

While Canada did experience a recession, its banking system, which is characterized by tight regulation and scrupulous oversight, experienced its first deficit in 11 years, but is expected to be back on track by 2010. Cramer would buy Bank of Nova Scotia (BNS) with a 4.1% dividend yield and 38% of its loans overseas. BNS is in better shape than most American banks.

Vale (VALE), Banco Bradesco (BBD), Banco Santander (STD), China Unicom (CHU), Southern Copper (PCU)

Continuing his series on themes for 2010, Cramer discussed emerging markets, specifically Brazil, China and Peru.

Brazil's economy is expected to grow 5% in 2010, thanks to rising employment and the growing strength of the middle class. In 2009, Brazil's foreign currency reserves grew 15%, it paid off its IMF debts and is set to host the Olympics in 2016. Cramer likes Vale (VALE) which is the world's number one producer of high quality iron ore, and has significant assets in nickel and copper. Rising commodity prices could help the company see a 40% growth in revenues in 2010.

While Cramer thinks Banco Bradesco (BBD) is a strong bank, he thinks Banco Santander (STD) of Spain is a safer play for the Brazilian financial sector, and after spinning off the IPO of its Brazilian Unit BSBR, Santander will be the third largest non-government owned bank in the country.

While there are plenty of Chinese stocks performing well, Cramer's choice is China Unicom (CHU), which controls 21% of the burgeoning wireless market and is the exclusive carrier of the iPhone. Cramer thinks CHU will benefit greatly from its move into 3G technology.

Peru is not quite as powerful as Brazil, but its rate of growth should move from 1% in 2009 to an expected 5.5% in the next year. Peru's government stimulus is paying off, and the country's natural resources signal a strong future. Cramer would play Peru with Southern Copper (PCU), a company that also has significant exposure to Mexico. Copper accounts for 70% of PCU's revenue and Chinese demand for the metal will greatly benefit the company and Peru.

Ford (F), Tenneco (TEN), Lear (LEA), Johnson Controls (JCI), Magna (MGA), Dow Chemical (DOW), Cree (CREE), Western Digital (WDC), AMD (AMD), Sandisk (SNDK), Skyworks (SWKS), Mosaic (MOS)

The news was terrible on Wednesday; jobs don't seem to be coming back, according to the Fed, the economy will continue to be slow throughout 2010, and the public seems underwhelmed by Google's new phone. The market is overbought and should be vulnerable to such negative stories, however, Wednesday finished flat and not down, indicating, according to Cramer, that we are in a resilient bull, not a bear, market.

"There are too many solid micro stories," which in combination outweigh the bad news. Ford (F) rose from the ashes and reached its 52-week high on Wednesday. The company keeps issuing stock, but investors keep buying. Ford's positive story is good news for Tenneco (TEN), Lear (LEA), Johnson Controls (JCI) and Magna (MGA). Dow Chemical (DOW) is doing better than expected with several upgrades. Many tech names are heading to 52 week highs: Cree (CREE), Western Digital (WDC), AMD (AMD), Sandisk (SNDK), Skyworks Solutions (SWKS), although these stocks should be dropping because of increased supply. Even a disappointing number couldn't stop Mosiac (MOS) from moving higher.

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Source: Cramer's Mad Money - 3 Developed Market Picks (1/6/10)