Land of a Thousand Bull Dances: Lowe's (LOW), Fannie Mae (FNM), Freddie Mac (FRE), AIG (AIG)

General Motors (GM)

Technical Difficulties: Intel (INTC), Cisco (CSCO), Dell (DELL), Microsoft (MSFT), Oracle (ORCL)

Exxon (XOM), Apple (AAPL), Schlumberger (SLB), Transocean (RIG), Nordstrom (JWN), Sears (SHLD)

Bullish Calls:

Qwest Communications (Q): "As long as you realize you're speculating, I'll endorse that one.”

Bearish Calls:

Cramer told viewers to watch Wells Fargo as a tell on the market. A drop below the price of its secondary offering at $27 is a bad sign for the market. He noted Bear Stearns and Las Vegas Sands also fell below their secondary offerings. At closing on Wednesday, Wells Fargo was at $27.70 and Cramer expressed his hope that the financial would hold its ground. Cramer said Goldman Sach’s paper on insurance companies was a “frightening piece” which indicated Prudential, Principal Financial and Metlife need to raise capital to survive. Finally, Cramer is bullish on Pfizer which has an 8% and invests enough in research and development to offset the losses from drugs whose patents are about to expire. 

Seeking Alpha publishes a summary of Jim Cramer's stock picks every day including: Mad Money Recap, Lightning Round and Stop Trading!

All Roads Lead to Homes: Best Buy (BBY), Caterpillar (CAT), KBR (KBR), Kimberly-Clark (KMB), Clorox (CLX)

Cramer called Federal Housing Finance Agency James Lockhart's announcement that the procedure for Freddie Mac and Fannie Mae's refinancing of delinquent mortgages will be sped up "a big positive" especially since Fannie and Freddie guarantee nearly half of al U.S. mortgages. "If we keep people in their homes, then we stop house price depreciation," Cramer said. If people can't keep their homes and their jobs, we're going to have another meltdown." Cramer reiterated his call for a government bailout of General Motors, because an auto industry crisis might be just as dire as the housing crisis.

Bullish Calls:

United Parcel Service (UPS): "I think you need to buy UPS. With gas prices coming down, that's good news,"

Caterpillar (CAT), Family Dollar (FDO)

Bearish calls:

Zoltek (ZOLT): “Can't recommend it, too speculative.”

Cramer believes a GM bailout should be priority number one right now, because the 3 million jobs lost if GM folds will have implications for the entire economy, even affecting 401(k)s of those who have nothing to do with the auto industry. Such a huge loss will cause thousands to default on their mortgages and will further curtail consumer spending to the point where Wal-Mart and Family Dollar will be the only strong retail names. If Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson can prop up the banks, they should also keep GM afloat, said Cramer.

Last week, on October 28, Jim Cramer called Apple (AAPL) a barometer of the market: "...if Apple's stock price is falling, the markets are clearly headed lower...When Apple goes higher, the rest of the market comes with it." Cramer even goes so far as to say that if he "had Apple on his [trading] screen, he would trade better than most people." See video here.

As with most bold claims like this, no data or evidence was presented to substantiate the relationship. If you know me at all, you know I finally had to take a look at the data for myself.

Concerning comparisons made between General Motors and Lehman Brothers, Cramer says the country’s largest automaker cannot be allowed to suffer the same fate as the major bank because the whole system is so ‘riddled with GM paper” that the company’s failure would cause a “major meltdown in the US and worldwide trust system. It cannot fail, “said Cramer, “The market would stop.” Cramer says the government needs to make the refinancing of GM its number one priority.