Cramer's 'Mad Money' Recap: Don't Panic!

Tickers in this article: AFL AIG AL COH CXW EMC HEES JWN KORS LULU LUV MET MTW PFG PNRA RL SBUX TRV WFM

When it comes to growth, Lululemon is one company that tops the list, said Cramer. This company also delivered strong earnings and, with only 130 stores, has plenty of room to expand.

Finally there's high-end accessory retailer Michael Kors. Kors delivered a 23-cent-a-share earnings beat on better-than-expected revenue. Is Kors the new face of luxury? Cramer said he thinks so because Kors continues to surprise to the upside quarter after quarter.

More Riches

Continuing with his "Great Gatsby" index of luxury stocks, Cramer added a grocer, a restaurant and coffee chain with Whole Foods (WFM) , Panera Bread (PNRA) and Starbucks (SBUX) , which he owns for his charitable trust, Action Alerts PLUS.

Cramer said that with 1,652 cafes, Panera is the high-end sandwich, soup and salad chain to beat. The company's restaurants enjoy tremendous customer loyalty, which means Panera can pass on rising food costs easily. Panera is growing earnings per share at 27% and the company plans on open 8% more stores this year.

Then there's Starbucks, a company that's expanding all over the world, especially in China, where it plans to become the preeminent aspirational coffee house. Growth trends remain strong as Starbucks, said Cramer, which is why his trust continues to own it.

Finally, Cramer said he remains a fan of Whole Foods, even though the stock has been crushed of late amid fears of slowing growth. Not so, said Cramer -- don't write off this healthy-eating giant. He said Whole Foods didn't cut guidance and growth should be returning to full steam soon.

Lightning Round

In the Lightning Round, Cramer was bullish on Travelers Companies (TRV) , American International Group (AIG) , Alcan (AL) , Southwest Airlines (LUV) , Principal Financial Group (PFG) , MetLife (MET) , H&E Equip Services (HEES) and Manitowoc (MTW) .

Cramer was bearish on Corrections Corp of America (CXW) , EMC (EMC) and Aflac (AFL) .

What's Up With Gas Prices?

With U.S. oil and natural gas production increasing by the day, why are gas prices at the pump still so high? Cramer said it has nothing to do with price gouging or speculating but a whole lot to do with a totally mismanaged energy policy.

Cramer explained that the U.S. actually has plenty of domestic oil and gas, but those resources are simply in all the wrong places and our refiners aren't matched up to handle it. There's a ton of oil stuck in our oil shale regions, he said, but there aren't any pipelines to get that oil to the refiners.

Then there are issue with the refiners themselves. Many converted their facilities to process heavier crude from the Canadian oil sands. Unfortunately, the Keystone XL pipeline has been held up in Washington, leaving these refineries with little oil to refine.