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Cramer: Make Europe’s Pain Your Gain

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It's entirely possible that overseas financial woes may again rear up and send the market into a tizzy. Investors appear to be perplexed by the latest message out of Europe. (Read More: Markets Jarred by Mixed Message from Europe)

But that doesn't mean you have to run for the exits and hide under the covers. Quite the contrary. Jim Cramer thinks plenty of opportunities remain in the market - you simply have to know where to look!

The first sector of opportunity may be consumer staples. "Every time you think it is too late to buy these stocks, money flows back into them because they do well in a worldwide slowdown."

Although Cramer is concerned that in some cases valuations are stretched beyond a reasonable limit – he thinks General Mills still deserves attention.

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"It's finishing a fabulous restructuring. It's beating earnings. It's innovating. It's able to raise prices and at the same time as inflation is coming down. That allows the company to return bountiful amounts of cash to shareholders either in the form of dividends or buybacks or both," he said.

And if you're looking for another idea, Cramer added that "Kraft may be also be a terrific place to hide."

The second sector of opportunity may be domestic banks.

"If you manage money, you have to listen to what the European authorities are saying and accept that it may not be prudent to hold the stocks of European banks anymore," Cramer said. "Instead those money managers who must hold bank stocks will seek nations with stable banking system where credit and faith are well established. That's the United States."

And Cramer thinks the positive sentiment could extend to even some of the sectors so-called 'problem children.' "JPMorgan, Bank of America and Citigroup may have all seemed like dogs just last week, but after Cyprus, they suddenly seem a lot better."

Adam Jeffery | CNBC

In addition, Cramer believes that big domestic themes that worked before Cyprus will continue to work after.

"Those who shopped at Wal-Mart and Costco before Cyprus are going to shop there now," Cramer said.

"Don't forget the master limited partnerships that give you terrific yield and have high growth because of all of the natural gas and oil we now have – that won't change," said Cramer.

And with affordability rates for homes the best they've been in recent memory, how can you say no to homebuilders such as KB Homes and Lennar?

All told, Cramer thinks opportunity remains in the market. Sure, you may read some scary Europe headlines in the weeks and months ahead. But if you let those stories scare you to the sidelines, Cramer thinks you'll regret it.

"Europe never fails to hurt our markets initially and the CEOs of our great companies seemingly never fail to inspire us, later. It's been the pattern and it will remain the pattern as long as our economy keeps growing and theirs keeps contracting, which means for as far as the eye can see," Cramer said.


Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

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