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The losses seen on Tuesday in both the Dow and the Nasdaq – 97 and 23 points, respectively – are opportunities, Cramer told viewers. The declines give investors the chance to buy stocks related to the long-term trends that transcend the market’s short-term volatility. His latest favorite? Mobile Internet.

On-the-go Web is a trend equal to the mass adoption of the PC, he said, and it will be with us for some time to come. So Cramer today created the Mad Money Mobile Internet Index to track what he expects will be a years-long growth cycle.

He picked 21 stocks and assumed to spend $1,000 on each at Tuesday’s closing prices. The index starts at 100, and its rise and fall will directly relate to how these companies – and the mobile Internet trend – fare. See below for a full list of the constituents.

People prefer Google [GOOG  Loading...      ()   ] on their desktop computers, so Cramer figured they’d choose the GOOG for their smartphones as well. So this stock is the first addition to the index.

Speaking of smartphones, Apple [AAPL  Loading...      ()   ] is the most likely pick in that category. But Cramer added Research in Motion [RIMM  Loading...      ()   ] and Palm [PALM  Loading...      ()   ] as well. While he hasn’t been a fan of Palm lately, he thinks the stock could move once Sprint loses its exclusivity on the new Pre handset.

Among the telco-equipment makers, Cramer likes ADC Telecom [ADCT  Loading...      ()   ] for its connectivity products and Starent Networks [STAR  Loading...      ()   ] for its wireless infrastructure business. Cisco Systems [CSCO  Loading...      ()   ] also got the nod because it makes the broadband routers and switches that allow for data transfers. Ciena [CIEN  Loading...      ()   ] and Tellabs [TLAB  Loading...      ()   ] are smaller, more speculative names, but they do their part by helping wireless networks run on bigger bandwidth, which is key for meeting consumers’ demand for high-quality mobile content.

Text messaging is huge, as is the desire to carry a personal phone number from carrier to carrier. Thank Tekelec [TKLC  Loading...      ()   ] for the ability to do both. Commscope [CTV  Loading...      ()   ] makes the antennas necessary for wireless base stations and other transmission equipment. These two names round out the equipment plays.

For handset components, Cramer added Qualcomm [QCOM  Loading...      ()   ] and Broadcom [BRCM  Loading...      ()   ] BRCM to the index. For the chips that let them run, he included RF Micro Devices [RFMD  Loading...      ()   ], Skyworks Solutions [SWKS  Loading...      ()   ], ON Semiconductor [ONNN  Loading...      ()   ], Cypress Semi [CY  Loading...      ()   ], Tessera Tech [TSRA  Loading...      ()   ] and SanDisk [SNDK  Loading...      ()   ]. And finally, NetLogic [NETL  Loading...      ()   ] and Xilinx [XLNX  Loading...      ()   ] were added because they make the semiconductors needed to operate networking equipment.

“Take today’s weakness in these stocks as a gift,” Cramer said. Buy the stocks in his Mobile Internet Index, which he thinks are poised for “titanic multiyear gains.”

Cramer's charitable trust owns Cisco Systems and Qualcomm.

Call Cramer: 1-800-743-CNBC

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