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Cramer: The Real Opportunities In This Market

Cramer said isn't a bear or a bull. He's an opportunist.

On Wednesday's "Mad Money," he discussed the real and false opportunities in this market. Some investors think now is the time to "buy the dips," but Cramer said it's not that easy.

Despite calls for his ouster, Libyan Colonel Muammar Gaddafi has remained defiant and said he will die a martyr. A member of OPEC, Libya sits on massive amounts of oil. An increase in the price of oil is the Achilles' heel of this market, Cramer said, because expensive gas acts as a tax on the consumer. The price of Brent crude has skyrocketed, but the U.S. government hasn't done anything to lower it. Given the fragile nature of the U.S. economy, Cramer thinks President Barack Obama should call for Gadaffi to step down. He thinks Obama should also open the Strategic Petroleum Reserve, an emergency fuel bank maintained by the U.S. Department of Energy, so as to lower gas prices.

In the wake of the geopolitical unrest in the Middle East, Cramer said gold is working. Twenty percent of every investor's portfolio should be in some kind of gold, he said. Producers, not consumers, of energy work, too. Agriculture and mining names are buyable here, he said. He suggests looking for high-yielding stocks, like Fluor . A play on infrastructure critical to global energy needs, Fluor recently reported a great quarter, but has seen shares drop sharply. Cramer thinks it's a buy at current levels.

Technology, retail and consumer stocks are not buys right now, Cramer said. With so much uncertainty surrounding Libya, he thinks it's best to wait it out. Of course, he could miss the bottom on these names, but he said there are easier plays out there.

When this story was published, Cramer's charitable trust owned Fluor.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money Web site? madcap@cnbc.com

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