The Dow may have plummeted 370 points Tuesday, but Cramer's mantra of "there's always a bull market somewhere" still holds true. That's why he's dedicating the rest of the week to his new favorite: Brazil.
The South American country isn't worried about recession, inflation's no concern, and the middle class is growing increasingly wealthy. This economy, once heavily dependent on commodity prices, has become "one of the best places to invest in the world," Cramer said.
Homegamers shouldn't be surprised that his first pick of the week is Vale. The mining giant has been a Cramer favorite for a while now. The stock's up 10% since Cramer recommended it Jan. 1, and an upgrade from Goldman Sachs today should send RIO even higher.
The good news for investors is that today's down market held RIO back -- cutting it $1.62 to $29.69 -- providing a great entry point, Cramer said. And there could be a nice payday ahead if the stock reaches Goldman's $46 price target.
Maybe you've heard talk of a global economic slowdown? Cramer said it's "overblown," and the Goldman nod proves it. China demand for iron ore, coal and nickel alone should keep world prices up nicely and RIO's business going strong.
RIO's a play on the scarcity of commodities and intense demand for them in the developing world, Cramer said. And consolidation in the mining sector -- RIO has Xstrata in its sights right now -- offer another reason to own the stock.
Brazil's more than Carnival and plastic surgery, Cramer said. It has the stocks investors want. "I believe the best is RIO."
Jim's charitable trust owns Goldman Sachs.
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