This stock can go a lot higher

Finally, someone kicked a little sense into the market! It has finally gotten some rationale and is reacting positively to good news.

As much as this seems like common sense, Jim Cramer noted that the opposite has been occurring. In fact, Wednesday's session was a reminder that investors can make money from the thoughtless panic of others.

Panic itself is not a strategy, but buying from those who panic is one of the greatest and most lucrative strategies in Cramer's book of investing.

"Yet, because of fears about what a decline in oil really means, we hadn't even thought about what lower interest rates mean for homebuyers. Today we did." There's some rationale.

When rationale re- enters the market, suddenly investors realize that they want to buy stocks of companies that benefit from macro trends. Not sell them.

Wednesday proved that it pays to stand your ground and not panic. Instead, you can plot the high-quality stocks that you can calmly grab on the next stock market freak-out. It's one of the best money- making strategies known to man.

Read MoreCramer's best money making strategy known to man

William Cobb, CEO of H&R Block, on the set of Mad Money
Source: CNBC
William Cobb, CEO of H&R Block, on the set of Mad Money

It's that time of year, again. The time to think about the dreaded approach of tax season. In 2015, millions of Americans will be jumping through hoops to figure out how the Affordable Care Act (ACA) will impact their tax return this year.

Cramer anticipates that Obamacare will provide a major boost to H&R Block, which has been working to prepare for the impact this new act would have on taxes in 2015.

That is why H&R Block will be holding an Affordable Care Act Q&A Day at all 10,000 of its offices on Thursday. Anyone will be able to walk into the office and obtain free tax advice.

To get further insight on how H&R Block is preparing for the upcoming tax season, Cramer sat down with CEO Bill Cobb.

"Even for those who are affected by the Affordable Care Act, our job is still to maximize your refund. Eighty-five percent of Americans get a refund," Cobb said.

Read MoreH&R Block CEO: What Obamacare means to your taxes

One of the biggest beneficiaries to low oil prices are restaurant and retail stocks, simply because people go out more when they pay less at the pump and have more disposable income.

Cramer watched as the retail ETF RTH soared with the market on Wednesday. However, it wouldn't be his style to tell investors to just go out and buy an ETF.

Instead, the "Mad Money" host has provided a shopping list to investors of the stocks to buy on the next selloff, starting with the restaurant group.

To start, Cramer thinks that while Buffalo Wild Wings is a bit expensive given its 20 percent growth rate, it could have more room to expand.

Other restaurant buys are Chipotle, Cracker Barrel, DineEquity, Fiesta Restaurant Group and Jack in the Box.

Chipotle restaurant in New York City
Scott Mlyn | CNBC
Chipotle restaurant in New York City

In the retail space, JC Penney fired up the cohort when it posted a spectacular return on its same store sales from the holiday season.

Cramer also recommended the automobile retailer CarMax, AutoZone, CVS, Dollar General, Home Depot, Kroger, L Brands, Restoration Hardware and last but not least Williams-Sonoma.

All Cramericans should keep this shopping list handy the next time the price of oil drops, and brings the stock market down with it.

Note of caution: These stocks were up on Wednesday, however Cramer recommends investors not to buy them on Thursday. Instead, he says to wait for oil to plummet again, and then make a move.

What if the federal government handed you a check for $1,000? Would that go to that new pair of shoes you've had your eye on? Dinner for the family? Credit card bills? The possibilities are endless. A solid grand to 117 million taxpaying households in the U.S. adds up to a lot of money.

$1,000 is approximately 1.3 percent of household income. That's not chump change to most.

Here's the good news: you could have already received that $1,000, but from another source. Pretty sweet, right?

It landed in your pocket from a combination of the Persian Gulf nations, non-Opec trading partners, and U.S. oil companies. Thanks, oil!

"I say the crimping of the domestic oil industry is a small price to pay for 117 million households that were spending way too much at the pump until just six months ago," Cramer said.

Read MoreCramer: How you just got $1,000 in your pocket

In the Lightning Round, Cramer continued to search for stocks that have legs to run when he gave his take on a few caller favorites:

Northrop Grumman Corporation: "I love Northrop Grumman...This one and Lockheed Martin are really good."

American Campus Communities: "We like this one very much. We backed it once during a major selloff, and it's still not back to its all-time high."

Read More Lightning Round: Cramer loves this stock