The may have closed in the red on Wednesday, but Jim Cramer wasn't sweating it.
It was clear to him that Washington is about to become very business friendly when President-elect Donald Trump announced a slew of pro-business Cabinet selections on Wednesday.
"The result is that the market is anointing a whole new group of stocks while slaughtering others," the "Mad Money" host said.
Trump's pro-growth agenda will do great things for companies that need a strong economy to do well, but it doesn't mean much for companies that already have growth, like technology stocks.
"I think there will be bargains in the groups getting crushed because they are selling off too hard, as is almost always the case in this market, which exaggerates every single move in either direction," Cramer said.
Thus, the S&P 500 and Nasdaq had a down day because the industries that directly benefit from Trump's growth agenda don't make up much of either average.
To Cramer, the nine winners out of the 30 stocks in the Dow Jones industrial average spoke volumes about Trump's Cabinet selections.
By simply watching the interviews of Wilbur Ross and Steve Mnuchin on CNBC's "Squawk Box" on Wednesday morning, Cramer could easily see that seven of the nine stocks that gained would clearly benefit from the new administration.
"Keep this list handy. It might grow over time, but these names are at the core of the new regime as represented by Trump and now by Steve Mnuchin and Wilbur Ross," Cramer said.
PVH Corp reported a substantially better-than-expected quarter on Wednesday, but also had disappointing guidance for the next quarter. It had a 20-cent earnings beat from a $2.40 basis. The strength was fueled by its Calvin Klein brand, specifically in China and Europe.
PVH Corp's CEO Manny Chirico told Cramer that going into Black Friday and right after it, he saw a significant improvement in its retail business and in trends.
"The question is now we've a big holiday season in front of us. As we always are we're being conservative as we're projecting the year, and the balance of this quarter, so we'll see how it is. Trends right now, the last two weeks are running ahead of plan, and margins are running significantly ahead of plan," Chirico said.
OPEC may have just "engineered the short squeeze of a lifetime," Cramer said Wednesday.
The stock market gobbled up that short squeeze on Wednesday, as crude surged 9.3 percent on the news that the Organization of the Petroleum Exporting Countries finally reached an agreement to limit oil production for the first time in eight years.
"Going into the meeting, the Saudis upped their production to about 11 million barrels a day, from 10 million, so they are simply going back to where they were last year," Cramer said.
Just doing the math, it made sense to Cramer. Selling 10 million barrels a day at $50 apiece is more than selling 11 million barrels at $45. It's also better than selling 11 million at the $40 price where oil might have otherwise headed.
"We believe by the end of the first half that the global supply of crude can be in balance and might even be a little bit of a supply deficit as we go into the second half of the year," Gary Heminger told Cramer.
In the Lightning Round, Cramer gave his take on a few stocks from callers:
Acacia Communications: "We suggested to do this one and it went all the way up. When they did that last quarter we were not happy with it because they did have a contract that we thought would have been big that didn't happen. So, I want you to be careful of this one — long-term story good, short-term not that good."
International Flavors & Fragrances: "They missed the quarter. They absolutely missed the quarter. This company has a long history. I would be a buyer of this company after they report the next quarter. I want to see what it is, because this quarter was a not good quarter."