Jim Cramer is not happy with Barack Obama’s mega-budget stimulus package!

During a video segment on Thursday, Cramer called the plan a fraud and a disaster for America. He said: “The only thing I wanted out of this bill was a big tax credit if you bought an existing home, and we didn’t get that. There is nothing here, nothing at all.”

Cramer doesn’t see any new job creation coming out of the stimulus plan, or any help for the mortgage businesses of struggling banks such as Citigroup (C) and Bank of America (BAC). Cramer believes the $500 tax credit for first-time homebuyers is a joke and that it shows that Congress has no clue about what the major problem in the U.S. economy is: the real estate market.

Cramer is defiantly not feeling bullish, and he’s disappointed that Congress didn’t address the real issues. However, he is also aware that he has little control over what Congress does, but he can look for pockets of strength and follow the action on the tape to find the next bull market.

Recently, Cramer found opportunities in stocks he thinks are oversold, stocks driven by China and online education stocks. Here are some Cramer highlights from over the past week as aggregated from his "Mad Money" TV show, the "Stop Trading!" segment on CNBC and his RealMoney blog posts (these blog post might require a RealMoney subscription).

Cramer’s Oversold Stocks: Cramer thinks the selling in the market is overdone. In a Feb. 10 blog post, he wrote: “Look at your screen. They have trashed everything. Not everything deserves to be in the trash bin. We know that for certain.” Cramer’s Oversold Stocks include Union Pacific (UNP) and Wal-Mart (WMT).

Cramer’s Stocks Driven by China: Is China the major driver behind the recent strength in the U.S. stock market? In a Feb. 6 blog post, Cramer wrote: “I made the judgment last night that it isn't U.S. pork driving this economy, it is moo shu pork, meaning that China is really taking us somewhere.” Cramer’s Stocks Driven by China include Apple (AAPL) and Bunge (BG).

Cramer’s Take on Online Education Stocks: Should investors avoid the online education stocks? On last Thursday’s “Mad Money” episode, Cramer told viewers that the trend towards online education has been roaring along for months, but how he’s getting worried because of the toppy action in the charts. Cramer’s Take on Online Education Stocks include Apollo Group (APOL) and American Public Education (APEI).

Cramer’s Anti-Geithner Plays: Are tech and health care the best anti-Geithner plays? In a Feb. 10 blog post, Cramer wrote: “You are seeing it happen, and it doesn't need Geithner to get it right. When you incorporate how China takes the pressure off the cyclical, and health care and tech have momentum and financing, you understand that it is retail and banking that have to be avoided if Geithner doesn't measure up or if Whitney tees off.” Cramer’s Anti-Geithner Plays include Boston Scientific (BSX) and Cisco Systems (CSCO).

Cramer’s Tech Rally With No Juice: Cramer believes that the tech rally has no clothes. In a Feb. 12 blog post, he wrote: “As is usually the case, we are seeing a move up in tech, a kind of rearguard action rally no doubt motivated by managers wanting their own stocks higher. We have seen it before.” Cramer’s Tech Rally With No Juice includes Research In Motion (RIMM) and Hewlett-Packard (HPQ).

Cramer’s Load-Up-on-China Plays: Is China in the sweet spot? Cramer thinks so. In a Feb. 10 blog post, he wrote: “Focus on China today. When Meredith Whitney blasts the Geithner plan out of the water -- I love the certainty we have heard with each iteration by the press -- you will need a place to go. It isn't the U.S., believe me.” Cramer’s Load-Up-on-China Plays include Qualcomm (QCOM) and Nucor (NUE).

(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned Qualcomm, Hewlett-Packard, Cisco and Wal-Mart for his Action Alerts PLUS charitable trust.)

Posted on Feb. 12, 2009