The Wall Street Journal had published an article titled “Is a Crash Coming? Ten Reasons to Be Cautious”. On yesterday’s Mad Money show, Jim Cramer refuted those claims and showed investors 10 reasons not to be cautious or at least not overly cautious.

1. The WSJ stated that the market’s already very expensive with stocks trading at 20 times cyclically adjusted earnings. However, Cramer pointed out that stocks are actually the cheapest they have been in 30 years, when you take into account other factors.

2. The Fed is concerned about growth or lack thereof. To Cramer, this doesn’t seem like a bad thing. Would investors be more comfortable if the Fed wasn’t concerned?

3. There’s too much bullish sentiment in the market. According to Cramer, the market is extremely bearish right now. This sentiment is being shown in the vast sums of money that continue to be transferred out of stocks and into bonds.

4. Investors are worried about deflation. Cramer feels that there is more reason to be concerned about inflation. Cramer believes that Fed Chairman Ben Bernanke is an expert on fighting deflation.

5. Corporations still owe the government money. Cramer says that company’s balance sheets are getting healthier and delinquencies are falling.

6. Unemployment remains high. Cramer did acknowledge that high unemployment is hindering economic growth. However, he believes that high unemployment is already priced into the market.

7. Housing continues to struggle. Cramer also conceded that the housing market remains very disappointing. However, he believes that housing prices have bottomed and that higher prices are in store. The decline in housing starts should also help lift prices.

8. Labor Day is approaching. This hardly seems like a good reason to be bearish since Labor Day occurs every year. Cramer feels that stock fundamentals should be used in selecting stocks, not the calendar.

9.Gridlock in Washington. Cramer doesn’t see this as a bad thing. After all, the corporate world doesn’t need anymore wide-sweeping regulations passed.

10. Amber alerts. Cramer labeled this a “piece of vulgosity.” He believes that fundamentals have never been stronger.

While the crisis seems to have passed, Mr. Cramer believes it’s important to note how quickly Ben Bernanke went from hero to scapegoat. The volatility of the Federal Reserve chairman’s image is a negative for the stock market. Given the increased volatility in the markets today, Cramer believes that investors should concentrate on the following investing themes.

Foreign stocks
Cramer recommends investors increase their allocation in foreign stocks to 25% of their total portfolio, up from his previous 20% recommendation. Cramer became more bearish on the domestic economy after Congress turned on Fed Chairman Ben Bernanke. Instead, Cramer advised investors to consider Brazil, Canada, Chile and Australia.

Gold
Gold prices have fallen since China decided to “slow things down”. Cramer believes that the correction in gold prices has nearly run its course and his favorite gold pick is SPDR GoldShares (GLD: 168.50 0.00%). The Mad Money host proclaimed, “gold must be an integral part of your portfolio.”

Mobile Internet Tsunami
Cramer has been a leading fan of the mobile internet revolution and believes that investors should hop onboard the wave. His favorite mobile internet stock is Apple (AAPL: 476.68 0.00%) which he says is “at the heart of a revolution in how the world gets its information.” Cramer also feels that Apple stock will be immune to further missteps from Washington.

Counter-terrorism
Since America must maintain a strong stance against its enemies, Cramer feels that counter-terrorism stocks like FLIR Systems (FLIR: 25.50 0.00%) and ArcSight (ARST: 0.00 N/A) should benefit. It’s also unlikely that President Obama will target these types of companies.

Oil
America is running out of oil resources and we are unlikely to break out dependence on foreign oil for many years. Cramer recommended Schlumberger (SLB: 78.41 0.00%) as a great energy stock to own given its strong international presence.