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.

Jim Cramer told investors on yesterday’s Mad Money show that Intel is “just too cheap”. It is astounding that Intel trades at a lower multiple than International Paper (IP: 30.95 -0.51%) or Dow Chemical (DOW: 33.95 +0.27%). Cramer said that he has never seen that happen before.

Cramer believes the market has oversold the entire semiconductor sector. However, the strong results from Intel along with bullish data from Novellus (NVLS: 48.44 +0.50%) and ASML Holdings (ASML: 45.29 +0.35%) point to reasons to be bullish on the sector.

“It has gotten way too gloomy around here,” said Jim Cramer on his CNBC Mad Money show. However, Cramer said that Union Pacific (UNP: 114.35 -0.29%) is one stock that is “good and getting better.”

The railroad stock has benefited from recent bullish comments by CEO James Young. Mr. Young stated that the outlook for UNP was strong given that carloads are up 17% for the quarter so far, and pricing has risen 3.5%. All six of Union Pacific’s businesses have seen volume growth from the end of the second quarter up to now.

The railroad is also expecting more price increases in the second half of the year and is already ramping up for the expected demand increases. The company has rehired 2,000 former workers. And the outlook at the railroad is much cheerier than last year when the firm laid off over 3,000 workers.

This success from Union Pacific has surprised some investors, since railroad stocks generally only perform well when the economy is humming along nicely. However, Union Pacific’s CFO said the company is taking business away from their trucking competitors.

With a P/E multiple of 13 and a 12% growth rate, Cramer believes that Union Pacific is cheap and recommends investors jump aboard the train before it leaves the station.

This week, the most visible economic report showed new home sales plunging 33% to only 300,000. This number was much worse than the anticipated 400,000 home sales. However, Jim Cramer said on yesterday’s Mad Money show that investors should have been expecting this big drop.

Housing related stocks have been punished over the past few months. The markets seemed to be pricing in an expected fall off in home sales when the federal tax cut expired. However, this week’s housing report send the stocks even lower. Too low in Cramer’s opinion! Cramer would be buying right now since housing is so out of favor. Of course, Cramer is bullish on housing long-term and even has predicted a housing shortage by 2012.

Cramer recommends that investors revisit these housing stocks and even speculated that housing stocks could double from their current levels.

Lowe’s (LOW: 26.88 -0.30%) – Cramer has hated this stock in the past, but he thinks its drop from $28 to $21 makes it attractive.

Fortune Brands (FO: 0.00 N/A) – Similar to LOW, the decline from $54 to $42 in FO’s stock price makes it too cheap to pass up.

Toll Brothers (TOL: 23.36 +0.69%) – The last time TOL’s stock price was at $17, management was saying that business was “hideous”. Now management is simply stating that business is “light”.

Cramer believes that investors will soon recognize how attractive these housing stocks are. Once that happens, it will push their stock prices much higher. Many of these same investors were down on auto stocks following the expiration of the cash for clunkers program. However, Cramer recommended that investors buy Ford (F: 12.84 -0.31%) at that time and since then the stock has doubled. Could housing stocks be the next to double?