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This stock market is making people feel trapped, Jim Cramer told his Mad Money viewers Wednesday, but now’s not the time to sell everything. That’s because no one ever made a dime panicking and not every sector is in bear market mode.

Cramer reiterated his advice that if you invest in companies that make things, sell them at a profit and return some of those profits to shareholders, you’ll do just fine. Sure, technology stocks aren’t working, but other sectors, like consumer stocks, drug stocks and the insurers, are still worth owning. 

How can Cramer be so bullish? First, he said there’s no significant systemic risks to the market, as there was in the financial collapse of 2008. Next, while stocks are going down in value, there’s still value there, especially in the long term. Investors should feel grateful for what they own. Lastly, very few investors are nimble enough to sell stocks and get back in at lower levels. That means the best strategy is often to sit tight and wait out the decline.

People that tell you to sell everything in times like these are wrong, Cramer concluded. There’s still value in what you own and value in sticking to your convictions.

A Hidden Gem in the S&P 500Looking for a hidden gem in the S&P 500 that no one knows about? There is one company in the S&P without any analyst coverage, and it represents a lot of value.

That company is Loews Corp.  (L) – Get Loews Corporation Report, not to be confused with Lowe’s Cos.  (LOW) – Get Lowe’s Companies, Inc. Report, the home improvement retailer. This Loews is a conglomerate made up of four components: insurance, natural gas pipelines, hotels and packaging. And while it doesn’t seem like these four businesses belong together, all four of them are in bull market mode.

This is a terrific set of assets for this environment, Cramer said. The company owns a stake in CNA Financial  (CNA) – Get CNA Financial Corporation Report, which is a fantastic insurance company that trades at just 11 times earnings. Natural gas is a highly valuable commodity to combat Russia, and Loews has pipelines in all the right places.

Loews Hotels are also perfect for a world that’s anxious to get back to travel. And the company’s Altium Ltd.  (ALU)  packaging business is also seeing big profits.

Despite four great businesses, Loews doesn’t get credit for any of them, Cramer concluded. No matter how you value the company, whether via sum of the parts, book value, or just the valuation of its publicly traded components, Loews is a very cheap stock.

Off the Charts: VIXIn the “Off The Charts” segment, Cramer checked in with colleague Marc Sebastian to see what the CBOE Volatility Index, known as the VIX, has to say about the direction of the market.

Sebastian said the daily chart of the S&P 500 and the VIX shows that in November of last year, we had the typical inverse relationship between the two indicators. That’s why by December, the market was rallying again. But, he noted, there was a problem, as the VIX never returned to its previous lows.

Scroll to ContinueTheStreet RecommendsTECHNOLOGYFBUBERSPOTFacebook Is Working On a New Product Nicknamed ‘Zuck’13 minutes agoREAL ESTATEDISDisney World Has a Surprising New Project42 minutes agoCRYPTOCURRENCYBillionaire Mike Novogratz Still Believes Bitcoin Will Reach $500,0001 hour agoThis elevated fear gauge corrected signaled the market’s 2022 struggles. Today, however, Sebastian saw the current spike in the VIX as only a short-term move. He felt the markets could rally again as soon as Monday.

Executive Decision: Norwegian Cruise Line HoldingsIn his “Executive Decision” segment, Cramer spoke with Frank Del Rio, president and CEO of Norwegian Cruise Line Holdings  (NCLH) – Get Norwegian Cruise Line Holdings Ltd. Report, the Florida-based cruise operator that’s ready to get back to the high seas.

Del Rio said the pandemic isn’t over, but it’s certainly behind us, and with many pandemic protocols winding down, now’s the perfect time to take a cruise. Norwegian has 25 of its 28 ships back in operation and, he said, guest satisfaction is at all-time highs.

Del Rio admitted that Norwegian’s balance sheet isn’t in terrific shape as a result of the pandemic, but his company has committed to paying down debt and their 2023 bookings are “looking fantastic.”

When asked about discounts, Del Rio said that discounting is a dangerous game in the cruise business, which is why Norwegian doesn’t do it. Instead, the company increases its marketing efforts until the ship is filled. This tactic preserves pricing power.

Lightning RoundIn the Lightning Round, Cramer was bullish on Bluelinx Holdings  (BXC) – Get BlueLinx Holdings Inc. Report, Douglas Elliman  (DOUG) , Waste Management  (WM) – Get Waste Management, Inc. Report, Cleveland-Cliffs  (CLF) – Get Cleveland-Cliffs Inc Report, Tutor Perini  (TPC) – Get Tutor Perini Corporation Report and Bank of America  (BAC) – Get Bank of America Corp Report.

Cramer was bearish on DigitalOcean  (DOCN) – Get DigitalOcean Holdings, Inc. Report, Waste Connections  (WCN) – Get Waste Connections, Inc. Report, and Poshmark  (POSH) – Get Poshmark, Inc. Class A Report. 

No Way to SAVE This DealIn his No-Huddle Offense segment, Cramer weighed in on the bidding war for Spirit Airlines  (SAVE) – Get Spirit Airlines, Inc. Report, calling the moves by Frontier  (ULCC) – Get Frontier Group Holdings, Inc. Report and JetBlue  (JBLU) – Get JetBlue Airways Corporation Report “irresponsible.”

In February, Frontier offered $2.9 billion for Spirit, only to be outbid this week by JetBlue with a $3.6 billion bid. But Cramer said he’s appalled by both offers because they’re a total waste of time.

There is simply no way the Federal Trade Commission or the Department of Justice approve either of these deals, especially under the anti-business Biden administration. Biden is pro-consumer, not pro-business, Cramer said, and regulators are already lamenting previous airline mergers, which has only given carriers far more pricing power than they needed.

Cramer told viewers to sell Spirit if they own it. There will be no additional upside to this stock for the foreseeable future.

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