And not when the hooting and hollering in the market place says something must happen or else, whatever else is. And thats how the stock market could rally today. Dow gaining 74 points. Its highest level of the year, by the way. S p advancing 5. 65 , nasdaq climbing 0. 75 , because the feds got a brain. Its not on auto pilot. Its taking the long view. And it doesnt want to be the reason why the u. S. Economy gets weak, like almost every other country on earth. Year. With one candidate, donald trump, running against a huge part of the federal government. You dont want the fed to be added to the list of enemies that can be trashed at a whim. [ booing ] when the fed decided today that it wasnt going to adhere to the four rate hike plan for 2016 that it foolishly laid out in december, we got a nice commonsensical change of pace. While i personally think the datas gotten a bit better over the last month and hiring is better too, we finally seem to that hiring is all that matters. And what might be more important is for regular people to make, well, lets just say, able to make higher wages. I mean, lets face it. The anger we talk about in this election is deeply rooted in the idea that while its become easier to get a job, those jobs tend to be a lot worse and a lot thought would be possible in 2016. Unless youre a Computer Science major from stanford. If only stanford took in 10 Million Students for compsci, they could raise rates with abandon. I also liked the way the fed described the economy. Its a little bit better, but Industrial Production is lousy, and the strong dollar that weve been having, its really hurt business. Frankly, thats exactly what i wanted to hear. Some recognition away from Donald Trumps jeremiahs about world trade. That if we take rates higher, were going to be creating a Playing Field that is so unlevel not even bother to try. And thats why not only did the stock market go higher, but more importantly, i think, the dollar plunged. Plunged thats right. Plunged versus the euro. Right after the feds announcement. How important is a weaker greenback . Get this. I think after tonight, we can retire the super freaking strong dollar phrase. And we dont need to hear that music anymore, on this, the 11th anniversary of our show. Thats right, 11th anniversary of mad money. Because the dollars no longer super freaking strong against the euro. That could mark the beginning of a potential renaissance for the big industrials, the drug companies, the packaged goods place, technology, enterprises europe. Who benefits the most, but did the work this afternoon . Lets go over the potential winners, now that the fed is out of the way for the time being. First, i like the Technology Companies that have huge exposure to europe. Last night, oracle reported an extraordinarily good quarter. Why didnt anyone talk about this today . This was a remarkable quarter. Great Conference Call, by the blooming cloud business, took lots of analysts by surprise. Still too many people who have it as an underperform. Because they didnt realize how strong the companys Cloud Division had become and how fast its growing. Oracles got a monster amount of business in europe. I think the switch youll see in earnings by the second half of this year will blow your socks off and youre going to want to own the stock of oracle, which, frankly, is way too cheap versus all this gathering momentum. Now, i recognize that oracles Conference Call was filled with discussion of the slaughter of its competitors, notably dozen time, workday almost the same amount. But you know what, im starting to think this tectonic shift is going from the cloud away from onpremise servers. Its so huge, its so amazing, that i think theres room for everyone. I like all the cloud stocks, with oracle being the cheapest, workday the most expensive, salesforce. Com somewhere in between. Speaking of tech stocks that could be big winners off the plummeting dollar, i think microsoft, which has a very strong business right now, and alphabet, formerly known as google, will start having some incredibly easy comparisons and both are set up to have colossal second halves. Alphabet, again, you know it as google, gets more than half of its business from overseas. It has zero chinese exposure. So a lot of its against the euro. I think the companys numbers could be much better than expected if the dollar has peaked against the euro, which seems to be the case. Alphabets an amazingly cheap stock given its growth rate. I think its absolutely worth buying tomorrow. Second. The Major Company thats had the most difficult foreign currency swing in our country is ibm. Now, i think the ibm turn is, indeed, slow in coming, but it is coming. And with the stock trading at ten times earnings, with a 3. 6 yield, ibm could go a lot higher in a potential weaker dollar scenario. If the Company Keeps growing as cloud and analytics business, i think you could have a real secondhalf winner for this beaten down entity. I know honeywell has had a big run, but its european entity has worried me. You have to feel better about honeywell after the fed stayed its hand and the dollar cooled. The packaged good stocks, my, are they going to be winners. The drug companies, huge winners. Johnson and johnsons numbers have looked subpar of late, because of the currency translation issue, even though it has the fastest growth of any major pharmaceutical company. With the dollar no longer running hot if rate hikes are running cool. Sure, j j has a fastgrowing asia business, but the 22 of its sales in europe could provide a nice secondhalf swing to the positive. The last time Procter Gamble spoke on its Conference Call, we heard a multipage lament about currency. Pretty much dominated the call because the dollar is so strong. With 26 of its business located in europe, i think the narrative changes in a major way when proctor announces its next quarter. Finally, biggest for last, apple. Apple has 21 of its overall researches in sales. However, any close read of the apple Conference Call will show you that 21 of its sales have been hurt by the dollar strength. Now that were hearing apple might be doing better than expected this quarter, although supplier reported a disappointing quarter tonight and people will extrapolate that negatively to apple, you can see a chance for a heftier Earnings Company reports. That would be a major change in the apple story. Tonight another international colossal company, fedex reported magnificent earnings report. It will even be better when we see the dollar seeking versus the europe, because they have such a big your pooern business. Now, look, we know everything ive just said is conjecture. Im basing this dollar call off the Federal Reserves recognition that a moderate economy does not need hyper rate boosts. That said, watching this euro makes me think that the days of Constant Currency adjustments, where Conference Calls are all about apologies about the strong dollar, and foreign exchangebased excuses on so many Conference Calls clutter the whole narrative, i think it might be over, at least against a single unit currency. There are all nay sayers and doctrinaire types who think the fed is making a big mistake in not being more vigilant and not suggesting more rate hikes are needed now, no matter what. I find their illogic tiresome. I praise the fed for being measured and thoughtful. Heres the bottom line. May still exist some of the worlds weaker nations. Nothing i heard today makes me think about the mexican peso or the Canadian Dollar is about to bottom out. But when it comes to the euro, with the feds newfound softer tone, the war against the dollar seems the to have ended and that is a very, very big deal. Bob in washington, bob . Caller thank you for taking my call, mr. Cramer. I love your show. Of course. Thank you, bob. Caller now that facebook has gone over 100, we have split down the road and will dividends be forth coming in the future . Well, first, remember, a split is nothing more than taking a pencil and splitting it in two. You know, youve got two pieces. It doesnt add up to a longer pencil. We dont care about the split. I dont want a dividend from facebook. The opportunities there are so great, i want them to continue to plow the money in. Thats what you really want out my Charitable Trust has a very big position in facebook and were not budging. How about ken in virginia, ken . Caller hi, jim. This is ken in virginia. The Halliburton Baker hughes merger has had a lot of problems getting done, with the Justice Department and the european union, concerning antitrust issues. That said, i would like to add to our position with halliburton, but i am cautious one, halliburton having to pay baker hughes 3. 5 billion if the right. Caller and second, has halliburton already divested over 5 billion in good asset, trying to satisfy the antitrust issues. My feeling is hold, but Good Companies in adverse markets can be great. I think its an attractive opportunity, but its frankly reason the why my Charitable Trust has been buying schlumberger, including today. I think you take advantage of the hobbled situation thats going on between the two of them. I dont want to worry about the u. S. Government, i want to worry about earnings and schlumberger has them. Haters gonna hate. There will always be critics against the fed, but today i found the fed measured and thoughtful. On mad money tonight, united returned to the helm of the company after receiving a heart attack and a heart transplant. How was he welcomed back in the activist battle . Ill tell you if a boardroom fight is just getting started. Then im focusing on trump and trade, as he gets closer to clinching the gop president ial primary nomination, ill tell you if his economic plan is viable. Firstever quarterly loss yesterday. As sales continue to slide, ill tell you if its worth sticking with the stock. So why dont you stick with on the 11th anniversary cramer announcer dont miss a second of mad money. Follow jimcramer on twitter. Have a question, tweet cramer, madtweets. Send jim an email to mad money cnbc. Com, or give us a call at 1800743cnbc. Miss something . Hes asleep. Ive got the gelato. Is that ice cream . No, its, uh breyers gelato indulgences. It looks like ice cream. Its not. Really wouldnt like it. Its got caramel and crunchy stuff. I like caramel and crunchy stuff. Its not for kids. Im a grownup. Breyers gelato indulgences. Creamy gelato, rich caramel, topped with crunchy curls its way beyond ice cream. Pet moments are beautiful, unless you have allergies. Then your eyes may see it differently. Only flonase is approved to relieve both your itchy,z watery eyes and congestion. No other nasal allergy spray can say that. Complete allergy relief or incomplete. Let your eyes decide. Flonase changes everything. Ive been on my feel all day. Im bushed yea me too. Ride the gel wave of comfort with dr. Scholls massaging gel insoles. Theyre proven to give you comfort. Which helps you feel more energized. All day long. I want what he has. There are a lot of different kinds of yucky germs. But not all disinfecting wipes. Are approved to kill the same number of them. Lysol wipes are approved to kill more types of germs than clorox. This cold and flu season lysol that. Theres a more enjoyable way to get your fiber. Try phillips fiber good gummies plus energy support. Its a new fiber supplement that helps support regularity and includes b vitamins to help convert food to energy. Mmmmm, these are good nice work, phillips the tasty side of fiber, from phillips. We need this vacation absolutely. Honey, can you grab my hat . Got it beautiful this weekend, too. We should get a boat . We need the big bag. On already. Yeah. Cannonball now thats the good stuff. The sonoma collection. Only at kohls. Welcome back, mr. Munoz, two days ago, oscar munoz returned to work five months after undergoing a fullon heart transplant. And how was his return celebrated . With an activist battle, thats how. Good to have you back, chief hope youre feeling better. Enjoy the proxy fight. Thats why on march 8th, a couple of days after we learned that munoz was coming back to work, a pair of activist investors, Altimeter Capital management and park capital management, who own 7. 1 of continental universal, launched a proxy contest with the goal of electing six of their own board members. The launch of this proxy contest begs the question, do these activists have a point, or is this just unnecessary saber rattling by malcontents. First, let me just say, right or wrong, these activists could have waited a couple of weeks. I think this is a new low. You dont time the announcement of your proxy fight with the back to work after having suffered a heart transplant. Im calling that bad form. But aside from the very poor timing here, what exactly did these activists have to say . Altimeter and park believe that im going to quote here meaningful change to units existing board of directors is urgently required in order to reverse longstanding poor Board Governance and the resulting many years of substantial and inexcusable company underperformance relative to unites competitors, end quote. So what argument do they have with the airline . One, the activists claim that united has a clear record of sustained and substantial underperformance, including the fact that its been the worstperforming u. S. Airline stock over the last five years. Two, they charge that the existing board of directors is underqualified, ineffective, and entrenched. The activists believe the board lacks the experience and expertise to hold management accountable and maximize they believe the board has failed to adequately align managements compensation with the performance of the stock. They say the board is too stale to effectively represent the shareholders. To make matters worse, they think the board has entrenched itself by creating various mechanisms that penalize shareholders for trying to change the composition of the board. Finally, third, altimeter and park say that United Continental urgently needs a coarse correction. They feel their six board nominees are better suited to make that a reality. Lets look at these. Lets parse them. How do these charges really stack up when compared to reality . When i read through the letter from the activists, i found this whole situation, lets say, puzzling, to say the least, given that United Continental has been one of the bestperforming stocks in the entire market since the generational bottom in march of 2009. United continental stock is up 1,470 since then. Thats one of the top 15 that moment, leaving the rest of the Airline Industry in the dust. Only delta even comes close, up 1,064 over the same period. Now, its true over just the past five years, United Continental is up 152 . Its still pretty darned good return, but not as good as delta, jetblue, or southwest over that period. That means the activists are technically correct. Its the worst performer in the industry over the last five years. But to me, if we were talking about stocks, i wouldnt regard that as cherry picking. Since United Continental is test be performer over the last seven years. And its been pretty consistently outperformed both the dow transports and the s p 500 in every time frame longer than the past 12 months, where the whole industry has, indeed, struggled. And compared to the rest of the industry, over the last two years, United Continental has been better than some and worse than others. So im not buying this first charge of clear, sustained, substantial underperformance. From altimeter and park, that the board is underqualified, ineffective, and overly entrenched. Here, i point to the stocks pretty consistent outperformance versus the dow transports index. As for the company itself, recently, unite continentals performance has been pretty much in line with the rest of the industry. As for the argument that the board is too entrenched, i think United Continental dispelled this very argument by ousting the old chairman and ceo jeff smisic just six months ago. And the day before these activists launched their proxy fight, United Continental had just apointed three really highly qualified didnt if directors to the board. James kennedy, robert milton, the former chairman and ceo of ace aviation holdings, and the former ceo of air canada. Talk about experience, and jim whitehurst, one of my favorite executives in the whole country. Hes the current ceo of redhat, frequent guest of mad money, and he was formerly the wellrespected chief operating when you look at all 11 of the independent directors on the board, only four of them have been there for more than four years. I dont know about you, but that doesnt seem particularly entrenched to me. Although the activists called these new appointmented, and i quote, and transparent and cynical attempt to maintain your official privileges and power. Finally, theres the last complaint of the activists, that united urgently needs a course correction. To me, this is the most galling claim of all. Perhaps the Company Needs a course correction like, say, a new ceo . Remember oscar munoz he was only appointed last september he is the course correction, for heavens sake. Granted, his heart attack, im putting that in the unforeseen circumstances category. But now that the guy is back on the job, shouldnt he at least be given a chaps to try to turn things around before you decide to start a proxy fight . Now instead of devoting 100 of his time to the company, hell have to deal with this distraction. And i think oscar deserves a chance. During the period he served as operating officer at cfx, the stock gave a magnificent 1660 retu