[Beginning of Cramer's verbatim comments for this segment...]

Jim:           You know what I think, when I see the Dow lose 97 points... when I see the Nasdaq lose 23?... Do I think... oooh... it's over... head to the fallout shelter?... that the big bull run is over? We're heading to the House of Pain?... No. Not at all. I think, hey everybody, here's this dip to purchase stocks in one of the most transcendent technologies of our time... That's right. Close observers of the show may have even heard of the term... I'm talking about the Mobile Internet Tsunami... the House of Pleasure...

Why buy these tech stocks now?... I mean, isn't everyone running for the exits? Isn't everyone fleeing? Aren't they all scared? I mean, isn't it just the most dangerous time?...

Oh please... you buy them now because they're going down... and they're going down on worries about what the Fed will do... They're worried about the U.S. economy slowing... They're worried about an "L" shaped recovery, or worse... the "W"...

Whenever you get across-the-board weakness like this, where everybody's puking up stocks, because they're all scared and worried... what you do then is you load up gradually, because it may not be over, on the long-term themes that you believe in... And, right now, the Mobile Internet Tsunami is the best long-term theme I know of in this market.

So, you can fret all you want about the Fed and the short-term vicissitudes about the U.S. economy, or you can take advantage of the huge sale the market is throwing, and start buying some of the mobile internet stocks which have yet to come in until today...

Which stocks?...

The mobile internet has been firing up almost every corner of tech... I mean, it's got the best pin action I've ever seen... I've recommended a number of names and ways to play it... But, you know what? It's all been scatter shot... it's all been haphazard... some say it's been ad hoc... untrue...

Today, I want to unveil the Mad Money Mobile Internet Index... there's a mouthful... This is an index that will monitor this theme for months and years to come... Yes. Years... I think the mobile internet tsunami is like nothing we've seen since the recognition that the regular internet was the next big thing... or even since the PC became a household item... and that means that the gains here could be huge... multi-year, and we're not going to sit there and worry about what the Fed's going to do if there's a multi-year move...

First play...

The easiest!... The web!... Because, after all, where do you think the people using the mobile internet are going to go?... Uh, they're not going to the snail mail, and they're not reading those hard-bound catalogs on the cellphone... No. They go to the top site that people use on their computers, and it's bound to be the top site they use on their iPhone, their Blackberry... and, of course, that is... Google Inc. (GOOG).

How about the devices?... Given that handsets are going to be the biggest contributor to the growth in mobile internet?... Well you know what my fave is... Apple Inc. (AAPL)! The stock's coming in for the first time in ages since it reported... it's the best-positioned, it's the best innovator, it's a game changer with the iPhone and the company's app store... Can you believe those apps? I mean, every day, they come up with new ones... medical apps!...

We also need - because it's an index - Research In Motion (RIMM). That's Blackberry... especially because it's a pure play. Apple isn't, because it has PCs and it also has the iPod.

We want Palm (PALM) in the index... even as I don't like it here as much as Apple or RIMM, and there's no denying it still is an essential smartphone, the Pre... and, you know what? Sprint's going to push this thing pretty hard. Now, we have a sell on Palm. We put it on higher. We will like it more as it comes down, because of the nature of the internet mobile.

Then there's the backbone of the mobile internet... the companies that make the components for the telco companies that the mobile internet operates on... I've highlighted a bunch of players in this space but, again, not all at once... saving it for the big sale day, like they threw today...

For connectivity equipment, cable's distribution panels... Boring? Who cares! There's money on the line here, joker... You want ADC Telecommunications Inc. (ADCT), which is also a big play on the wireless stimulus in China!

For infrastructure and managed wireless content, my favorite is Starent Networks, Corp. (STAR), with its strong market share and it's CDMA (code division multiple access - digital packet transmission) technology, and also its expansion into China.

Then there are the companies that make the broadband routers and switches that move packets of data around the world, enabling both broadband and wireless services. Who are we thinking of? Well, of course... and this one is like... and my friend, Doug Kass, who writes with me on RealMoney.com, part of TheStreet.com... he's telling me Cisco (CSCO*) had a bad quarter... Hey Dougie... sorry... Cisco had a great quarter!

Okay, second... As an integral part of the Mobile Internet Tsunami... some would say the backbone... uh, maybe the spinal column... is Cisco (CSCO*)... but you've got to have others... other infrastructure players... and, even though I own Cisco for ActionAlertsPlus.com, my charitable trust, the speculative plays really intrigue, because they could have huge moves...

What are my two faves?...

The ones that could have the most exposure to the future of this industry are CIENA Corp. (CIEN), which is still like a lowly worm $11... and Tellabs Inc. (TLAB). Uh, why Tellabs? Well, both of these have wireless networks that allow you to have bigger bandwidth to support the video and data services that make the mobile internet possible...

Hey, by the way... Why do you have to watch the show?... Remember, we had the Tellabs' CEO on about 10 days ago? Boom! He announced a gigantic buyback today. The stock was the only stock that opened up today. You've got to watch the show!

How about a play on the equipment needed to enable text messaging... I mean, have I ever talked to my children, other than text messaging?... Okay... you also need local number portability (LNP), industry jibberish for the technology that lets you keep your phone number when you change networks. That's Tekelec (TKLC)...

We've got to round out with some equipment plays. We need a company that makes transmission equipment, like antennas used to... not rabbit ears... you know, wireless base stations I need you to think of Commscope Inc. (CTV)...

Okay, how about the components?... We've had all the components' CEOs on... Smartphones are just like any other gadget... they need semiconductors to operate. There are two big companies that make many different kinds of proprietary chips for the wireless markets... The two big are QualComm Inc. (QCOM*), which I own for ActionAlertsPlus.com, my charitable trust. This is really the pure play, by the way, on 4G (i.e., 4th generation wireless technology), which is coming up... and then Broadcom Corp. (BRCM), usually in litigation with Qualcomm, but we solved that problem...

The networking equipment that's needed to operate the mobile internet... it needs semiconductors. Well this is a little dicey... We're going to go for NetLogic Microsystems Inc. (NETL)... not a great company, but this is the tsunami so strong, it's taking everybody with it... NETL makes switches and routers that allows companies to read data and decide where it goes...

How about some programmable logic devices?... Remember, we had that Xilinx Inc. (XLNX) CEO on? These operate switches, base stations... along with tons of other things... Well, XLNX reported a better-than-expected quarter, and then had that shortfall in production. We think that was an opportunity to buy so we're right in there.

Go deeper... I can't smash a smartphone today, because I've smashed all the other ones... but what's inside? Signals enter and exit the front end of a mobile device. So what do you need for that?... You need power amplifiers and filters to amplify to handle that for them... I like RF Micro Devices Inc. (RFMD). I like Skyworks Solutions Inc. (SWKS). Uh, power control... ON Semiconductor Corp. (ONNN)... We had the CEO on the other day. The quarter was better-than-expected... Cypress Semiconductor (CY)... How much money have we made with T.J. Rodgers (CEO), the Cyprus Semi guy... Tessera Technologies Inc. (TSRA)... We like that one too. They have the patents for making smaller and smaller cameras and smaller semiconductor packaging. I like it better than Cree (CREE), by the way, which is not in the index. Storage, photos, songs... Where do you put all that stuff? SanDisk Corp. (SNDK)... compact, dram flash memory...

Now here's how the index will work...

We're taking these 21 stocks and, assuming we're taking $1000 each to buy them at today's closing prices, the index is going to start at "100" today... We wanted to wait for a down day, so we'd get good prices, so the index look bad. We're starting with purchasing at the close of prices today.

From here on out, we can track the performance of the Mobile Internet Tsunami over time. You've got the list of the best, most representative, internet plays out there. Now, I am sure that some ETF company will bundle this and take full credit for it, and not give me a dime of credit! But you heard it first on CNBC...

Here's the bottom line...

(see the Bottom Line, below...)

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The Bottom Line!:     Take today's weakness in these stocks as a gift! Stop looking at the horse in the mouth already! You've got to fall back on big themes in order to cash in on them. I don't think the mobile internet's going away; I think it's just gotten started. You can use the worries about the Fed, along with the profit-taking to buy stocks in the economy, I believe to buy these stocks, which are poised for Titantic, multi-year gains... You're getting them cheaply, because the store's having a big sale... and, on sale, included are the 21 names in Cramer's Mobile Internet Index.

[verbatim recap]

[end of segment]

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