Stocks discussed on the lightning round session of Cramer's Mad Money TV Program, Tuesday March 23.

Bullish Calls

BP Prudhoe Bay Royalty Trust (BPT): “The stock had an unbelievable decline of 10 points on Friday… it looks like some seller mistook, some seller got it wrong… he dumped the stock… all of the buyers stepped aside.. It was one of the great buying opportunities I have ever seen…”

Meanwhile, energy giant BP's (NYSE: BP – News) subsidiary BP Prudhoe Bay Royalty Trust (NYSE: BPT – News) yields an incredible 16% based on annualization of its most recent distribution.

I own more puts than shares in this case, so the hedge is worth a little more than that, but the goal of the hedge wasn't to hedge against any draw down, but against a particularly large one. Ideally, BPT will drop a little more between now and the next distribution, so I can get more shares when I reinvest.

At the 4 PM close of $85.05 your shares had dropped $12.83 from your write-up price of $97.88.

The September $85 puts had risen in value from $3.50 to a last bid price of $6.50 and a last trade price of $6.70.

Your hedge had only protected you by $3.20 /share – not nearly enough to offset the $12.83 decline so far.