Here's a Game Plan for the Decimated Market

Understand that if you are buying, you are looking at a host of companies that are trading around cash. That takes homework, but they are available.

You have to expect that interest rates are going through the floor, so if you can find a self-financing company, one that is a food bank that yields an attractive 4% -- here I am talking about Altria (MO - commentary - Cramer's Take), Kraft (KFT - commentary - Cramer's Take), H.J. Heinz (HNZ - commentary - Cramer's Take) -- you could take in a 25% position right here, as the risk/reward has changed.

Unilever (UN - commentary - Cramer's Take) stands out here, and Coke (KO - commentary - Cramer's Take) is almost there.

You can make a case to begin to buy some cyclical with 4%-5%, Nucor (NUE - commentary - Cramer's Take) and Freeport-McMoRan (FCX - commentary - Cramer's Take), but there you can only by a beginning position, as they are not self-financing, because in a prolonged recession they are going to have to reach down deep for that dividend. Chevron (CVX - commentary - Cramer's Take) qualifies at 4.57%, and BP (BP - commentary - Cramer's Take) is just too juicy to not start buying, even if Russia is confiscated.

Then you can buy the companies that are going to take over the world at this pace, and I am thinking of Wal-Mart (WMT - commentary - Cramer's Take).

The question is, what financials can you buy? U.S. Bancorp (USB - commentary - Cramer's Take) has the best balance sheet of the majors and yields 6%. Intriguing.

I don't have many others.

You can only buy a quarter of any financial, because the Morgan Stanley (MS - commentary - Cramer's Take) deal hangs in the balance.

Finally, good yielders that are safe: Kinder Morgan Energy Partners (KMP - commentary - Cramer's Take), Duke Energy (DUK - commentary - Cramer's Take), Con Ed (ED - commentary - Cramer's Take).

There's a decent buy list.

Random musings: General Motors (GM - commentary - Cramer's Take) says bankruptcy is not on the table. Someone better tell them it isn't for them to decide.

At the time of publication, Cramer was long Chevron, Freeport-McMoRan, Kraft, Unilever and Altria.

Editor's note: Jim Cramer will present his 2009 stock outlook for the first time at TheStreet.com Investment Conference on Saturday, Oct. 25. Click for details.

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