Cramer's 'Mad Money' Recap: The Best Bottom-Fishing Bets

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"Yesterday we got the plunge, and today we got the bounce," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

After a massive selloff, market-players should always go bottom-fishing, he said. Fishing for bottoms, according to Cramer, "is more of a science than an art." First, investors have to cast the line "gingerly and steadily," then be ready with a game plan and finally be aware that everything doesn't bottom at once, he said.

Bottoms happen by sectors and piece by piece, Cramer said. There was a bottom in one-third of the market today, but there are still other sectors out there "for the taking," he said.

Today there was a bottom in the supermarket and medicine-cabinet stocks "because the slowdown camp is now in charge on Wall Street," Cramer said. "In the last two weeks, the conventional wisdom on the Street has shifted from the belief that the economy is booming to a belief that it is sluggish."

The "big money" is moving into the defensive stocks, and regardless of whether or not that is smart, people should go with the flow, he said.

Cramer believes the trend will lead to interest rate cuts because it should give Federal Reserve Chairman Ben Bernanke the "ammunition" he needs to bring the rates down.

While Cramer believes Procter & Gamble (PG Quote) is probably already too high to get into now, he said Colgate (CL Quote), Clorox (CLX Quote), General Mills (GIS Quote) and Heinz (HZ Quote) all can be bought here.

However, none of those excites Cramer as much as Altria (MO Quote), which he owns for his Action Alerts PLUS charitable trust. Not only does Altria have a "sweet 4% yield," but the conglomerate is going to be breaking itself up, he said.

Regarding the medicine-cabinet stocks, Cramer said people shouldn't buy a Pfizer (PFE Quote) or Eli Lilly (LLY Quote), because such stocks are too risky and don't have much room to run.

Instead of Big Pharma, go with the biotech stocks, and in particular Celgene (CELG Quote) or Gilead (GILD Quote), he advised.