Cramer's 'Mad Money' Recap: Shelter From the Storm

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"Where we are right now is miserable," Jim Cramer told viewers of his "Mad Money" TV show Thursday. But he's here to help people weather the mortgage and corporate credit storms that have been looming over the market, Cramer said.

Many stocks, particularly the ones that bounced at the end of the day, are too high, he said. "I am concerned, because I have tons of people asking me what they should buy," Cramer said -- but no one is asking if it's time to sell.

"That's not healthy." As long as the vast population is looking for entry points here, the market is not going to bottom.

During last Friday's "Game Plan," Cramer said he told viewers to take some profits. If people did indeed sell, then they have his approval to buy a little. But if they neglected to heed his advice, they cannot buy, he said.

Sell Block

In his "Sell Block" segment, Cramer gave viewers his "Stocks to Avoid" checklist. This list, he said, indicates stocks people should get out of, even if they just bought them and will be taking a loss, he said.

First on the list, "if the stock you own needs lower rates from the Fed to go higher," Cramer said, "you might want to consider getting rid of" it. Countrywide Financial (CFC Quote - Cramer on CFC - Stock Picks), along with other housing stocks, is an example of this type of stock and should be sold, he said.