Cramer's 'Mad Money' Recap: Play It Safe

"It's too early to write off our growth story," Farris said. Further, he said he's been building Apache for years, and this is the 22nd consecutive year of reserve growth for the company, he said.

With Apache, people have a growth stock at a time when many oils are not growing, Cramer said. He's been behind the stock since it was at $80 and advises investors to get it in as it comes down.

Wyeth CEO Speaks

Wyeth (WYE Quote) was downgraded Monday by Merrill Lynch and upgraded by Bear Stearns. Cramer believes Merrill is right, but is missing the big picture.

Merrill liked Wyeth for its valuation, vaccines and Alzheimer's drug, he said. However, Cramer noted, the pharma's Alzheimer's drug is a few steps behind its competitors.

Meanwhile, Bear Stearns is worried about Wyeth's generic risk, but Cramer believes the bear case has already been priced into the stock.

Neither report discusses the weakening economy, Cramer said. If we are headed for a recession, Wyeth's earnings should be consistent even in a bad economy, Cramer said.

Just look at Johnson & Johnson (JNJ Quote), he said. It's one of the worst in the bunch, yet it was up big, he said, adding that if Johnson & Johnson can work, Wyeth should work as well.