Cramer's 'Mad Money' Recap: Buying Time

In addition, GameStop (GME Quote) should do well and J.C. Penney (JCP Quote), which reports Thursday, could pop, he said. Sears (SHLD Quote), which Cramer owns Action Alerts PLUS, and is the "worst-in-show," could also go higher.

Moreover, Apple (AAPL Quote), Research In Motion (RIMM Quote) and Google (GOOG Quote) are all good, Cramer added.

Concerning the financials, Goldman Sachs "is going much, much higher," he said. But people should consider selling the brokerages and banks that haven't been working into the lift tomorrow.

"If you think the rally is fake, stay defensive," Cramer said. Either way, the market is still volatile, so be cautious.

Biotech Back in Vogue

During the 1990 market meltdown, high-growth biotechs worked, especially Amgen (AMGN Quote), Cramer told viewers.

Now, after this five-day rally, these same stocks should come back in vogue and three biotech stocks stand out, he said.

The "more conservative" pair he likes is Genentech (DNA Quote) and Celgene (CELG Quote). "When the rally ends next week these should be the men standing," he said, noting investors should scale into these stocks, which he likes for 2008.

Celgene and Genentech both have drugs that seem to have promising advances in the pipeline, he said. Celgene's Revlimid drug, which treats blood cancer, holds promise for increased label expansion next year, he said.

Celgene, Cramer said, is a stock investors should consider buying before the American Society of Hematology's annual meeting in December. He said the stock should go higher because it has a 42% long-term growth rate although its last quarter wasn't so hot.

Genentech, he continued, has several successful drugs, including its "miracle cancer drug" Avastin that could be approved for other uses. The catalyst here is a meeting the Food and Drug Administration's Oncologic Drugs Advisory Committee will have on Dec. 5 to discuss Avastin. The meeting, Cramer believes, should bring great news.

Of the two, he prefers Celgene with Genentech a close runner-up.

Turn On Onyx

Cramer's favorite biotech and the one he feels is the Amgen of 2008 is Onyx Pharmaceuticals (ONXX Quote), a stock which hit its 52-week high on Nov. 7.

Its main drug, Nexavar, is used as an anticancer therapy and is "amazing," he said. Similar to Revlimid and Avastin, Nexavar is seeing label expansion and being used off-label to treat liver cancer. This, Cramer said, was a big part of why Onyx's last quarter was so "phenomenal."

While Onyx has the growth, it is riskier than Celgene or Genentech, which are bigger, more established and more profitable, he warned. Cramer recommended Celgene and Genentech for the more cautious.

Sudden Death

During the "Sudden Death" round, Cramer was bullish on Marvel Entertainment (MVL Quote), Marshall & Ilsley (MI Quote) and First Solar (FSLR Quote).

He was bearish on Panera Bread (PNRA Quote) and Yingli Green Energy (YGE Quote).

Mad Mail

In his "Mad Mail" segment, Cramer told an emailer he's increasingly concerned about PepsiCo (PEP Quote) because of the higher cost of raw materials.

Coca-Cola (KO Quote) came out and said their raw costs have peaked, meanwhile Pepsi wasn't able to say that, he said. Regardless, Cramer said he still considers Pepsi a good company.

Lightning Round

Cramer was bullish on NYSE (NYX Quote), Brocade Communications (BRCD Quote), AT&T (T Quote), Verizon (VZ Quote), ValueClick (VCLK Quote), Ultra Petroleum (UPL Quote), Apache (APA Quote), XTO Energy (XTO Quote), Google (GOOG Quote), Dolby Laboratories (DLB Quote), Integrys Energy (TEG Quote), Consolidated Edison (ED Quote) and Exelon (EXC Quote).

Cramer was bearish on Nasdaq Stock Market (NDAQ Quote) and NeuStar (NSR Quote).

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by clicking here.

For more of Cramer's insights during the Lightning Round, click here.