Cramer's 'Mad Money' Recap: 'Tis the Season for Stocks

At the same time, he said the stock is speculative and not for the faint of heart. While it could be a buy on the cheap with the potential to rise later on, the fact that Perfect World is inexpensive doesn't mean it won't head lower, Cramer warned.

Perfect World could go to $40 next year, but it is a buy only if it is below $26, he stressed. The stock closed at $24.33 Monday.

Sticking It Out

Although Cramer believes the financials have bottomed, that doesn't mean the market is not going to test that bottom again in the near future, he said.

"We believe the Fed will cut rates when it meets on Dec. 11, because the financials are too troubled to keep rates the same, Cramer said. And when the Fed does go through with the cuts, it will send the banks much higher and the rest of the market will follow.

People should own the financials only if they believe a rate cut is coming, he said. Otherwise, they should be stick with the defensive plays and the "indestructibles."

"Right now you should own the Colgates (CL Quote) of the world if you think I am dead wrong [about a rate cut,]" Cramer said.

Between now and next Tuesday, everything he knows about the market is telling him the bears are going to be battling full bore, and that market players are going to be bombarded with bad news , Cramer said. "You'll be lucky if between now and next week you see one or two things that make you think the market is worth sticking around in."