Cramer's 'Mad Money' Recap: Cramer's Picks for 2008

The next lesson, he said, is to beware of speculative stocks with bad balance sheets like Rite Aid and Level 3.

Also, cheap tech stocks don't necessarily pay up, Cramer noted. Even though Cisco had a lower multiple compared to Apple, Apple was worth paying up for.

The market is too fickle, and predictions right now require too many people to make too many right decisions. Therefore, Cramer said he's not going to be making any broad, sweeping predictions this year. But he will continue to let people know what he's feeling could happen six to 18 months into the future.

"Learn from my mistakes in 2007 and you'll do even better in 2008," Cramer said.

Sudden Death

During the "Sudden Death" round, Cramer was bullish on Consol Energy (CNX Quote), Freeport McMoRan (FCX Quote), which he owns for his charitable trust, Yamana Gold and Barrick Gold.

Mad Mail

In his "Mad Mail" segment, Cramer told an emailer that when he mentions buying a stock on a pullback, his general preferred range is 8% to 10% of a pullback.

Lightning Round

Cramer was bullish on Raytheon (RTN Quote), Citigroup (C Quote), St. Jude Medical (STJ Quote), CR Bard (BCR Quote), Becton Dickinson (BDX Quote), Banco Santander (STD Quote), Onyx (ONXX Quote) and ITT (ITT Quote).

Cramer was bearish on Allegheny Technologies (ATI Quote), Thomson (TOC Quote), SanDisk (SNDK Quote), ev3 (EVVV Quote), Pitney Bowes (PBI Quote) and Wells Fargo (WFC Quote).