Cramer's 'Mad Money' Recap: June 27

There's also El Paso(EP Quote - Cramer on EP - Stock Picks), one of Cramer's favorites.

EP has not kept pace of late, he said. "Take advantage of the fact it is hanging around $21 and pull the trigger," said Cramer. "It is one of the most undervalued in the group. I say buy, buy, buy."

Next week is a short trading week and the market needs to catch its breath, said Cramer. "The declines have been brutal, swift and nightmarish except for a handful of companies," he said.

Speculation Friday

Cramer brought up a stock that went public last week but has since gone lower. Britannia Bulk Holdings(DWT Quote - Cramer on DWT - Stock Picks) is a dry bulk shipping company that has pulled back hard. "I didn't recommend the IPO because $15 a share was too high," he said.

Britannia Bulk operates 13 bulks ships, five ocean barges and four tug boats. When the Baltic freezes, most ships can't travel through it, but Britannia has several ships than can cut through the icy waters. The company's ships are used to transport coal, agricultural commodities and fertilizers.

Britannica Bulk's IPO was negatively affected by a quick downturn in the Baltic Dry Index, after the Chinese government ordered a reduction in ore stockpiles.

Britannia Bulk was a "real loser" for anyone participating in the IPO but it will be a winner for Cramerica if an investor moves in to buy the stock at $12.80, where it closed Friday.

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