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Cramer's 'Mad Money' Recap for July 2

Click here for an archive of Cramer's "Mad Money" recaps.

"This sell-off is vicious, it's ugly, and it's all about worries of a global slowdown," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

In these tough times, Cramer said its time to start taking profits in the stocks that have gains and start hoarding cash to buy them back later at lower levels.

"If you haven't taken any gains, all of my new recommendations won't matter because you won't have the money to buy them," he said.

He then returned to his theme for the week: non-economically sensitive stocks that will benefit from this year's Medicare spending bill.

Cramer recommended Pediatrix Medical (PDX) as the next in his series, saying that any company set to get money from the federal government doesn't need to worry about slowing housing or European interest rates.

Pediatrix manages the largest network of neonatal specialists, along with 22% of the 1078 Neonatal Intensive Care Units (NICU) in the country. The stock is currently just 3 points of its 52-week low, but Cramer said that's because Wall Street just doesn't' understand Pediatrix' business.

While Pediatrix itself will not receive any money from Medicare, Cramer noted it does rely on the Medicare pay rate set for physicians to determine the benchmark it will use to charge for theirs. With a 1.1% physician pay increase already in this year's Medicare bill, it only stands to reason that Pediatrix will earn more as well, said Cramer.

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