Cramer's 'Mad Money' Recap for July 17

Cramer said for the short term, investors should take profits on the banking stocks, which have moved up too much. He also suggested buying oil and gas stocks because they have gone too low.

Cramer owned up to telling viewers to begin buying the oil stocks last week by saying he was wrong. However, he said investors who bought last week will be OK for the long term.

Sell Block

Cramer added nursing homes, or senior living communities, to his sell-block list, calling them "serial destroyers of value."

He singled out both Brookdale Senior Living (BKD Quote) and Sunrise Senior Living (SRZ Quote) as two of the worst offenders.

Brookdale's stock has fallen from $48 a share to $17 a share, while Sunrise has fallen from $41 a share to just $19 a share. Cramer said the stocks could rally from here and he wants to avoid investors thinking this is the bottom.

Cramer said that most investors see senior living as a play on demographics. Although it's true the number of Americans 75 years and older will increased by 20% in the next 10 years, he said it's a mistake to own shares of these nursing homes.

He said nursing homes have made the same mistakes as homebuilders, building far too much capacity for now declining demand.

According to Cramer, the occupancy rates at nursing homes are flat to down, as people postpone retirement to recoup losses in the markets.

Furthermore, many retirees must sell their homes in order to move into these facilities and find they now can't. Yet between 2004 and 2008, Brookdale increased capacity at their facilities by 50%, while Sunrise increased its capacity by 25%.