Cramer's 'Mad Money' Recap for July 22

Consumer companies such as Kimberly-Clark(KMB Quote) are likely to benefit, he said, since that is exactly the kind of defensive play that big institutional investors like to put their money into.

Cramer said he is predicting gasoline at $3.50 a gallon if oil prices fall to $120 a barrel.

"I need you to stop reacting to only the earnings and look at the bigger picture: the prices of oil and gas and the newfound health of banks," he said. "This market's a buy."

Natural gas prices are likely to go lower. That means Chesapeake Energy(CHK Quote) is a bargain at $51, which is where the stock closed Tuesday, said Cramer.

"I like to buy when I can, not when I have to," said Cramer.

Cramer also warned retail investors against trading during after-hours. "No trading after hours," he said. "Everyone loses money."

Poised for a Turnaround

Campbell Soup(CPB Quote) is chicken soup for your portfolio, said Cramer.

In the past, the stock has been a serial underperformer. The company missed four straight quarters before finally pre-announcing some good news recently but everybody ignored it, he said.

Campbell has been a really poor investment over last 10 years, having fallen almost 35% from $54.90 to $34.30 currently.

But now the company is looking better, he said, and is a possible recession-proof play.

General Mills(GIS Quote) and Kellogg(K Quote) are at or near their 52-week highs, which means Campbell looks cheap and institutional money could flood to the stock and raise its price, he said.

"While I have liked many a food stock, especially Heinz(HNZ Quote), I have trashed Campbell," said Cramer. "Now I am changing my mind and tune and getting behind it."

Campbell has launched new products such as its range of Select Harvest light soups, which could be give its rival Progresso tough competition.

The company is making record high investments in marketing and expanding into international markets such as China and Russia. "It may finally get its groove back," he said.

Campbell also has a big buyback going on with plans to repurchase $1.2 billion worth of its shares, or 9.2% of its market cap. "I like big buybacks and you can't get any bigger than Campbell's, he said.

A weak dollar also means that a European buyer could in and buy the company for almost 25% less than where it was two years ago, said Cramer. "A name brand like Campbell hasn't been this cheap in years," he said.