Cramer's 'Mad Money' Recap: Banking on Health Care (Final)

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"We're not done going down," Jim Cramer cautioned viewers of his "Mad Money" TV show Tuesday.

He said the markets are locked in a range now that could see the Dow Jones Industrials slip to the high 7,000's before it begins to recover.

Why have the markets fizzled out? Cramer placed blame on the oil patch, one of the three leaders, along with technology and the financials, that help propel the market higher since March. He said with the news of price manipulation in the oil futures markets, investors just can't trust the price of oil right now, nor the companies that go along with it.

"We've lost oil," said Cramer, "and we need a new market leader to complete the trifecta." He predicted that health care will become that new market leader, but not until the market is done correcting.

Health care, he said, is the only industry that can have growth, even in a slowdown. After the correction, he said, investors will be able to buy health care on the cheap.

Cramer's healthcare favorites include: MedcoHealth Solutions (MHS Quote) for cost containment, Quest Diagnostics (DGX Quote) for diagnostics, and Allscripts (MDRX Quote) for electronic record keeping.

He also gave a nod to St Jude Medical (STJ Quote), Boston Scientific (BSX Quote) and Wellpoint (WLP Quote).

For drug stocks, Cramer recommended two names he owns for his charitable trust, Action Alerts PLUS, Gilead (GILD Quote) and Abbott Labs (ABT Quote).