Cramer's 'Mad Money' Recap: My Defensive Portfolio (Final)

Click here for an archive of Jim Cramer's Mad Money recaps. Click here to get Jim Cramer's Mad Money Post Game video exclusively on TheStreet.com.

---

NEW YORK (TheStreet) -- "The three-legged stool of oils, banks and tech are looking a little dicey these days," Jim Cramer told the viewers of his "Mad Money" TV show Thursday.

As an alternative he offered the "safety" of a "four-legged chair of safety stocks."

Cramer said the markets have turned negative, for the moment, on the market leaders of oil, banks and tech. He said fears of poor credit quality are plaguing the financials, a grim outlook from ExxonMobil (XOM Quote) is scaring the oil patch, and negative comments from computer-maker Acer has stalled the tech stocks.

While the market debates the stability of these leaders, Cramer said there are some great safety stocks to help diversify your portfolio.

Cramer recommended Procter & Gamble (PG Quote), a stock which he owns for his charitable trust, Action Alerts PLUS, as one such stock. He said Procter delivered a 7-cent-a-share upside surprise in its most recent quarter along with a 3.5% dividend yield.

Cramer also recommended General Mills (GIS Quote). He said this company raised its 2010 guidance and has always been an outperformer. "People don't cut back on food," he said, "not even when they're dieting!"

Meet Cramer and Get Your Signed Copy of New York Times Best Seller Getting Back to Even Tuesday, Nov. 17, 7 p.m. Barnes & Noble, Manhattan (33 E. 17th St.)

The third leg of Cramer's safety chair is HMO Wellpoint (WLP Quote). The company delivered a monster quarter, beating estimates by 16 cents a share. Cramer said even with proposed health care reforms, Wellpoint is still a buy. He gave the stock a $53 price target.

Finally, Cramer said McDonalds (MCD Quote) completes his four-legged chair. He said McDonald's is another consistent company which beat the street by 4 cents a share, improved same store sales by 3.8%, and raised its dividend to a 4% yield.

Cramer said these four stocks will help investors sleep at night until the market leaders once again regain some traction.