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NEW YORK (
) -- "We need a new playbook to deal with this roller coaster of a market," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday.
He said investors can't afford to get caught up in the day-to-day gyrations of markets, they need to stick with stocks with great long-term secular growth stories.
According to Cramer, the markets have just gotten too hard for anyone other than the nimblest of day traders to tackle on a daily basis. He said that his viewers need to stick with stocks that are working, and that means stocks that are uniquely domestic, have strong growth, or do well when the rest of the market panics.
For example, Cramer said the generic drug makers, stocks like
, a stock which he owns for his charitable trust,
Action Alerts PLUS
, will do well in this market since governments are still trying to save on health care costs.
Then there are also stocks like
, which Cramer highlighted on yesterday's show, that are benefiting from the coming housing shortage and the fact the company is converting itself into a Real Estate Investment Trust, or REIT, later this year.
For defensive names, Cramer threw out
as two good names. He also noted domestic natural gas plays like
National Fuel Gas
Cramer also gave the nod to other recent mentions, like
, another Action Alerts Plus stock, along with
Chipotle Mexican Grill
"Forget the drama," Cramer told viewers, "buy stocks with great long term growth stories."