Cramer's 'Mad Money' Recap: Stock Picker's Market (Final)

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(Story updated to add Cramer's comments on the picks of callers in his "Am I Diversified?" segment.)

NEW YORK (TheStreet) --It's still not to late to take some money off the table.

That was Jim Cramer's takeaway for his "Mad Money" TV show viewers Wednesday. He told investors to forget about how the major averages are fairing and instead focus on individual stocks, some of which are doing well while others are imploding.

Cramer said that in the markets of old, stocks tended to trade together, but not in today's market. In today's market, companies like Cypress Semiconductor (CY), a Cramer favorite, announced seriously disappointing earnings, while rivals like Qualcomm (QCOM) and Broadcom (BRCM), a stock which Cramer owns for his charitable trust, Action Alerts PLUS were both up sharply.

In the telco equipment space, shares of Ciena (CIEN) rallied while rival Cisco (CSCO) saw its shares slide south. The oil service sector was also mixed, with Ensco (ESV), another Action Alerts PLUS name, heading higher and Baker Hughes (BHI) heading lower.

Cramer said this pattern is repeating in sector after sector. The price of oil was up, but oil stocks were down. Gold was up, gold stocks were down. Apparel maker Lululemon Athletica (LULU) rallied, while Deckers Outdoor (DECK), a sector favorite, was down sharply.

Cramer said with all this volatility in everything from the rails to the drugs to the industrials, investors need to lighten up on their winners and swap out of their losers. He said all of the major risk factors, including Greece, Iran and China, are still in play.

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