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Cramer's 'Mad Money' Recap: Now, the Focus Is Earnings

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NEW YORK ( TheStreet) -- With the big bad health-care decision now behind us, the focus will be on earnings, Jim Cramer told his "Mad Money" TV show viewers Thursday.

Cramer said Wall Street money managers are known for making big bets on macro economy -- but four times a year, we call them earnings season, and those lofty bets come crashing back to reality. Fasten your seat belts, it's going to be a bumpy ride.

Cramer said the financials are still showing the bad and the ugly of the markets and will likely continue to do so until the housing market fully recovers. "Get ready for severe disappoints" in technology stocks, said Cramer, as even the mighty Apple (AAPL), a stock he owns for his charitable trust, Action Alerts PLUS , will likely have trouble beating its numbers. As Research In Motion (RIMM), the definition of horrible, has showed us, tech stocks have not fallen far enough to mitigate the risks.

Cramer said the oil stocks are also disasters and will not have anything good to say when they report over these coming weeks. So, too, with the industrials, many of which have huge businesses in Europe.

So where are the bright spots? Cramer said health-care stocks can be bought now that the Obamacare debate is over and companies have certainty again. Many of the retail stocks have already been "softened," said Cramer, meaning they can be bought as they sell off on earnings news. So, too, with consumer packaged goods companies like ConAgra (CAG), which offer stellar dividend protection.

Looking at Celgene

A broken stock, or a broken company? Choosing correctly between those two options can make investors a lot of money, Cramer told viewers, as he looked into the case of Celgene (CELG - Get Report), the biotech that surprised Wall Street last week when it pulled its European application for Revlimid, it's blockbuster drug.

Cramer said shares of Celgene have fallen 11% since that news as no fewer than 19 analysts revised estimates downward for the company. He said that Celgene's credibility has been crushed, along with its stock price. But is the company now a buy?

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