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"Yesterday we got the plunge, and today we got the bounce," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

After a massive selloff, market-players should always go bottom-fishing, he said. Fishing for bottoms, according to Cramer, "is more of a science than an art." First, investors have to cast the line "gingerly and steadily," then be ready with a game plan and finally be aware that everything doesn't bottom at once, he said.

Bottoms happen by sectors and piece by piece, Cramer said. There was a bottom in one-third of the market today, but there are still other sectors out there "for the taking," he said.

Today there was a bottom in the supermarket and medicine-cabinet stocks "because the slowdown camp is now in charge on Wall Street," Cramer said. "In the last two weeks, the conventional wisdom on the Street has shifted from the belief that the economy is booming to a belief that it is sluggish."

The "big money" is moving into the defensive stocks, and regardless of whether or not that is smart, people should go with the flow, he said.

Cramer believes the trend will lead to interest rate cuts because it should give

Federal Reserve

Chairman Ben Bernanke the "ammunition" he needs to bring the rates down.

While Cramer believes

Procter & Gamble

(PG) - Get Report

is probably already too high to get into now, he said

Colgate

(CL) - Get Report

,

Clorox

(CLX) - Get Report

,

General Mills

(GIS) - Get Report

and

Heinz

( HZ) all can be bought here.

However, none of those excites Cramer as much as

Altria

(MO) - Get Report

, which he owns for his

Action Alerts PLUS charitable trust. Not only does Altria have a "sweet 4% yield," but the conglomerate is going to be breaking itself up, he said.

Regarding the medicine-cabinet stocks, Cramer said people shouldn't buy a

Pfizer

(PFE) - Get Report

or

Eli Lilly

(LLY) - Get Report

, because such stocks are too risky and don't have much room to run.

Instead of Big Pharma, go with the biotech stocks, and in particular

Celgene

(CELG) - Get Report

or

Gilead

(GILD) - Get Report

, he advised.

Bank on a Financials Bottom

The next bottom is coming in a fortnight, and it's going to be in the financial stocks, but not all the financials, Cramer told viewers.

While the subprime lenders are a problem area, the financials that should work here are the banks and the brokers, he said.

Because a lot of the housing speculators have gotten "blown out of the water," the substandard lenders won't be able to pay out their dividends as they promised, Cramer explained. Therefore, people who belong to the working class won't be able to get the loans they need because the "subprime lenders are busted," he said.

This, in turn, should give the Fed "the biggest excuse to cut interest rates," because the Fed "unlike the Tin Man, has a heart," Cramer said. The two that will win in this environment are the banks and the brokers. And "as the "big money decides to join the smart money, the financials will fly," he said.

Goldman Sachs

(GS) - Get Report

and

Capital One Financial

(COF) - Get Report

, both of which Cramer owns for

Action Alerts PLUS, do "fabulously" when short-interest rates fall below the long-interest rates, he said.

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Cramer also recommended

Bank of America

(BAC) - Get Report

,

T. Rowe Price

(TROW) - Get Report

and even

Citigroup

(C) - Get Report

.

He believes people should start taking positions in these stocks as they are the ones that should benefit when the next piece of the market bottoms.

Am I Diversified?

In the show's "Am I Diversified?" segment, Cramer's first caller said he owned the following five stocks:

Cramer blessed the portfolio as diversified and said he doesn't consider AT&T and Level 3 a pair because Level Three is a speculative stock, a category of its own.

The next caller named the following five stocks:

  • Apple (AAPL) - Get Report,
  • Genentech( DNA),
  • J.C. Penney (JCP) - Get Report,
  • Sears (SHLD) and
  • Halliburton, the last two of which Cramer owns for his charitable trust.

Cramer called out a pair of retailers with J.C. Penney and Sears. He advised the caller to flip Penney's and get into a financial.

Mad Mail and Sudden Death

In his "Mad Mail" segment, Cramer told a viewer that although

NYSE

(NYX)

failed to distinguish itself yesterday, it is a company he is buying for his charitable trust for the "long haul," and he believes others should, as well.

During the show's "Sudden Death" round, Cramer was bullish on

Continental

(CAL) - Get Report

,

World Wrestling Entertainment

(WWE) - Get Report

and

GlaxoSmithKline

(GSK) - Get Report

.

He was bearish on

ExpressJet

( XJT).

Lightning Round

Cramer was bullish on

Comcast

(CMCSA) - Get Report

,

Fuel Tech

(FTEK) - Get Report

,

American Tower

(AMT) - Get Report

,

Intuitive Surgical

(ISRG) - Get Report

,

Hologic

(HOLX) - Get Report

and

Akamai Technologies

(AKAM) - Get Report

.

Cramer was bearish on

Jefferies

(JEF) - Get Report

,

Harley-Davidson

(HOG) - Get Report

and

Fastenal

(FAST) - Get Report

.

For more of Cramer's insights during the Lightning Round, click here

.

Want more Cramer? Check out Jim's rules and commandments for investing from his popular book by

clicking here

.

At the time of publication, Cramer was long Altria Group, Capital One Financial, Goldman Sachs, Halliburton, Johnson & Johnson, NYSE Group and Sears Holdings.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.