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Today's market action was all about taking profits in the winners and falling in love again with the losers, Jim Cramer told his Mad Money viewers Monday. Fortunately, you can own a little of both in your portfolio -- and that's exactly what you should be doing.

Cramer said he like keeping one foot on the rocketship with stocks like FANG, his acronym for Facebook (FB) - Get Meta Platforms Inc. Report , (AMZN) - Get Inc. Report , Netflix (NFLX) - Get Netflix Inc. Report and Alphabet (GOOGL) - Get Alphabet Inc. Report , while keeping the other foot planted firmly on earth with the usual safety stocks. Rocketship stocks sometime sputter, he said, but historically that's been a great time to buy the FANG stocks, along with Apple (AAPL) - Get Apple Inc. Report , a stock which Cramer owns for his charitable trust, Action Alerts PLUS.

But that doesn't mean it's not a good time to buy some safety stocks like Campbell Soup (CPB) - Get Campbell Soup Company Report , which rose 3.2% today, or General Mills (GIS) - Get General Mills Inc. Report , which popped 2%. It's natural for investors to want to gravitate to cheap stocks as well, like General Motors (GM) - Get General Motors Company Report , or even AT&T (T) - Get AT&T Inc. Report for its big dividend yield.

Cramer said segments of retail are also attractive, including TJX Companies (TJX) - Get TJX Companies Inc. (The) Report , Home Depot (HD) - Get Home Depot Inc. (The) Report and the dollar stores.

Being diversified isn't just about owning different sectors, Cramer concluded, it also means diversifying your risk. That means owning some of the high-fliers but also some of the low-fliers as well.

Over on Real Money, Cramer explains why, when the stock of Facebook (FB) - Get Meta Platforms Inc. Report gets crushed like it did today, he's more attracted to it than when it's soaring. Get his insights with a free trial subscription to Real Money.

Examining BioTelemetry 

What the heck happened to the stock of BioTelemetry (BEAT) - Get Heartbeam Inc. Report , which fell more than 20% earlier this month in a brutal three-day sell off? Cramer did a little homework to find out.

Cramer explained that BioTelemetry makes remote heart monitoring systems and has had a tough go since the financial crisis, with the stock bottoming out in early 2016 just above $9 a share. Since then however, the company had seemingly righted the ship, seeing shares nearly double in 2016 and rise another 40% this year before the mid-September nosedive.

At issue was a negative analyst report that slapped a sell rating on the stock, saying the company was losing market share to rivals. For a small stock that's not widely covered, Cramer said, this one downgrade was enough to get the short-sellers piling onto BioTelemetry. But then the bulls stepped in, reiterating the bull case for the company, complete with a $50 price target.

Cramer said he's siding with the bulls on BioTelemetry, as they've been covering the company for a lot longer than the bearish newcomer that tends to cater to short sellers.

Tax Reform? Don't Hold Your Breath 

As September comes to a close, it looks like another month has gone by with absolutely nothing coming out of Congress. If you're hopeful for tax reform, don't hold your breath, Cramer said. Our leaders in Congress couldn't come to a consensus on where to go for dinner, let alone what out nation's tax code should look like.

Cramer said there's absolutely no focus in Washington, with Congress seemingly preoccupied with yet another repeal and replace healthcare initiative, while the president is focused on football and our national anthem. Each bill introduced in Congress seems less thought-out than the last one, Cramer concluded, and he can't see anyone voting for something they know nothing about.

Cramer and the AAP team say the decline in technology stocks is providing some buying opportunities. Find out what they're telling their investment club members about Facebook, Nvidia (NVDA) - Get NVIDIA Corporation Report and Activision Blizzard (ATVI) - Get Activision Blizzard Inc Report and get in on the conversation with a free trial subscription to Action Alerts PLUS.

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Cramer Does His Homework

In his "Homework" segment, Cramer followed up on a few stocks that had him stumped during earlier shows. He said that Jeld-Wen Holdings (JELD) - Get JELD-WEN Holding Inc. Report , makers of doors and windows, has a good story to tell, but is an inconsistent grower with a less-than-ideal balance sheet. He'd rather go with Home Depot (HD) - Get Home Depot Inc. (The) Report or Lennar (LEN) - Get Lennar Corporation Class A Report .

Cramer said that Universal Insurance (UVE) - Get UNIVERSAL INSURANCE HOLDINGS INC Report may be diversifying away from Florida, but is still too risky as an investment. He preferred Travelers (TRV) - Get The Travelers Companies Inc. Report .

Finally, Cramer said Veritone (VERI) - Get Veritone Inc. Report , the cloud-based AI platform provider, is an intriguing speculative stock, but it needs to cool off after quadrupling in recent months.

Lightning Round

In the Lightning Round, Cramer was bullish on MGM Resorts (MGM) - Get MGM Resorts International Report , Wynn Resorts (WYNN) - Get Wynn Resorts Limited Report , Nucor (NUE) - Get Nucor Corporation Report , Philip Morris International (PM) - Get Philip Morris International Inc Report , Baozun (BZUN) - Get Baozun Inc. Report , Axalta Coating Systems (AXTA) - Get Axalta Coating Systems Ltd. Report and DowDuPont undefined .

Cramer was bearish on CenturyLink (CTL) - Get CTL Report , Boyd Gaming (BYD) - Get Boyd Gaming Corporation Report , MyoKardia (MYOK) - Get MyoKardia, Inc. Report , United States Steel (X) - Get United States Steel Corporation Report and Valeant Pharmaceuticals (VRX) .

Off the Tape: Stockpile

In his "Off The Tape" segment, Cramer sat down with Avi Lele, CEO of the privately held Stockpile, a company that aims to make investing in stocks as easy as buying a gift card.

Lele explained that we're always told to start investing early, but getting started has not always been easy to do. For young people especially, opening an account, funding it and buying stocks the traditional way is about as interesting as watching paint dry.

But with Stockpile, investors can start investing with any amount and Stockpile will sell them fractional shares of thousands of companies. Kids can view their portfolios on their phones or tablets and even make trades that parents can approve.

Stockpile also features gift cards that can be purchased at Target (TGT) - Get Target Corporation Report and other retailers.

Search Jim Cramer's "Mad Money" trading recommendations using our exclusive "Mad Money" Stock Screener.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had a position in FB, NVDA, ATVI, GOOGL, AAPL, TJX, NUE, DWDP.