'RealMoney' Radio Recap: A Little Patience, Please

The buys are still there, says Cramer, but you have to look for them. Also, the Disciplined Trader.
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"The schedule is unfolding just as it should ... the market has come down, and taken down both good and bad, and that's excellent," Jim Cramer told listeners of his

"RealMoney" radio show Monday.

Cramer said that there'd be no repeat of 2005, when the

Dow

did nothing, because the

Federal Reserve

will stop raising interest rates and that oil, eventually, would retreat.

"As always, the problem is the out-of-control nature of how things feel," said Cramer. "Not how they are, but how they feel."

So despite last week's losses, Cramer said that now is still the time to buy. But he warned that finding the buys may take more patience and render fewer instant rewards than what investors are used to.

He said that the brokers are in excellent shape, including

Goldman Sachs

(GS) - Get Report

,

Lehman Brothers

(LEH)

and

Bear Stearns

(BSC)

.

Gold stocks still look good to Cramer, too, including

Goldcorp

(GG)

, which he called the cheapest North American producer, and

Anglo American

(AAUK)

, which he owns for his charitable trust

Action Alerts PLUS.

Cramer still likes oil services companies, saying that as the prices come down it's an opportunity to strike.

And he likes tech companies that are involved with consumer gadgets, including

Apple

(AAPL) - Get Report

,

Broadcom

(BRCM)

and

Marvell Technology

(MRVL) - Get Report

.

But Cramer said that the banks, including

Citigroup

(C) - Get Report

and

Bank of America

(BAC) - Get Report

, had terrible quarters and that banks won't be able to hack it without relief from the Fed.

Cramer also said that now that every broker has looked with kind eyes upon

Google

(GOOG) - Get Report

, he thinks it's "a little tapped out" and he doesn't want to be there.

Image placeholder title

Though

Ford

(F) - Get Report

did announce a massive restructuring, Cramer said that it will take years to turn the company around, so he doesn't want to be there either.

The Disciplined Trader

Lenny Dykstra, "RealMoney" Radio's "Disciplined Trader" and celebrity investor contributor for

TheStreet.com

, told Cramer that recent declines in the stock market have given him an opportunity to buy as many quality stocks as he can by using deep in-the-money calls.

Dykstra has picked up

General Electric

(GE) - Get Report

, by paying $4,000 to buy 10 deep in-the-money calls. That means he controls 1,000 shares of GE through June 30, and that if the stock makes even one move higher, he'll take the profits and go.

With calls, when the stock moves, you trade it and take your profit, said Dykstra. It's not like a stock, so don't hold onto it, he reminded listeners. You take your money and go, and you may be able to buy it back cheaper.

Going forward, Dykstra said that he thinks

Celanese

(CE) - Get Report

will have a blowout quarter.

Adding that Celanese held up while everything else sank last Friday, Dykstra said it could be a good trade ahead of its earning report.

He thinks

VeriSign

(VRSN) - Get Report

will report a good number, too.

And Dykstra said that he loves

Dow Chemical

(DOW) - Get Report

, which recently tested its 52-week low. He's also controlling shares of Dow Chemical through the third week in June.

Cramer's Callers

Cramer spent the rest of the showing fielding listener phone calls. He told one listener that he would wait for the railroad sector to pull back before he put money there.

The sector held up really well in face of tremendous selling last week, Cramer said, adding that until the group comes down, there's more risk there than he would like to see.

He also told a listener who was thinking about picking up

Ameritrade

(AMTD) - Get Report

for the dividend that there's no reason to unload the stock anytime soon.

"I don't advocate trying to capture it just for the dividend," Cramer said, adding that this stock, which he owns for

Action Alerts PLUS, is one to be in to win.

He also said that there's a brokerage resurgence, citing consolidation among online traders that has winnowed the group down to Ameritrade,

Charles Schwab

(SCHW) - Get Report

and

E*trade

(ET) - Get Report

.

Cramer said that he would shy away from

Netflix

(NFLX) - Get Report

, which he called a "business rife with difficulty because of the growing popularity of video on demand.

Cramer didn't recommend it as a trade ahead of its earnings report, and he wouldn't advocate it as an investment.

However, he said he would be inclined to buy

Williams Sonoma

(WSM) - Get Report

, because it had the wherewithal to shutter its weak Hold Everything stores and concentrate on the brands that perform well, namely Williams Sonoma, Pottery Barn and Pottery Barn Kids.

Cramer is avoiding

Restoration Hardware

(RSTO)

, which he said had a poor quarter.

A caller who bought

JDS Uniphase

(JDSU)

at $1.90 and sold it at $2.60 wanted to know when would be a good time to get back into the stock.

With the stock currently near $2.95, Cramer said that he'd wait until after they report. He believes that the quarter will be good and that people who also got in below $2 will want to book profits, and the stock will come down.

That's a time to buy JDS Uniphase, he said, adding that he believes the company is a long-term story.

With geopolitical tension rearing its head all around the globe, Cramer said that oil and gas in safe areas of the world is now what the energy market is all about.

Cramer would wait for a pullback before picking up

Alkermes

(ALKS) - Get Report

; and he told another listener to be patient when it comes to

Powerwave Technologies

(PWAV)

.

The stock rose to $12 from $6, he said, saying that this was a very big move.

"It's biding its time," he said. "There's a difference between a stock biding its time and a losing stock."

At the time of publication, Cramer was long Anglo American and Ameritrade.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click

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