'RealMoney' Radio Recap: Bottom's Up?

Market negativity is reaching its peak, says Cramer. Also, strong on Mister Softee.
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The negativity in the market is reaching a fever pitch, said Jim Cramer on his

"RealMoney" radio show Wednesday.

That's usually a sign the market is nearing a bottom, he said.

Cramer recommends checking your emotions and taking advantage of the negativity to do some buying Thursday or Friday, particularly in tech, he said.

After Thursday, Cramer believes that it will be wrong to be short. It has become way too easy to be short, he said.

Commenting on

Microsoft

(MSFT) - Get Report

, Cramer said the company is a growth stock priced like a value stock. In fact, Rich Pzena, fund manager of

John Hancock Classic Value

, of whom Cramer is a big fan, has been buying Microsoft for his fund, he said.

"You should own it, too," said Cramer.

JDS Uniphase

(JDSU)

is a "changed and fixed company," said Cramer. Although it takes guts to buy JDSU in this environment, this is when you have to step up to the plate, said Cramer.

Getting in Shape

A caller asked how Cramer can be so sure negativity in the market is reaching a peak when in 2000, negativity continued to build and the market continued to fall. Cramer said that unlike 2000, the market -- especially the

Nasdaq

-- is not expensive.

Also, we don't have an excess of public companies that don't have legitimate business models like we had then, he said. Furthermore, we don't have as many major fraudulent companies such as WorldCom or Enron like we had then.

We do have a

Federal Reserve

that is intent on raising interest rates, and we do have inflation, he said. So, not all is well. But the Fed will eventually stop tightening, and when it does, we will be in much better shape.

Picks and Pans

In his weekly "Am I Diversified?" segment, Cramer said these things about stocks in listeners' portfolios.

Altria

(MO) - Get Report

: Terrific.

Caterpillar

(CAT) - Get Report

: Mouthwatering. The stock would go to $65 immediately if the Fed would stop raising interest rates. Caterpillar traded at $54.80 late Wednesday.

Motorola

(MOT)

: Cramer wishes his trading restrictions would allow him to buy Motorola today.

Procter & Gamble

(PG) - Get Report

: What's not to like?

Pfizer

(PFE) - Get Report

: Cramer prefers

Schering-Plough

(SGP)

.

Chesapeake Energy

(CHK) - Get Report

: The cheapest natural gas play in the U.S. If you are a natural gas bull, nothing is better.

UnitedHealth Group

(UNH) - Get Report

: The stock is pulling back nicely and should be bought.

Google

(GOOG) - Get Report

: The selling today is an opportunity.

Harley-Davidson

(HDI)

: HDI is trying to put in a bottom.

Commerce Bancorp

(CBH) - Get Report

: Cramer is not a fan of the bank stocks, but he believes that Commerce is less exposed to the negative effects of rising interest rates than most.

TJX

(TJX) - Get Report

: The best risk/reward of any retailer. Cramer believes that TJX has risk of $1 down and reward of $3 to $4 up.

EnCana

(ECA) - Get Report

: Cramer would like to buy more EnCana at a price of a dollar lower from here. EnCana traded at $49.61 late Wednesday.

Prudential Financial

(PRU) - Get Report

: Cramer's favorite insurance company along with

MetLife

(MET) - Get Report

.

Eli Lilly

(LLY) - Get Report

: Not Cramer's favorite drug stock.

Calpine

(CPN)

: Cramer thinks it can win its upcoming lawsuit. But, he is not a big fan of the stock.

Dynegy

(DYN)

: Not my favorite.

Sun Microsystems

(SUNW) - Get Report

: Not one of Cramer's favorite tech stocks. Both Microsoft and Motorola are better buys, he said.

Williams

(WMB) - Get Report

: Pretty good.

Aon

(AOC)

: Cramer likes Aon as an insurance play.

Verizon

(VZ) - Get Report

: Cramer would sell Verizon.

Commenting on mutual funds, Cramer likes the

Vanguard Total Stock Market Index

,

John Hancock Classic Value

and

Fidelity Contrafund

. Among bond funds, Cramer likes

Pimco Total Return

and

Vanguard High-Yield

.

At the time of publication, Cramer was long Commerce Bancorp, EnCana, Altria, Motorola, Microsoft, Procter & Gamble, and UnitedHealth Group.

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

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