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The full fury of Jim Cramer was unleashed to a live "Mad Money" audience Wednesday night, complete with candid talk from New York state Attorney General Eliot Spitzer and a championship "Lightning Round."

In a special 90-minute show on CNBC, featuring a stirring intro by famed ring announcer Michael Buffer, Cramer kicked off the show by telling his audience that the market is entering pig territory in the biotech rally. He didn't recommend that investors sell all of their winners but said it's time to take a little money off the table.

Cramer then went straight to his studio audience and started asking who had taken profits into the stock market rally. A woman long Sears Holdings ( SHLD) acknowledged she still owns every share.

Cramer said investors should not be like those in 2000 who held stock all the way to the top and rode all the way back down the bottom. Cramer told the audience that investors need to take some of these huge winners and turn them into cash.

That said, Cramer said that the market held another "sale" Wednesday. But the sale ended at 11 a.m. Not all sales are created equal, Cramer said. Sometimes they last all day; sometimes they last only a few hours.

Intel ( INTC - Get Report) was on sale; Yahoo! ( YHOO) was on sale; and so, too, was UnitedHealth Group ( UNH - Get Report).

Cramer also believes investors who sell Pepsi ( PEP - Get Report) are wrong; Pepsi is right here, he said.

The same goes for Microsoft ( MSFT). Investors should be buying this stock as well.

An audience member asked Cramer what he would do with Yahoo!, and Cramer said he thought the company would report better second-quarter numbers. But Yahoo! didn't. Still, Cramer believes the move in Yahoo! is a detour. He would not be a seller, he said. "I think that Yahoo! is on a slower track back to $42." But, Cramer said, Google ( GOOG - Get Report) is the better play.

Cramer asked Spitzer, who is running for governor of New York, about former NYSE Chairman Dick Grasso and the case against him over his compensation. Spitzer acknowledged he has tried to settle the case with Grasso over a six-month period. Now that Grasso seems more open to settlement talks -- as Grasso hinted earlier in an interview on CNBC Wednesday -- is there a chance they could settle?

"Dick Grasso and I worked together on a bunch of important cases," Spitzer said. "Time will tell. Negotiation is always possible. In cases about money, there's always a chance."

Switching gears, Cramer asked Spitzer if Wall Street is safe. Research is a lot better today, Spitzer said. Spitzer said he was worried about the mom-and-pop investors; he wasn't worried about the sophisticated investors.

That's why Spitzer went after Wall Street and started to clean it up, he said. "When Mom and Pop were being misled and cheated, I said, 'That's wrong.'"

The mutual fund business is better as well, Spitzer said. Fees have gone down. And the mutual fund industry has paid a ton of fines. The proceeds from the fines will be paid back to mutual fund investors, Spitzer said.

S&P 500 Newcomers Strategy

Cramer said investors need to own firms waiting to be added to the S&P 500. Which stocks are those? Cramer gave his seven best names: Google, Juniper ( JNPR - Get Report), Chesapeake Energy ( CHK - Get Report), Amazon.com ( AMZN - Get Report), Vornado Realty Trust ( VNO - Get Report), Legg Mason ( LM - Get Report) and Whole Foods Market .

Should you go out and buy all of these stocks? No, Cramer said. But investors should be ready to buy any dip in the stocks.

'The Lightning Round 1'

Bullish

Cramer was bullish on Raytheon ( RTN - Get Report), Canadian Pacific Railway ( CP), XM Satellite Radio , Apple Computer ( AAPL - Get Report), Boyd Gaming ( BYD - Get Report), Aramark , EnCana ( ECA - Get Report), Peabody Energy ( BTU - Get Report), LSI Logic ( LSI - Get Report), Coach ( COH), AES ( AES - Get Report), Valero ( VLO - Get Report), Express Scripts ( ESRX), Urban Outfitters ( URBN - Get Report), Genzyme and Comcast ( CMCSA - Get Report).

Bearish

Cramer was bearish on Pfizer ( PFE - Get Report), Tyco ( TYC), Exxon Mobil ( XOM - Get Report), Teekay Shipping ( TK - Get Report), Limited Brands ( LTD), Ford ( F - Get Report), Cosi ( COSI), Red Hat , Ivax , International Securities Exchange Martha Stewart Living Omnimedia ( MSO), Las Vegas Sands ( LVS - Get Report), Medimmune , Micrel Semiconductor ( MCRL), Provident Energy and American Capital ( ACAS).

Round 2

In a second, abbreviated Lightning Round, Cramer was bullish on: Tibco Software ( TIBX) and GameStop ( GME).

Cramer was bearish on: Maytag , Oracle ( ORCL) and Serena Software ( SRNA).

The Doctor Is In

"Dr. Cramer" donned his white lab coat for a segment of "Am I Nuts?"

His first "patient" wanted to know what she should do with her Verizon ( VZ) position. She's owned the stock as a result of her ownership in Nynex and then subsequently Atlantic Bell. Cramer said she shouldn't be worried about where the stock has been but where it is going. Cramer gave the patient permission to sell the stock. "The company has no growth," he said.

Another patient wanted to know what he should do with his Broadcom ( BRCM) position -- one he has held since the stock traded at $150 a share. Cramer told the guy to ignore his cost basis and concentrate on where it is going now. Cramer said he believes the stock is heading to $50.

A third patient felt guilty about owning tobacco company Altria ( MO). Cramer said the patient could take the money she makes from the dividend and donate it to a cause that would make her feel better about owning the stock. Cramer said he believes Altria's dividend is heading higher.

Finally, Cramer's last patient said that she has had terrible luck when it comes to buying stocks. When she buys, the stock goes down. Cramer said that she should stop buying all of her stock at once. Buy it in chunks, he said.


1. Pigs Get Slaughtered 2. It's OK to Pay the Taxes
3. Don't Buy All at Once 4. Buy Damaged Stocks
5. Diversify to Control Risk 6. Do Your Homework
7. Don't Panic 8. Buy Best-of-Breed
9. Defend Some Stocks 10. Don't Bet on Bad Stocks
11. Own Fewer Names 12. Cash Is for Winners
13. No Regrets 14. Expect Corrections
15. Know Bonds 16. Don't Subsidize Losers
17. No Room for Hope 18. Be Flexible
19. Quit When Execs Do 20. Patience Is a Virtue
21. Be a TV Critic 22. When to Wait 30 Days
23. Beware the Hype 24. Explain Your Picks
25. Find the Bull Market

At the time of publication, Cramer was long Aramark, Altria, EnCana, Comcast, GameStop, Intel, Sears Holdings, UnitedHealth Group and Yahoo!.

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 here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict."