"The much ballyhooed Santa Claus rally is not showing up this year, at least not yet," Aaron Task, co-executive editor at TheStreet.com, told listeners on Tuesday's "RealMoney" radio show.

Task, who will be filling in for Jim Cramer all week, said that the holiday rally may have come in November, and that investors will be reluctant to put their profits back into the market so close to the end of the year.

But that doesn't mean there aren't profits to be booked in 2006, he said, quoting a senior investment strategist at Merrill Lynch who said that equity markets are set to soar in the coming year with large-caps leading the way.

The smart money on Wall Street likes financials, health care and IT; but not all investors are alike and Task invests to the beat of a different drummer.

As a contrarian investor, he places his bets on undiscovered territory or battered sectors in the belief that the cycle will come around.

Task also recommended exposure to big-cap U.S. stocks, saying that the airline sector is the real contrarian play. Companies such as Southwest ( LUV - Get Report) were up Tuesday as energy prices came down, but Task said that labor and pension issues might complicate the picture too much for even the most contrarian investor.

Autos would be another example of an extreme contrarian play, and the stock buy would be GM ( GM - Get Report).

But the sector Task was excited about was big-cap pharma, including Johnson & Johnson ( JNJ - Get Report), Merck ( MRK - Get Report) and Pfizer ( PFE - Get Report).

These stocks were killed in 2005, giving investors a shot at companies that are battered but not broken.

In an article for TheStreet.com, Jim Cramer said that Johnson & Johnson is his favorite of the bunch. It has the same multiple as Novartis ( NVS - Get Report); and he sees the situation for the company improving greatly if Boston Scientific ( BSX - Get Report) wins in its bid to acquire Guidant ( GDT).

While Cramer is wary about Merck, calling its litigation strategy "awful," his beef with Pfizer is the fact that the company hasn't developed new drugs.

But that doesn't mean that it will never again make an innovative treatment, so Task said to go for Pfizer.

Lenny Dykstra, disciplined trader and former major league baseball star, joined Task for the second portion of the show.

Dykstra was also upbeat about big-cap pharma, having been bullish on Pfizer on an earlier show. But he was quick to emphasize that he's not a buy-and-hold investor.

To buy a stock outright costs too much money, said Dykstra, who recommends buying deep in-the-money calls, or the right to control a number of shares.

Dykstra's first pick was Scholastic ( SCHL - Get Report), the U.S. publisher of the Harry Potter series and the country's largest publisher and distributor of children's books.

Task said it's a contrarian play because the company's recent quarter disappointed Wall Street analysts.

Dykstra said the price of its stock has been oversold, even though its net income fell 8% from a year ago. But he sees a rosy future ahead and recommended that listeners buy the June $25 call.

Dykstra told a caller that he still likes Excel Maritime ( EXM), saying that the company is one of the best global shippers in the business.

During the call-in segment, Task told a listener who asked about JP Morgan ( JPM - Get Report) to stick with it over the near term.

If you own it, put some stops in there to protect yourself, and if you want to buy it, buy on a dip, said Task.

In his overview of the Dow 30, Cramer said that JP Morgan needs to merge with Wells Fargo ( WFC - Get Report) and to get its arms around retail banking.

Cramer likes the bank, but wrote that it will be hard for its president and chief operating officer, James Dimon, to streamline the company.


Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by clicking here.