It is one of the only stocks that has raised its dividend every year for the past 50 years. Emerson is what you want to own if the Federal Reserve cuts interest rates as expected.

After doing a two-for-one split last year, Emerson is now up 180% from its low of $33.50 seven years ago. It's now priced at $48 with a 2.2% yield, and Cramer likes it.

Emerson and P&G are the "two best in show for the S&P," he said.

Game Plan

In his "Game Plan" segment, Cramer said that the market needs to see some weakness before the Fed will cut interest rates. He's thinking of the 7 million people who will lose their homes without a Fed move.

Additionally, he believes that consumer spending will wane. First in his plan is Dollar Tree Stores ( DLTR), a company selling lower-cost goods. It should report a good quarter Wednesday, he said.

On concerns about the mortgage business, Cramer said that Freddie Mac ( FRE), reporting Thursday, is in a field that is "too politicized" for him to have 100% conviction.

Cramer also told viewers to avoid H&R Block ( HRB). Warren Buffett has sold his stake in the company, due to post earnings on Thursday, and Cramer does not see any good news forthcoming.

Shifting over to the tech sector, Cramer likes Dell ( DELL), calling it a "best buy for next week" ahead of upgrades. It could go to $30, he said, adding that he also likes Hewlett-Packard ( HPQ), which he owns for his charitable trust, Action Alerts PLUS .

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