Despite the passage of federal bailout package, Jim Cramer told viewers of his "Mad Money" TV show that he did not trust this market. He reminded investors to sell into any moments of strength and play defensively as the details of the bailout plan begin to play out. Cramer then shifted his attention to Wachovia ( WB), saying its shareholders have good reason for hope after some nifty behind-the-scene moves by CEO Bob Steel. Cramer praised Steel for working out a deal with Wells Fargo ( WFC). He admitted he was wrong when he placed Steel on his "Wall of Shame" list of the worst CEOs on Monday. He said he did so because he was disheartened by the federal government's decision to sell Wachovia's assets to Citigroup ( C) and the fact that Steel had not come forward to defend his position. However, after today's announcement of a deal with Wells Fargo, Cramer said he had an entirely different view of Steel.
Cramer: Being Too Negative Hurts
Biotech ShinesCramer spoke with Henry Termeer, chairman and CEO of Genzyme ( GENZ) to find out if the biotech stock has what it takes to be a recession-proof stock.
A New MetricWhile Cramer remains bearish on the market as a whole, he's now beginning to prepare for the situation to improve. He continues to look for value in stocks that have been relentlessly beaten down by seemingly endless hedge fund redemptions. One sector that's been hit especially hard are the industrials.