Cramer's 'Mad Money' Recap: On the Road to Recovery (Final)

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Jim Cramer donned his doctor's lab coat on Wednesday's edition of his "Mad Money" TV show to help investors diagnose the markets as well as individual stocks.

While every stock was assumed to be in critical condition last year, many of those diagnoses were wrong, he said.

Cramer said investors need to think like a good doctor and examine each sector, determine what ails it, and decide what the prescription for recovery will be. He said not everything in the economy should be on life support and not everything is in recession.

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When it comes to the industrial stocks, the transports, retailers and oil stocks, these companies were diagnosed with terminal illnesses last year, and rightfully so, he said. As the economy softened, so too did these companies. But he said many of them will survive and recover as will the economy.

In technology however, Cramer said many companies were misdiagnosed, and many were never sick at all. Due to strong product cycles, companies like Apple ( AAPL), Intel ( INTC) and Sandisk ( SNDK) should never have been admitted to the hospital, he said.

Other "patients" are harder to diagnose such as the natural resource companies. He said these stocks have been pumped up on speculative steroids, making it difficult to if they're sick or not.

While others such as the banks truly are in critical condition, Goldman Sachs ( GS) and JPMorgan Chase ( JPM), two stocks which Cramer owns for his charitable trust, Action Alerts PLUS , are on solid ground, he said.

Cramer said his bottom line was that not every stock is sick and should be treated as if it's dying.

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