Cramer's 'Mad Money' Recap: Next Week's Game Plan: Listen, Don't Buy (Final)

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NEW YORK ( TheStreet) -- With President Obama once again lashing out against Wall Street, Jim Cramer told the viewers of his "Mad Money" TV show Friday that they need to re-examine their portfolios against this new wave of political uncertainty.

In his "game plan" segment, he declared much of next week a "no-buy zone," saying buying stocks next week is strictly forbidden.

Cramer called the new-found political risk "huge," saying that if either Federal Reserve Chairman Ben Bernanke or Treasury Secretary Tim Geithner lose their posts, the markets will be in for a "serious correction" of at least 1,000 points or more. Cramer said investors simply can't wade back into stocks until Bernanke has once again been confirmed as Fed chairman.

Given the new wave of uncertainly, Cramer gave a muted, "listen-only" game plan, where he said investors should listen and learn, but refrain from buying. On Monday, Apple ( AAPL), a stock which Cramer owns for his charitable trust, Action Alerts PLUS , reports its earnings, followed by presumably a major product introduction on Wednesday.

Cramer said the trend has been that Apple sells off ahead of its new products, so he'd wait until after Wednesday before considering a new position.

Along with Apple, a flurry of other names report next week. Cramer said he'll be listening to many of them, notably Corning ( GLW), EMC ( EMC) and Nucor ( NUE) on Tuesday; Johnson & Johnson ( JNJ), Boeing ( BA) and Caterpillar ( CAT) on Wednesday; and 3M ( MMM), AT&T ( T) and Amazon.com ( AMZN) on Thursday.

Cramer said he'll be using the information to deduce the health of the economy in all its facets, from infrastructure to aerospace, health care to technology, as well as the health of Asia and China and the American consumer.

Cramer said that by Friday, the sellers will have likely cleared out, and investors can begin looking for the bargains amidst the rubble.

A Speculative Internet Play

For "Speculation Friday," Cramer turned viewers to a company that is helping to solve the need for more Internet bandwidth, Cogent Communications ( CCOI). He said Cogent has rapidly become a large scale, tier-one Internet service provider and an alternative carrier to the big telcos, which often try and bundle their voice, data and now TV services.

Cramer said that Cogent, through many acquisitions, has built its own high speed Internet network completely independent of the traditional telcos. Thanks in part to the dot-bomb bust in 2000, the company has been able to buy its assets at 50 cents on the dollar and sell its bandwidth for 50% less than the competition.

Cramer called Cogent a company whose time has come. With shares trading just off their 52-week high, but Cramer noted that Cogent traded around $30 a share back in 2007. He called the company speculative, but said it's a well-run entity that's doing everything right.

Unloading Health Care Stocks

In an unusual Friday installment of the "Sell Block" segment, Cramer said it's time to ring the register on the lesser performing health care stocks, now that the president's fading healthcare reforms have finished lifting the group. He said that UnitedHealth Group ( UNH), Humana ( HUM) and Rehabcare Group ( RHB) must now be sold.

Cramer said the easy money's already been made in these names, and with many of them up huge, he advised selling into any strength. In addition to their sky- high stock prices, Cramer said these three companies have big exposure to Medicare, which will certainly be up for another round of cost cuts in the near future.

Cramer said he's not abandoning the entire health care group. He still recommended Bristol-Myers Squibb ( BMY), a stock which he owns for his charitable trust, Action Alerts PLUS , along with Wellpoint ( WLP), which is up 37% since recommended on Oct. 29. Cramer said Wellpoint could see $90 a share before it gets too expensive.

Also still on Cramer's buy list, Covidien ( COV), which is up 20% since last recommended on Oct. 7.

Am I Diversified?

Cramer spoke with callers to see if their portfolios have what it takes. The first caller's portfolio included Intuitive Surgical ( ISRG), Caterpillar ( CAT), Danaher ( DHR), Kinder Morgan Energy Partners ( KMP) and Oracle ( ORCL).

Cramer identified two of a kind with Caterpillar and Danaher, which also sells machinery. He recommended selling Danaher in favor of a defense stock or a regional bank.

The second caller's top holdings included Nordic American Tanker ( NAT), NYSE Euronext ( NYX), Staples ( SPLS), Linn Energy ( LINE) and AT&T ( T).

Cramer said this portfolio was terrific and needed no changes.

The third caller had Citigroup ( C), Central European Distribution ( CEDC), Cypress Semiconductor ( CY), Chevron ( CVX) and Dryships ( DRYS) as their top five stocks.

Cramer said he's not a fan of Dryships, but said the portfolio was well played.

The fourth caller's top stocks were Apple ( AAPL), Chevron ( CVX), Nordic American Tanker ( NAT), Pfizer ( PFE) and Microsoft ( MSFT).

Cramer said you can't own both Apple and Microsoft. He said to sell Microsoft in favor of a regional bank stock.

Lightning Round

Cramer was bullish on Thermo Electron ( TMO), Huntington Bancshares ( HBAN), First Niagara Financial ( FNFG), New Alliance Bancshares ( NAL), United Parcel Service ( UPS) and McDonald's ( MCD).

He was bearish on Suntech Power ( STP), JA Solar ( JASO), Fulton Financial ( FULT), Sprint Nextel ( S), Fedex ( FDX), Linn Energy ( LINE) and Goldman Sachs ( GS).

-- Written by Scott Rutt in Washington D.C.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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For more of Cramer's insights during the Lightning Round, click here .
At the time of publication, Cramer was long Apple, Bristol-Myers Squibb, Goldman Sachs, Chevron.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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