Cramer's 'Mad Money' Recap: Trading in a Perilous Market (Final)

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NEW YORK ( TheStreet) -- "Even in this perilous market, there are still themes that are working," Jim Cramer told his "Mad Money" TV show viewers on Monday, as he rejected the notion that U.S. markets are either "on" or "off" depending on the day's news out of Europe.

Cramer said that while he may indeed take his market risk assessment to DEFCON 2 on Tuesday if the Currency Shares Euro Trust ( FXE) can't stay above $131, that doesn't mean that the market is a game of chance.

He said that stocks are not a game of roulette, where investors need to guess whether the day will land on red or black. Invest like that and you fever to lose, said Cramer. Stocks are more like blackjack, he said, where investors need to play the hand they're dealt.

So what does the market like? Cramer said it's clear that it likes dividends, along with master limited partnerships and even the utilities. But it's also been rewarding an unlikely group, the food stocks which have been disappointing quarter after quarter.

Cramer noted that a slew of food stocks, from ConAgra ( CAG), McCormick ( MKC) and Heinz ( HNZ) to Campbell's Soup ( CPB) and Tyson Foods ( TSN) have all showed strength this quarter, and indeed for the year.

The reason is simple, said Cramer. All of these stocks are trading on the premise that they'll be doing better in the future now that they've raised prices and commodity prices are falling. The notion is that these stocks have formed their bottoms and have a bright 2012 ahead of them, even in the most perilous of markets, he said.

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