Cramer would be a buyer of the oil and gas names into weakness, however, as he sees no reason for them to fall further. He likes ConocoPhillips ( COP) and Chevron ( CVX). Cramer was also bullish on the banks, those that are actually making money, as well as the HMOs, but not any hospital stocks.

Cramer also recommended owning gold, as well as packaged goods makers that sell overseas like Johnson & Johnson ( JNJ) or Pepsico ( PEP).

Finally, Cramer said he likes Home Depot ( HD) as it helps the Northeast rebuild from the hurricane, as well as Cabellas ( CAB), which has gotten cheap going into the cold, winter season.

Lightning Round

In the Lightning Round, Cramer was bullish on Boardwalk Partners ( BWP).

Cramer was bearish on Vivus ( VVUS), JC Penney ( JCP), Sears Holdings ( SHLD) and Frontier Communications ( FTR).

In the Pipeline

In his second "Executive Decision" segment, Cramer spoke with Dr. Phillip Frost, chairman and CEO of Opko Health ( OPK), a speculative biotech company with no less than six exciting new products under development.

Frost talked about his company's efforts in the Vitamin D market, which is a $2.5 billion market in the U.S. He said that Opko's new Vitamin D test can be done in the doctor's office, avoiding the need to send a sample to a lab for analysis, which saves both time and money.

Frost also talked about Opko's new prostate cancer screening, called a 4K Score. He said that with a simple drop of blood, the 4K test provides patients with a number determining the likelihood that they have prostate cancer and how aggressive that cancer might be. He said the test can eliminate the need for millions of needless biopsies preformed every year. The test is already on the market in the U.K. and could reach the U.S. by early 2013.

Cramer said Opko remains one of his favorite long-term biotech stories.

Am I Diversified?

In the "Am I Diversified?" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets.

The first portfolio included: RedHat ( RHT), Hewlett-Packard ( HPQ), Panera Bread ( PNRA), Atwood Oceanics ( ATW) and Sony ( SNE).

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