Making matters worse, Teva now has its own branded drug business and will be on the other side of the trade when its own $3.8 billion multiple sclerosis drug loses its patent protection. Cramer said Teva may seem cheap trading at only seven times earnings, but with the generic space increasingly becoming a commodity it's unlikely Teva will be able to grow much from here. That makes it a value trap, especially given how many other drug makers are offering growth plus great dividend yields.
Action Alerts PLUS , remain inexpensive, as does Cisco ( CSCO) trading at just 10 times earnings. In the oil and gas sector, he likes Linn Energy ( LINE) and Markwest Energy ( MWE). So while the bears continue to scare investors out of the market, Cramer said those same investors will be regretting not buying in right here if there's any sort of pickup in the global economy later in 2013.