NEW YORK (TheStreet) -- The S&P 500 is down Friday, a day after the Federal Reserve's non-action on interest rates, but drug maker Eli Lilly (LLY - Get Report) is looking healthy. Shares are up a fraction today after climbing 6.5% Thursday on positive Phase III trial data for its diabetes drug. 

This drug dramatically cuts down the rate of cardiovascular risk, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

The market is ugly today, Cramer said, but if Lilly shares perform well, maybe it means the market isn't as bad it seems right now. 

LLY Chart
Eli Lilly LLY data by YCharts

Cramer said pharmaceutical stocks look attractive. Since the Fed does not want a strong U.S. dollar, many U.S. companies with overseas exposure will benefit. 

As for his stock picks, Cramer said to buy defense stocks as well as domestic consumer goods companies such as General Mills (GIS - Get Report) . Even though financial stocks are out of favor right now with continued low rates, Cramer's going with Action Alerts PLUS holding Wells Fargo (WFC - Get Report) .



At the time of publication, Cramer's Action Alerts PLUS had a long position in WFC.