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Stop Trading!: Buy the Banks

Cramer had some investment suggestions for traders who think Washington Mutual's climbing share price, even after Friday's "totally horrendous quarter," is a sign of a bottom.

Anyone who believes the jobs market and U.S. economy have levered off should consider FirstFed and Downey Financial , Cramer said, adding the FED could double. PFF Bancorp PFB is also worth a look.

Baring PFB, "These guys are not good lenders," Cramer said. But they are the kind to get bought out by larger, better-run banks like Wells Fargo .

Lundin Mining has dramatically increased its drilling, giving Cramer reason to think it could get snatched up by Companhia Vale do Rio Doce or BHP Billiton.

"This is what a lot of the companies looked like before they got gobbled up by the majors," he said.

Cramer also upped his price target on Google to coincide with Bear Stearns' call: $700.

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  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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