Defensive stocks are being thrown out, Cramer said, which gives investors a chance to buy the best names at discount prices. He recommended Johnson & Johnson when that happens.
Cramer also recommended KeyCorp and Fifth Third Bancorp , calling them the Caterpillar and Deere of the banking industry. He likes them as cyclical plays right now.
“People want to be in those,” he said of KEY and FITB.
Cramer pointed to natural gas as well, which climbed almost 10% on Monday. Chevron and other nat-gas drillers are up as a result.
“That group is still a good buy,” Cramer said.
Lastly, Cramer brushed off the criticisms being heaped on Bank of America CEO Kenneth Lewis, saying the chief executive has put his company is good position to recover from the depression of the past two years. That’s why people are buying the stock “hand over fist.”
“And isn’t that in the end what matters?” Cramer asked.
Cramer's charitable trust owns Bank of America and Chevron.
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