Cramer continued with his "Cramerican Marine Field Guide to Recessions" reflecting on the 1990 Playbook (the last time we had a financial meltdown) where healthcare stocks, especially biotech were the winners then, and in Cramer's view are likely to do it again.

Jim named Genentech as a specific BUY opportunity.

What does Cramer find attractive about Genentech?

- Recent negativity in the media (New York Times) about how expensive Genentech’s drugs are should be seen as a chance to get in on this one at a much lower entry point than you otherwise would’ve been able to.

- Biotech coming into style in the Wall Street fashion show

- Recessions don’t generally stop people from paying for—or having their insurance companies pay for—cancer drugs that will keep them alive for months longer than they ordinarily would.

- For the last three quarters, sales of Avastin have been sluggish, but now it looks like prescription data on Avastin for this quarter is on track to exceed consensus estimates, giving the street a reason to feel good about buying Genentech when it reports after the close on July 14th.

- The Legion of Phase 3 studies expected to come out between now and the end of the year.



How high does Cramer feel Genentech could go?

Cramer said, "I wouldn’t be surprised to see this $76 stock go to $88 or even much, much higher, considering the 1990 playbook where biotech was the best performing group when the financials collapsed."

Questions for Cramer?

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