Cramer Remix: Miss the Brexit bottom? Here's how to play it

In Jim Cramer's perspective, this week was a harsh reminder to investors that panic is not an investment strategy.

Unfortunately, investors may be put to the test again next week, ahead of the employment numbers on Friday.

The stock market panicked on Monday after news of a Brexit. Monday was the seventh biggest day of redemptions in 10 years, even through the financial crisis and great recession.

"I find the statistic infuriating because no matter how hard that I preach that nobody ever made a dime from panicking — and selling on Monday was pure panic — people just can't take it. They don't know what they own. They fear owning stocks. They don't' know how to stay put, let alone do some buying," the "Mad Money" host said.

While stocks did bounce by the end of the week, Cramer says it might have been too good. For those who bought near the bottom, it could be time to take something off the table, he said. For those who haven't bought yet, they must wait.

"I can't countenance coming in after a gigantic run right ahead of what might be a difficult earnings season," Cramer said.

Cramer will be watching for Lloyds Bank, Barclays and Royal Bank of Scotland, which were all at the center of the Brexit sell-off. He thinks that their bonds are doing well, and has his eye on Lloyds for speculation.

With June officially in the past, Cramer marked the year's halfway point by finding out out if his top six restaurant chains still can dominate the industry.

"Unlike the department stores, some of these restaurant stocks are having a pretty great year," the "Mad Money" host said.

The stocks in scope were McDonald's, Yum Brands, Chipotle, Darden Restaurants, Domino's Pizza and Restaurant Brands International — the new name for Burger King and Tim Horton's. Cramer ranked them from one to six in various categories.

"In the end, whoever has the least number of points wins, and the one with the highest score is the most dangerous," Cramer said.

Unfortunately while Cramer believes Chipotle can turn things around, it came in last and remains in the doghouse.

Investors often ask Cramer what really drives a stock higher. That is obviously a complicated answer, but for a company like Nike, many wondered how the stock could go higher after reporting worse-than-expected numbers in North America and weaker future orders.

"The answer? Because people were concerned that Nike had high inventories in the U.S. and it just plain didn't," Cramer said.

Fewer inventories translate into less discounting, and more full-priced shoes, which could lead to higher margins.

Or, maybe stocks are driven simply because the underlying company has managed to accelerate its growth, like Constellation Brands, which is building the world's largest brewery in Mexico for Corona and Modelo.

"I like that last reason the most, but it is also the rarest. When you do find it, though, I say hang on for the ride, because you've got the best of the best, with the rest just struggling to repeat their glory days," Cramer said.

The U.S. spends billions on water infrastructure every year, and Cramer knows that money is going into someone's pocket.

Both Aqua America and American Water have made a killing recently as municipalities privatize water systems to raise money, which means a different company will be on the hook for maintenance.

"While I am concerned that the easy money has already been made in these two water utilities, there may be other ways to play the water business," the "Mad Money" host said.

Flowserve, Pentair and Xylem are at the epicenter of the water business, proving filtration, irrigation, pumps, valves and other equipment. Cramer analyzed these three stocks to reveal which ones are worth investing in.

"If you are looking for beneficiaries from the water business, Xylem is the company that actually serves municipal water utilities — that's the one I like, although ideally you should wait for a lower price," Cramer said.

For investors looking for an industrial flow control play, Pentair was Cramer's pick over Flowserve, because it's cheaper and doing better. Ultimately Cramer was still impressed with Xylem because of the lack of oil and gas exposure.

In the Lightning Round, Cramer gave his take on a few caller favorite stocks:

Chegg: "It's a $5 stock, can't really get out of its own way. There are too many other growth stocks that I'd rather see you in. Sorry."

NetApp: "I'm not a big storage guy right now. I just think it's become too commoditized. I'm not going to go there."