Cramer's first pick was PepsiCo. With reports of city taxes possibly imposed on soda, Cramer recommended that investors who think it could have an effect to short Coca-Cola, with its 3.25 percent yield, and go long PepsiCo with its 2.93 percent yield.
"Sure, you don't have perfect coverage on the dividend, but Coke is much more vulnerable than Pepsi because of PEP's fabulous Frito Lay exposure," Cramer said.
Procter & Gamble also reported a fantastic quarter, but has taken a beating. While the stock isn't cheap based on its price-to-earnings multiple, Cramer noted that its organic growth is the best it has been in years.
Cramer also thinks investors don't understand the trade-off for utility stocks between the demands of the EPA and rate payers. Many utilities spend fortunes to keep coal plants in compliance, only to find the rules keep changing and they have to sink in more money, Cramer said.
However, if Donald Trump staffs the EPA with people who are pro-coal, Cramer thinks this could change. American Electric Power was at the top of his list, as well as Dominion Resources.
Cramer was also salivating over the juicy yields of phone companies like Verizon and AT&T.
One group that he remained wary of was the real estate investment trusts, as many are involved with health care, which Cramer is uncertain about. Others are related to retail, which Cramer is not optimistic about. He recommended letting the REITs come in.
"These bond market alternative stocks have been trashed. I think it is their turn to participate in the Trump rally. Why not? Everyone else has," Cramer said.