"What can you buy right here, right now in this crazed, volatile rollercoaster of a market," Cramer asked Tuesday. "More than anything else, what you need at this moment is a shopping list of stocks that make sense at these levels and make even more sense if they go lower."
Before drawing up his list, Cramer gave homegamers a few ground rules. First, stick with dividend-paying stocks because they pay you to wait. Second, avoid Treasury bonds at all costs, especially in light of comments by the U.S. Federal Reserve on Tuesday, announcing it will keep rates low for "at least through mid-2013."
With that in mind, Cramer outlined his diversified dividend shopping list:
Consolidated Edison : This utility’s stock pays a 4.7 percent dividend yield. The company has boosted its dividend for the last 37 consecutive years.
Enterprise Products Partners : This pipeline operator reported strong earnings results on Tuesday, Cramer said. He likes its 6 percent dividend yield.
Verizon : Cramer noted this stock has recently come down so hard that it now yields 5.8 percent. Verizon has a consistent, growing business that’s augmented by its half-ownership in Verizon Wireless, he noted.
Bristol-Myers : Thanks to new drug discoveries, this health care company is really getting its act together, Cramer said. He thinks it’s ripe for a takeover. BMY yields 4.9 percent, too.
Darden : Restaurants are crucial in this environment because they benefit from lower gas prices, Cramer said. He likes this operator of the Red Lobster and Olive Garden chains. It yields just 3.7 percent, but he thinks it’s worth a look.
Kimberly-Clark : Being as plastic is made from petroleum, Kimberly-Clark has been crushed by rising raw costs. It uses a lot of plastic, after all. But with oil prices falling, Cramer thinks this stock will soon go back up. He also likes its 4.4 percent yield.
International Paper : Having recently reported a strong quarter, Cramer remains bullish on International Paper. It’s levered to fast-growing emerging markets and is trying to buy Temple-Inland , a move he thinks will benefit shareholders. This stock yields 4.4 percent.