Technical Difficulties: Qualcomm (QCOM), Intel's (INTC), Advanced Micro Devices (AMD), Microsoft (MSFT), Cisco (CSCO) and Dell (DELL) - Cramer says that he has never seen tech so low and blames the plunge on the fact that people overloaded their portfolios with tech, and got rid of the stocks all at once. He also notes that INTC is down because of its price war with AMD.
Playing it Safe: Kellogg (K), Boeing (BA), Johnson & Johnson (JNJ), and PepsiCo (PEP) - Cramer trusts defensive stocks in the current environment, especially Pepsi; "There are very, very few things that I can trust in this market and Pepsi is one of them," he said. He notes that Pepsi's Frito Lay division is doing well, the company has an extensive buyback plan, and that the stock can easily go from $4 to $5.
A Good Match: Sirius Satellite Radio (SIRI) and XM Satellite Radio (XMSR) - An analyst downgraded SIRI from $8 to $4.50 because of a supply chain risk. Cramer does not think that SIRI will move unless it merges with XMSR.
The Naturals: Chesapeake (CHK) and Nabors Industries (NBR) - Cramer notes that oil drillers and energy stocks have been down unaccountably, but natural gas has crawled back up to $5 after a long decline. He picks natural gas companies like CHK and NBR.
MetLife (MET), Prudential (PRU), Allstate (ALL): Cramer likes all three of these insurance companies, especially MET, which wasn't affected by 9-11.
Southwest Airlines (LUV): Cramer thinks this stock will go from $17 to $20, and comments that it is in good shape. He likes the whole sector right now, and says that consolidation has reduced competition.
McKesson (MCK) and MedcoHealth (MHS): Cramer likes the pharmaceutical distribution business, especially MCK and MHS, although he prefers MHS.
Safeway (SWY): Cramer is bullish on SWY, says it will do well in the current economic climate, and noted that it reported one of its best quarters.
Disney (DIS): After a ten year slump, Cramer comments that DIS is back.
Hudson City Bancorp (HCBK): Cramer warned a caller against selling HCBK.
World Wrestling Entertainment (WWE): Cramer thinks that WWE is very well-managed and would wait for it to fall from $16.50 to $15 before buying.
Merck (MRK): Despite his past worries about MRKs lawsuits, Cramer notes that the company is winning these cases and makes excellent products.
Bristol-Myers Squibb (BMY) and Schering-Plough (SGP): Cramer likes these pharmaceutical companies.
More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.
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