Jim Cramer's Mad Money In-Depth Stock Picks, Feb 28.

Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Wednesday February 28. Click on a stock ticker for more analysis:

Gone Fishing: Procter & Gamble (PG), Colgate (CL), Clorox (CLX), General Mills (GIS), Heinz (HNZ), Altria (MO), Pfizer (PFE), Eli Lilly (LLY), Celgene (CELG), Gilead (GILD)

Following Tuesday's massive selloff, Cramer says its time to go fishing for stocks that have bottomed, a technique that is really "more of a science than an art." First, investors should cast their lines "gingerly and steadily," have a strategy and patience, since not all sectors bottom at the same time. For example, food and drug stocks bottomed "because the slowdown camp is now in charge on Wall Street." Although it is reasonable to question the wisdom of jumping behind defensive stocks, Cramer recommends following where the big money leads. In addition, he thinks perceptions of market sluggishness might influence the Fed to cut interest rates. Although he thinks PG is too high, Cramer suggests buying CL, CLX, GIS and HZ, and especially likes MO because it has a "sweet 4% yield" and is splitting up. Cramer rejects LLY and PFE because he sees them as risky and doesn't predict much upside; he would instead pick up biotechs CELG and GILD.

Related: Centient Biotech Investor discusses the health of the biotech sector in January.

Falling Financials : Goldman Sachs (GS), Capital One Financial (COF), Bank of America (BAC), T. Rowe Price (TROW), Citigroup (C)

Cramer sees a bottom in financials in two weeks, noting "subprime lenders are busted," which will cause the Fed to lower rates. He has confidence in banks and brokers and comments when the "big money decides to join the smart money, the financials will fly." He comments that GS and COF perform "fabulously" when short-interest rates go below long-interest rates. He also recommended BAC, TROW and even Citigroup.

Related: On Lightning Round, Feb. 15, Cramer called Citigroup "the worst bank in the world."

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