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Stocks discussed in the lightning round session of Jim Cramer’s Mad Money TV program, Monday July 7.

Bullish calls:

Procter & Gamble (NYSE:PG): "Proctor has a big week last week, but I've been concerned about raw costs. I'd rather be in biotech for now, but for an 18-month horizon, I'm not backing away."

Bearish calls:

Mosaic (NYSE:MOS): "You have to be careful here. That sector got overheated. I don't want people to get burned. I am not going to recommend the fertilizer stocks here. " United States Steel (NYSE:X): "Listen to me, I think the cyclicals are falling out of fashion. I want to be on the sidelines in steel for the next few days until the trends are known." Bank of New York Mellon (NYSE:BK): "I am not recommending any financials on this show. I reiterate that I'm not a buyer of any financial stocks." Petrohawk Energy (NYSE:HK): "There is still more pain to come with this one. We need to wait a little bit before we can pull the trigger again."

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Source: More Pain for Petrohawk - Cramer's Lightning Round (7/7/08)