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Cramer's 'Mad Money' Recap: Be Ready for the Turn

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NEW YORK ( TheStreet) -- There's no hurry to put money to work in this market, Jim Cramer told his "Mad Money" TV show viewers Wednesday, but for some stocks it's already too late to sell. That was Cramer's takeaway from Wednesday's market action as the averages fell big on what appears to be more gridlock from Washington.

Cramer said while the clock is ticking for Congress to reach a deal, the market seems to be following the same playbook it did last year when the debt ceiling debacle caused the U.S. to see its first-ever debt downgrade. Back then, the markets fell 19%, noted Cramer, and it didn't matter what stock you bought, you were going to lose money.

So as the same scenario plays out again this year Cramer said. The market will eventually stabilize, and when that happens, investors need to be ready to buy, as the lows were the perfect time to buy last year.

Cramer said some stocks, like Coca-Cola (KO) , a stock which he owns for his charitable trust, Action Alerts PLUS, along with General Mills (GIS) and ConAgra (CAG) , all seem to be stabilizing and might be the first stocks to turn positive. Coke, in particular, is not U.S.-centric, noted Cramer. With input costs falling, the stock remains a winner.

Another group worth nibbling at are the dividend stocks, stocks that had great yields that are now even better with even bigger yields. Those include names like Verizon (VZ) , which has fallen from $47 a share down to $42 a share, sending its yield near 5%. Cramer said he'd be a buyer at 5%, and buy even more at 5.5% and 6% if shares fall that low.

For these select groups, it's too late to sell, said Cramer, and will soon be time to start buying.

'Upside Surprise Party'

If past government-induced crises have taught us anything, it's that some stocks turn faster than others, Cramer told viewers. And that's certainly the case with stocks that beat on their earnings, then fall with the broader markets.

To celebrate these companies, Cramer threw an "upside surprise party" for stocks that he feels are now insanely cheap based on the results they recently posted.

Tonight's honoree was GNC (GNC) , the healthy-living chain of stores dedicated to vitamins and supplements. GNC delivered a three-cents-a-share earnings beat on a 15% rise in revenue and also offering upside guidance for the rest of 2012 and 2013. Cramer called that the "triple play" of earnings releases.

Yet despite its strong results, shares of GNC have fallen a full 10%, in part on fears about the company's new loyalty program being tested in several markets. Under the old plan, customers paid a $15 annual fee, then received discounts up to 20% on select items at certain times of the month.