Cramer's 'Stop Trading!': The Good and the Bad

NEW YORK (TheStreet) -- "They giveth and they taketh away," said Jim Cramer on CNBC's "Stop Trading!" on Friday. "You get some good and some bad."

He said that he hoped people took advantage of the great selling opportunity yesterday while they had it. If not, though, he said, "you've got to pay for it now by getting not so good a price."

"The things that brought us to these levels" -- banks, oil and tech -- "do not look good," said Cramer. It's time to get more conservative."

"It is time to rethink what got us here and recognize that we have seen the highs for the year," he said. "Yes, you should be doing some selling!"

Still, opportunities exist. "This is a market that says, 'All right, there is a bull market somewhere, and if it's not in Freeport(FCX Quote), it is going to be somewhere else," he said. "This money is looking for a home at all times."

So, he said, it's time to go to stocks such as McDonald's(MCD Quote), Procter & Gamble(PG Quote), General Mills(GIS Quote) and WellPoint(WLP Quote). He said such stocks will hold their own.

And he said he rarely recommends selling all stocks and going to cash only. He made two such calls, he said, at Dow 11,000 and Dow 10,000, and at Dow 6500 he said there was minimal downside left and it was time to get back in.