Cramer's 'Mad Money' Recap: Looking at the Bright Side

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"It's time to stop ignoring all of the positives in this market," Jim Cramer told viewer of his "Mad Money" TV show Friday.

He said that in the daily foot race between the good news and the bad new, it's time the good news to start garnering some attention.

"How can we not celebrate the total collapse of oil prices?" Cramer asked viewers. He theorized that the decline in oil prices is beginning to breathe new life into many tired stocks.

Cramer said that with Darden Restaurants and BlackBerry maker Research In Motion posting better-than-expected numbers, it's clear that consumers are taking some of their gas and home heating savings and spending it.

Cramer also cited Thursday's upbeat interview with Costco's (COST Quote) CEO Jim Sinegal as further evidence that the American consumer may not be dead after all.

Cramer said his strategy going forward is to buy stocks that benefit from lower oil prices, such as Walmart (WMT Quote), a stock which he owns for his charitable trust Action Alerts PLUS, and Panera Bread (PNRA Quote).

Cramer also advocated that President Elect Obama take advantage of the unprecedented decline in the price of oil to build a second strategic oil reserve. That would allow the country to buy and store millions of additional barrels of the precious commodity at today's extremely low prices.

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