Cramer's TheStreet.com TV Recap: Avoid Tech Price Wars

Asked if the bears have been defeated, Cramer responded that it is too early to tell.

"I think that the bears have to make a stand here," Cramer said. "I think that it's Friday afternoon and you gotta knock some stuff down soon. You gotta try to make it look like it's more than just AMD."

Cramer said it is a tough time for the shorts right now, as there is a lot of money that just started coming in.

Moving to oil, Task pointed to the recent rebound in some stocks after ConocoPhillips' (COP Quote) announcement that it will buy back up to $1 billion of its common stock. Cramer called this move "too little, too late." Cramer said there will be a nice bounce to Conoco, maybe to $65, but that it won't last.

"Without a dividend of some size there really is no cushion here," Cramer said. "The buybacks have proven to be somewhat futile in the face of both ETF selling and mutual fund selling." Cramer called most mutual funds "closet chartists," and he said the charts look bad.

In another topic of discussion, Task brought up JPMorgan analyst Barton Crockett's recent downgrade of Blockbuster(BBI Quote) and Netflix(NFLX Quote). Cramer said he does not see a bear case there until the stock goes appreciably higher. Crockett's downgrade was based on a survey that may not pan out, Cramer said.

"I think that we often forget that the actual rightness or wrongness is always secondary to trying to get the big commission," Cramer said. "I think that we always have to -- with a very cynical skeptical attitude, recognize that quality work is indistinguishable from lack of quality work as long as you're a good salesperson."