TheStreet.com TV Recap: Tech Exhales

Switching gears, Cramer told Task he disagrees with the Bear Stearns call on the oil service stocks, which basically translates that Schlumberger (SLB Quote) doesn't know what it's talking about.

While he said that he doesn't want to be long any domestic or Canadian driller, Cramer said he's focused on Schlumberger; Transocean (RIG Quote), which he owns for his charitable trust, Action Alerts PLUS; and GlobalSantaFe (GSF Quote).

In addition, he said he's still betting that Halliburton (HAL Quote), which he also owns for his charitable trust, will make a big international acquisition to save itself.

Concerning alternative energy stocks, Cramer said Hoku Scientific (HOKU Quote) is obviously a "trading vehicle" and probably a "huge short down the road."

"The president has been predictable in his attempts to try to make it seem like he's trying to do something in this industry," he said. "I think he can bamboozle enough buyers into coming in and buying these stocks, but you're going to have to flip them between 9:30 a.m. and 9:40 a.m. tomorrow."

Hoku is a "real interesting short squeeze," which could go on for some time, Cramer said.