Cramer's 'Mad Money' Recap: Sellers Nowhere in Sight

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"We've finally run out of sellers in this market," Jim Cramer told viewers of his "Mad Money" TV show Friday.

He called the day's market action the most bullish he's seen since the market bottomed on Nov. 21, and told investors what they should be doing next.

"Today should have been a short seller's paradise," said Cramer. With news of the biggest hedge fund scandal ever coming to light and the failure of a congressional auto bailout package, Cramer said the markets were set for a horrible open, yet powered higher throughout the day.

"What we saw today was a lot more than just the auto bailout," said Cramer. This is a market where everyone who wants to sell has finally sold, he said. And after a day like today, where the market rallied even amongst the bad news, hedge funds will have to change their bias.

Cramer said investors need to stick with the strategies he's been featuring. That means ainly investing in only companies with high yields, those trading at or near their cash values and those with recession resistant businesses.

"The bears are starting to hum a new tune," Cramer concluded.

Cramer: Oil's Floored

Red Flags

On the heels of the Bernard Madoff hedge fund scandal, Cramer told investors that they can no longer count on the Securities and Exchange Commission to protect them.

The SEC, he said, was investigating Madoff, yet found nothing. "No one cares about your money more than you," he reminded viewers before outlining the warning signs they should look for in order to protect themselves.