Cramer's 'Mad Money' Follow-Up: Oil & REITs

On the Thursday-night episode of "Mad Money" on CNBC, Jim Cramer said that the market is no longer bottomless and is being led upward by oil, technology and banks.

The biggest story is that oil is above $50 a barrel, he said. Oil stocks that merited specific mention included BP(BP Quote), which he owns for his Action Alerts PLUS charitable trust; BP Prudhoe Bay Royalty Trust(BPT Quote), which he called a "safe bet"; and Permian Basin Royalty Trust(PBT Quote), which was up 27% since he'd mentioned it on Feb. 26.

Permian Basin closed on Friday up 11 cents, or 1.1%, at $10.32; and BP Prudhoe Bay was up $3.61, or 5.9%, at $64.96; while BP was down 81 cents, or 2%, at $39.40.

On the "Sell Block" on Thursday were two REITs, Kimco Realty(KIM Quote) and ProLogis(PLD Quote). Cramer said both were threatening to cut their dividends, something he said is usually followed by more bad news.

He said neither company could be trusted. Kimco closed down $1.09, or 13%, at $7.30 on Friday. ProLogis was down $1.05, or 16.3%, at $5.39.

Stocks Cramer was bullish on during his "Lightning Round" segment included Whole Foods(WFMI Quote) and Apple(AAPL Quote). He was bearish on such stocks as Sun Microsystems(JAVA Quote) and Tetra Tech(TTEK Quote).

On Friday, Whole Foods closed down 68 cents, or 4.2%, at $15.37; Apple closed down 3 cents at $101.59; Sun Microsystems closed down 53 cents, or 6.1%, at $8.10; and Tetra Tech closed down 34 cents, or 1.6%, at $21.07.