Jim Cramer's Portfolios of the Week

By Roberto Pedone

PEWAUKEE, Wis. (Stockpickr) -- According to Jim Cramer, oil's drop is starting to crush some stocks. He said investors are getting killed if they own some of the names in the oil complex, such as Exxon Mobil(XOM) and Schlumberger(SLB). Cramer advised investors to take down their exposure to the oil space, because oil needed to hold $75 to keep moving these stocks higher.

Who Owns Exxon? Warren Buffett Bill and Melinda Gates Tom Russo

He explained that a break below $75 could cause a lot of oil to go from ship to shore, which won't help the sector. Cramer said the major issue with oil is that portfolio managers are starting to sell these stocks to protect their big gains. He thinks these managers will dump their positions and take the oil sector down another peg if oil drops below $70.

Despite Cramer's concerns about the bearish action in the oil sector, he told investors that the market probably won't drop by more than the usual 5% to 7% correction. However, he said the more-volatile names in the oil space could be hit much worse and hurt performance for the group in the very near future.

Recently, Cramer found opportunity in playing the Afghanistan troop surge, the new bull market in telco stocks and four biotech stocks. Here are some Cramer highlights from over the past week as aggregated from his "Mad Money" TV show, the "Stop Trading!" segment on CNBC and his RealMoney blog posts (these blog posts might require a RealMoney subscription).

Cramer's Afghanistan War Plays: Cramer sees opportunity in playing the Afghanistan troop surge. On last Thursday's "Mad Money" episode, he told viewers that the big defense contractors won't benefit but that there are a number of smaller companies that will be great plays off more troops being sent to the region. The Cramer's Afghanistan War Plays portfolio includes DynCorp(DYN) and Flir Systems(FLIR).