So why not sell out of Apple? Because Apple is a second-half-of-the-year story with the planned introduction of the next iPhone as well as strong tablet and PC sales. There are even rumors of an Apple-powered television. Cramer said it's better to take some short-term pain in Apple in order to get the longer-term gains in the second half of the year.
But for the rest of tech, Cramer said any short-term pain may lead to longer-tern pain, so it's best to protect yourself now.
In the "Executive Decision" segment, Cramer sat down with Bill Maloney,
(STO - Get Report)
vice president of development and production in North America. Statoil is one of the largest off-shore oil drillers in the world and has recently made acquisitions that give it exposure to the red-hot American oil shale fields. Shares of Statoil yield 4.4%.
Maloney said that after years of building up skills and expertise drilling off the coast of Norway, which includes some of the deepest and most hazardous waters, Statoil went looking for places of opportunity to match its strengths. That place turned out to be North America, and the company began expanding in the Gulf of Mexico in 2004, the Marcellus shale in 2008, Eagle Ford in 2009 and, this year, the Bakken.
When asked about the recent decline in the price of oil, Maloney said that the oil business is a long-term business, and as such he's not worried about short-term declines. The same applies to U.S. natural gas, a terrific fuel that has tremendous potential, he said. But while prices are low Statoil is diverting resources elsewhere.
Asked where the most exciting areas in North America are, Maloney called the opportunities in the Bakken shale region of North Dakota "mind-numbingly huge."
Cramer remained bullish on Statoil, calling it a great company with great yield and great growth.
Here's what Cramer had to say about callers' stocks during the "Lightning Round":
: "When Ross Stores goes down I want to be a buyer, not a seller."