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"We can't be too optimistic about this earnings season," Jim Cramer cautioned viewers of his "Mad Money" TV show Friday.

"The odds just simply don't favor investors during the few short weeks that most companies report their earnings," said Cramer, who then outlined his game plan for the next few weeks.

Cramer: Banks' Woes Bound to Worsen

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Cramer says the mortgage crisis will continue to weigh on the financial stocks. Even

Goldman Sachs

(GS) - Get Report

, a stock which he owns for his charitable trust,

Action Alerts PLUS, only saw a momentary boost when it reported strong earnings, he noted.

Cramer's outlook for technology stocks was equally lackluster. With the exception of

Apple

(AAPL) - Get Report

, Cramer expects only estimate cuts and earnings misses from the tech sector. "I have no conviction that any tech company can beat their numbers," he said.

Even Cramer favorite

Research In Motion

( RIMM) should be sold on any lift.

In other sectors, Cramer was equally cautious. He still likes

Costco

(COST) - Get Report

and would possibly consider

WalMart

(WMT) - Get Report

on a pullback, but sees little else in the retail sector worth buying.

He also was leary of mining and mineral stocks as well as the oil and gas stocks as both sectors will be hard pressed to impress Wall Street this quarter.

Cramer does see some positives in the markets, saying food and drug stocks should do well. He likes

Schering-Plough

( SGP), another stock which he owns for his charitable trust,

Action Alerts PLUS.

He also called

Kellogg

(K) - Get Report

,

Pepsi

(PEP) - Get Report

and

Coca-Cola

(KO) - Get Report

safe bets.

And he reiterated buys on

US Steel

(X) - Get Report

,

Potash

(POT)

and

Textron

(TXT) - Get Report

and still expects great earnings from all three companies.

Get Pass the Negativity

For "Speculation Friday," Cramer highlighted

AMAG Pharmaceuticals

(AMAG) - Get Report

, a biotech company that is working on a drug called Fermoxytol to help deliver iron to diabetic patients.

According to Cramer, Fermoxytol is a game-changing drug that is safer than current methods and more convenient and easier to administer, all of which translates to lower costs for healthcare providers.

Cramer expects the the drug, which is awaiting FDA approval, to be a shoe-in to receive that approval.

Cramer said that now is the time to buy AMAG because the negativity surrounding the company has gotten out of control.

Since September of 2007, the stock has come down considerably due to concerns surrounding its secondary stock offering. Merrill Lynch recently downgraded the stock, a move Cramer called "ill-timed" and "wrong."

"Take advantage of the false negativity," said Cramer.

A Natural Gas Winner

"There are few things safer than an unfairly beaten down stock that has a huge yield," says Cramer.

That's why he's recommending

Enterprise Products

(EPD) - Get Report

, a mid-stream energy company that manages natural gas pipelines.

Since Cramer first recommended EPD on May 8, 2007, the stock has been losing ground. However Cramer notes that with the company's 6.9% dividend yield, the losses are smaller than they appear. He suggested investors average down at the current price to lower their cost basis.

Cramer characterized the selling pressure in EPD as "forced selling," brought on by hedge and mutual funds forced to liquidate their positions in order to cover their redemptions.

"This artificial selling pressure will not last for long," said Cramer, noting that EPD has been one of the hardest hit stocks in the natural gas sector. "The selling in EPD has nothing to do with the fundamentals."

According to Cramer, 2008 will be a year of improvements for EPD, with the company increasing the volume of gas pumped through several of its pipeline, while it prepares to bring new pipelines and platforms online later in the year.

Bottom line: EPD's 6.9% dividend yield, along with its outlook for 2008, makes it "irresistible," he says.

An Energy Infrastructure Play

Cramer welcomed Randy Harl, President and CEO,

Willbros Group

(WG)

to the show for an update on the company.

Despite weakness in Willbros' most recent quarter, he said the company maintains a backlog of over $1.3 billion. He said Willbros is now refocused on the strong North American market.

Harl, who remains very bullish on the state of energy infrastructure, dispelled concerns that short-term price swings in the cost of oil affect pipeline construction. "These are long-term contrracts," he explained.

Cramer agreed with Harl's outlook and gave Willbros a "buy, buy,buy."

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Lightning Round

Cramer was bullish on

Cal-Maine Foods

(CALM) - Get Report

,

Family Dollar Stores

(FDO)

,

Procter & Gamble

(PG) - Get Report

,

Quicksilver Resources

(KWK)

and

Microsoft

(MSFT) - Get Report

.

Cramer was bearish on

Clearwire

(CLWR)

,

Sprint Nextel

(S) - Get Report

,

Ford Motor

(F) - Get Report

,

MEMC Electronics

(WFR)

,

Citigroup

(C) - Get Report

and

JC Penney

(JCP) - Get Report

.

Want more Cramer? Check out Jim's rules and commandments for investing by

clicking here

.

For more of Cramer's insights during the Lightning Round, click here

.

At the time of publication, Cramer was long Goldman Sachs and Schering-Plough.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.