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) - Get Report

and

Schlumberger

(SLB) - Get Report

. Cramer advised investors to take down their exposure to the oil space, because oil needed to hold $75 to keep moving these stocks higher.

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) - Get Report

.

Cramer's Playbook Stocks

: Cramer is very excited that the old playbook still works! In a

Dec. 4 blog post

, he wrote: "We buy tech. It's a simple, knee-jerk formula: We buy cyclical tech." The

Cramer's Playbook Stocks

portfolio includes

Google

(GOOG) - Get Report

and

Microsoft

(MSFT) - Get Report

.

TheStreet Recommends

Cramer's 4 Biotech Plays

: A number of biotech companies will be presenting at the Society of Hematology conference this week. Cramer highlighted his top four plays that investors should be watching. On

last Friday's "Mad Money" episode,

he said

Celgene

(CELG) - Get Report

remains his favorite of the four. The

Cramer's 4 Biotech Plays

portfolio includes

Immunogen

(IMGN) - Get Report

and

Onyx Pharmaceuticals

(ONXX)

.

Cramer's Telco Stock Picks

: Cramer has spotted a bull market in the telco stocks. On

Monday's "Mad Money" episode,

he said that after a long hiatus, telco stocks are now the prefect investment for a recovering economy. The

Cramer's Telco Stock Picks

portfolio includes

Windstream

(WIN) - Get Report

and

Sprint Nextel

(S) - Get Report

.

Cramer's European Bank Stock Sells

: Recently, Cramer recommended getting out of European bank stocks. On

last Thursday's "Mad Money" episode,

he told viewers that not only did the European banks buy the worst of the U.S. mortgage-backed securities before the crisis, but they also relied on

AIG

(AIG) - Get Report

to help protect their losses with complex derivatives contracts. The

Cramer's European Bank Stock Sells

portfolio includes

Royal Bank of Scotland

(RBS) - Get Report

and

HSBC

(HBC)

.

-- Written by Roberto Pedone in Pewaukee, Wis.

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Stockpickr is a wholly owned subsidiary of TheStreet.com.

(Editor's note: At the time of publication, Cramer had no positions in stocks mentioned for his Action Alerts PLUS charitable trust.)

Roberto Pedone, based out of Pewaukee, Wis., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.