"You saw all these names bottom today because the margining's done," said Jim Cramer on Friday's "Stop Trading!" segment on CNBC. "It doesn't meant that we aren't fundamentally in trouble."

The midday turnarounds in stocks such as


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(RIG) - Get Transocean Ltd. Report



(MA) - Get Mastercard Inc. (MA) Report

were due largely to hedge fund redemptions, Cramer said, for which funds had to finish liquidating today. "There are fundamental problems with every one of those stocks," Cramer said. "That's not a reason to buy. It is a reason to explain why we might have turned around when the selling was done, the forced selling."

Next, Cramer addressed two analyst calls today: Goldman Sachs added

Merrill Lynch


to its conviction-buy list and lowered its estimates to the lowest in the market, and Morgan Stanley downgraded


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and lowered its price target. "There were two of the worst calls that I've seen in a long time," he said. "The AIG downgrade? Was the guy really recommending it the whole way?" He said he'd buy Merrill if it got back to $22 or $23, but "I don't think it will."

Cramer did see areas for optimism. "We've got to stop being so negative about retail, about banks, about housing," he said. "Those are all up. Those are all up, but people think they're down."

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He mentioned retail stocks

Phillips-Van Heusen

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Home Depot

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Urban Outfitters

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. "Why aren't these down if retail's so bad?" he said.

At the time of publication, Cramer had was long Goldman Sachs and Morgan Stanley.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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