NEW YORK (TheStreet) -- "They giveth and they taketh away," said Jim Cramer on CNBC's "Stop Trading!" on Friday. "You get some good and some bad."
He said that he hoped people took advantage of the great selling opportunity yesterday while they had it. If not, though, he said, "you've got to pay for it now by getting not so good a price."
"The things that brought us to these levels" -- banks, oil and tech -- "do not look good," said Cramer. It's time to get more conservative."
"It is time to rethink what got us here and recognize that we have seen the highs for the year," he said. "Yes, you should be doing some selling!"
Still, opportunities exist. "This is a market that says, 'All right, there is a bull market somewhere, and if it's not in
, it is going to be somewhere else," he said. "This money is looking for a home at all times."
So, he said, it's time to go to stocks such as
Procter & Gamble
. He said such stocks will hold their own.
And he said he rarely recommends selling all stocks and going to cash only. He made two such calls, he said, at
11,000 and Dow 10,000, and at Dow 6500 he said there was minimal downside left and it was time to get back in.
It's been a bad week, Cramer said, which is "why we are off the three-legged stool that is financials, oil and tech," but it does not indicate a big turn. "It's just not a great time," he said, "but that doesn't mean we've got to go into the fallout shelter. We've got to get some umbrellas."
As for tech, Cramer said that after its gigantic run, it's going to rest or fall, with two exceptions. "Technology has stabilized, albeit at lower levels," he said, "except
He said he feels "very strongly that those two will do OK, but I"m just not interested in having a full tech portfolio here."
-- Written by Rebecca Corvino in New York.
(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned Procter & Gamble for his Action Alerts PLUS charitable trust.)