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Jim Cramer and his "Mad Money" viewers reveled in Friday's rally, which pushed the

Dow

up more than 146 points and buoyed the

Nasdaq

to a six-month high.

But Cramer said there's more room to grow. "Don't go cashing out yet," he noted.

Contributing to the huge run-up in stocks on Friday, said Cramer, was a benign employment number that gave nobody a reason to sell, as well as a good earnings report from

Alcoa

(AA) - Get Report

.

However, the prime contributor to the surge in stocks was the negative betting by the hedge funds put in the wake of the London bombings. "This time the pessimists were wrong," Cramer said. As they scrambled to cover their shorts, stocks moved higher. And, "those that weren't nimble, were steamrolled."

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But would Friday's rally extend into other sectors? Not if that sector is telecom, Cramer said. "I can't give you the all-clear in telco," he said. Similarly, Cramer added that he felt good about exiting bank stocks, as he continued to see a rotation into tech stocks.

Cramer also said he favored consumer-based manufacturers like

Procter & Gamble

(PG) - Get Report

and

General Mills

(GIS) - Get Report

, rather than industrial names like

3M

(MMM) - Get Report

, although he gave a shout-out to

Boeing

(BA) - Get Report

.

Picking Winners

However, for those who missed Friday's stock ascent, it's not too late, according to Cramer. "You can still pick winners in a market like this," he said.

One way to do so is by going back to that same well of winners, most of whom will continue to outperform. Cramer noted that six of the 10 biggest winners in the

S&P 500

during the first half of 2005 were in the oil and gas sector - an area he continues to like, since he's still bullish on the underlying commodities.

Riffing through a list of the top 10, Cramer said he's still bullish on

Valero Energy

(VLO) - Get Report

,

EOG Resources

(EOG) - Get Report

,

LSI Logic

(LSI) - Get Report

,

Nordstrom

(JWN) - Get Report

,

Sears Holdings

(SHLD)

,

KB Homes

(KBH) - Get Report

,

Marathon Oil

(MRO) - Get Report

,

Sunoco

(SUN) - Get Report

and

CMS Energy

(CMS) - Get Report

.

Cramer also said he liked certain related stocks, such as

Broadcom

(BRCM)

,

St. Joe

(JOE) - Get Report

,

Encana

(ECA) - Get Report

and

PNM Resources

(PNM) - Get Report

.

Conversely, Cramer doesn't expect much from the S&P's biggest first-half losers, shooing viewers away from

Unisys

(UIS) - Get Report

,

Sanmina

(SANM) - Get Report

,

Symbol Tech

(SBL)

,

Gateway

(GTW)

,

Delphi

(DPH)

,

JDS Uniphase

(JDSU)

,

Avaya

(AV)

(preferring

Lucent

(LU)

instead),

eBay

(EBAY) - Get Report

and

Delta Air Lines

(DAL) - Get Report

.

However, he'd "back up the truck" for first-half loser

Biogen

(BIIB) - Get Report

, which he expects won't be left behind in the biotech rally.

Bullish

Many of Cramer's recommendations during Friday's "Lightning Round" reflected his confidence in the tech sector. Cramer gave the thumbs-up to:

WebEx Communications

(WEBX)

,

Microsoft

(MSFT) - Get Report

(although Cramer said it needed a "shot of epinephrine" to move out of its trading range),

Lennar

(LEN) - Get Report

,

Cisco

(CSCO) - Get Report

,

St. Jude Medical

(STJ)

,

Applied Materials

(AMAT) - Get Report

,

Sepracor

(SEPR)

,

Skyworks

(SWKS) - Get Report

and

Public Service Enterprise Group

(PEG) - Get Report

.

He also said he liked

Energy Conversion Devices

(ENER)

,

Alderwoods Group

(AWGI)

,

Corning

(GLW) - Get Report

,

TurboChef

(OVEN)

,

Ingram Micro

(IM)

,

Seaboard

(SEB) - Get Report

,

Citigroup

(C) - Get Report

,

Protein Design Labs

(PDLI) - Get Report

,

Nike

(NKE) - Get Report

,

Reebok

(RBK)

,

First Marblehead

(FMD)

,

Aqua America

(WTR) - Get Report

Dolby Labs

(DLB) - Get Report

.

In addition, Cramer said he sticks by his prediction that shares of

Google

(GOOG) - Get Report

will reach $360. "I think we're fine," he said, but noted that he currently prefers

Yahoo!

(YHOO)

to Google.

Bearish

Not getting "Lightning Round" seals of approval on Friday were:

International Flavors & Fragrance

(IFF) - Get Report

,

Yellow

(YELL)

,

UPS

(UPS) - Get Report

,

FedEx

(FDX) - Get Report

,

PetroKazakhstan

(PKZ)

,

WPT Enterprises

(WPTE)

,

Tri-Valley

(TIV)

,

Verizon

(VZ) - Get Report

,

Pfizer

(PFE) - Get Report

and

Wolverine World Wide

(WWW) - Get Report

.

Interested in more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

. It's a series of articles from Cramer on how to become a better investor. The following table lists some of the rules that Cramer dissects.

At the time of publication, Cramer was long Intel, Yahoo, Boeing, Gilette, St. Joe, Lucent and Sears Holding.

James J. 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

Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict."