NEW YORK (TheStreet) -- The biotech and semiconductor sectors are up along with the broader market Friday. The S&P 500 is upa fraction on the session after falling 2.5% for the week. 

TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, noted during CNBC's "Stop Trading" segment that the exchange-traded funds representing those industries, the iShares Nasdaq Biotech ETF (IBB) - Get Report and Market Vectors Semiconductor ETF (SMH) - Get Report , are both higher Friday. They had fallen more than 6% from the start of the week. 

To Cramer's mind, there is no bubble in either sector.

iShares Nasdaq Biotech ETF IBB data by YCharts

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Cramer pointed out that some of both industries' best stocks are also trading higher, including his biotech favorites Celgene (CELG) - Get Report, Regeneron (REGN) - Get Report and Biogen (BIIB) - Get Report

Semiconductor companies Skyworks Solutions (SWKS) - Get Report, NXP Semiconductor (NXPI) - Get Report, Avago Technologies (AVGO) - Get Report and Qorvo (QRVO) - Get Report are also all higher on the day, boosting the sector. 

Yes, some biotech stocks became "overheated" recently, he said, while Skyworks Solutions is up 158% in the past 12 months. However, he said the price rise is well deserved. Semiconductor company products can be found in almost every smartphone being manufactured today, he added. 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.