RealMoney Radio: Tech Tock

Cramer says that tech is regaining its footing and that he's interested in companies that reported good quarters.
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Even in this down market, lots of listeners called in to talk to Jim Cramer Monday on his

"RealMoney" radio show.

Cramer told the first caller that

Qualcomm

(QCOM) - Get Report

is among the handful of tech companies he would consider buying at these levels. He owns the stock for his charitable trust

Action Alerts PLUS.

Cramer believes that tech is getting its footing and that he's interested in companies that reported good earnings even amid a huge market selloff.

But he would stay away from

Intel

(INTC) - Get Report

,

Cisco

(CSCO) - Get Report

and

Dell

(DELL) - Get Report

.

However, Cramer would be interested in Qualcomm and

Advanced Micro Devices

(AMD) - Get Report

.

A caller said that he likes the fundamentals behind

Hewlett-Packard

(HPQ) - Get Report

and was considering buying the stock on weakness. Cramer liked that idea, adding that "even the good stocks do not hold up under this kind of onslaught."

He said that many people are afraid of buying anything right now because they've heard that the market is bad. However, Cramer said that this is also an opportunity to cheaply buy solid stocks such as H-P.

Like Qualcomm, Cramer said that H-P's business is very strong. He would also use this bear market as an opportunity to buy small amounts of companies such as

Marvell Tech

(MRVL) - Get Report

and

Brocade

(BRCD)

.

Cramer said the he believes that oil and oil services stocks are bottoming, and that he would take a closer look at

ConocoPhillips

(COP) - Get Report

.

However, he cautioned that it's foolish for anyone to believe that they know when a stock has bottomed, so he would buy any stock in small increments.

Too often we've seen the market overshoot to the downside, he said. So even though "ConocoPhillips may be the single best oil company out there today" and one of the most shareholder-friendly, Cramer said he would buy some common stock and then hope the price comes in a bit.

If it does, he said he would then we willing to pick up more shares or buy an options strategy.

A caller said the he just sold all of his

JDSU

(JDSU)

for a nice profit, and was wondering whether he should go in and buy some more now that the stock has fallen.

Cramer first congratulated the caller for buying low and selling high, and added that he is not as fond of JDSU as he once was.

He said that the company reported a good quarter, but also issued a convertible bond. This means that the company has issued more debt, similar to taking out a second mortgage.

The company didn't need to do this, he said, but the fundamentals are still good and business is strong. With the price cut in half due to the selloff, he said he would consider buying more JDSU.

Cramer also said he would be interested in

Corning

(GLW) - Get Report

if it falls below $20 from its current price just below $23, as well as

Conexant

(CNXT) - Get Report

.

Finally, Cramer told a caller that

Abercrombie & Fitch

(ANF) - Get Report

was taken down by bearish comments from

Lowe's

(LOW) - Get Report

.

Management at the retailer said some negative things about how they perceive the retail landscape, and the company joined big-box stores

Home Depot

(HD) - Get Report

and

Target

(TGT) - Get Report

in saying that business is not that good.

But Abercrombie still reported a great quarter, and Cramer likes the stock. He said not to be worried about the fact that people are pulling out of the teen retailer in order to buy established retailers such as Target and Lowe's on the cheap.

To see the most recent edition of The RealMoney Radio Recap in its entirety, please click here. This recap is published every day around 3 p.m. ET.

At the time of publication, Cramer was long Qualcomm.

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

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