Updated from 2:54 p.m. EDT
"Real Money" radio show Thursday, Jim Cramer reiterated Wednesday's upbeat comments about technology stocks -- forecasting a "multimonth" rally for the group.
Specifically, Cramer said that tech stocks are "less sensitive" to oil prices than other sectors, suggesting the broader selloff Thursday is a result of the psychological effect of oil piercing the $60 per barrel level. Cramer favors big-cap tech, citing
among the names that will provide leadership in the sector.
In response to a caller's question, Cramer said Motorola, Microsoft and
are the companies poised to best profit from a resumption of business spending on broadband, as well as the growth of digital downloads on non-PC vehicles such as PDAs and cell phones.
"Ancillary players" that should also benefit include Cisco,
, he said.
As an alternative to specific stocks, Cramer recommended the
Smith Barney Aggressive Growth fund and the
Fidelity Select Technology fund.
Cramer also reiterated his bullish stance on energy stocks, which he is overweight in his
Action Alerts PLUS portfolio. In response to a caller's question, Cramer was bearish on
-- citing recent insider sales -- but was optimistic about
Additionally, Cramer believes
will ultimately outbid China's
to win the battle for
. But since Chevron will receive a $500 million breakup fee if it doesn't merge with Unocal, it's a "win-win" for Chevron even if their bid isn't successful.
That said, Cramer stressed that "I don't like to catch falling knives," and believes now is the time to make a "shopping list" in anticipation of $60 oil being factored in to the market by early next week. "I don't look for bargains immediately," he said.
Among other stocks discussed on the show, Cramer was neutral on
-- "we need to see growth reaccelerate"; positive on
-- "buy more if it comes below $15"; bearish on
-- "I'm amazed the company is so bad at estimating its business"; bearish on
-- "I don't want to touch this stock"; and, finally, recommended
United Parcel Service
-- the former reaffirmed guidance Thursday after the latter's disappointing quarter and guidance.
At the time of publication, Cramer was long Intel, Halliburton and Lucent.
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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