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When people look at the market, they think of technology, Cramer told listeners of his

"RealMoney" radio show Friday.

But technology stocks are news-driven stocks, he said. He urged his listeners to sell technology before the summer as nothing new comes out in the summer.

"The semiconductor industry is the single worst place to be right now," he said. "Every summer I have been in this business the technology industry has been down, so why should it be any different now?"

PC sales are down and inventory in this sector is piling up, Cramer said. The only stock Cramer said he likes right now in the sector is

Apple Computer

(AAPL) - Get Apple Inc. Report


Otherwise, Cramer advised listeners to sell technology stocks every time there is a rally in the sector.


Right now the oil, mining and infrastructure industries make sense to me," he said. "Wait until August to buy technology."

In the midst of all the

Federal Reserve

tightening, banks have been doing well, Cramer said. This tells us the Fed might be finished raising rates.

"I believe that the bank sector is doing well is a good sign," Cramer said. "They've been great predictors of what's to come."

Test Pattern

The market runs in patterns, Cramer said. It can tell you when it is time to buy and when it's time to sell.

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Friday is a textbook day, Cramer said. The market rallied

early because Europe did, and Europe rallied because we did. Then the market went down, he said.

"I like to only buy a stock when I can see the white in its eyes," he said.

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"If you missed the opportunity to buy the stock yesterday you have to wait," Cramer said. "Just watch it and be patient."

"I like to buy the one or two stocks that did not rally," he said, adding that he believes any company that is in the machinery business could do well. Cramer also told listeners to take a look at the oil or supermarkets.

If you stay in machinery, oil or supermarkets you should be fine, but there are some consumer stocks that are being given up, he said.

Not Quite, Qualcomm

The first caller asked about


(QCOM) - Get QUALCOMM Incorporated Report

, which Cramer owns for his charitable trust

Action Alerts PLUS.

Cramer advised the caller to respect what the market was trying to say. Here, it's saying that Qualcomm is not finished going down. Wait until it goes two points lower to buy, Cramer said.

Cramer told his next caller to wait before buying railcar company

Westinghouse Air Brake Technologies

(WAB) - Get Westinghouse Air Brake Technologies Corporation Report

. It is in the midst of transitioning from a momentum stock to a value stock, he said. Right now, Cramer said, it did not have a risk/reward ratio he cared for.

Instead, he recommended

Norfolk Southern

(NSC) - Get Norfolk Southern Corporation Report

to the caller. It has a better and clearer path to go higher, he said.

Cramer told a caller to be careful about

Oregon Steel Mills

( OS), saying that although it was one of the hottest stocks at the beginning of the year, right now it does not have a good risk/reward.

When the next caller asked about


(KO) - Get Coca-Cola Company (The) Report

, Cramer said that although Bear Stearns upgraded the company, he believes


(PEP) - Get PepsiCo Inc. Report

is a better stock.

Even though Pepsi is more expensive than Coca-Cola, Pepsi has performed better, and it has better growth, Cramer said. He recommended the caller swap out of Coca-Cola and into Pepsi.

Cramer advised a caller to pick at


(SLB) - Get Schlumberger N.V. Report

, since right now the stock is in virtual freefall.

"I would buy 50 out of 200 shares right now and wait to buy 50 more shares as it drifts down, and then I would buy 100 shares," Cramer said.

Cramer preferred

Consolidated Edison

(ED) - Get Consolidated Edison Inc. Report


Public Service Enterprise Group

(PEG) - Get Public Service Enterprise Group Incorporated Report


And he recommended

Qwest Communications


to a caller over

Level 3 Communications


. Level 3 needs to stop making acquisitions, they are killing their shareholders, he said.

Cramer said


(SBUX) - Get Starbucks Corporation Report


Whole Foods Market

( WFMI) are his two favorite growth stocks.

And he told a caller to wait on purchasing

Peabody Energy

(BTU) - Get Peabody Energy Corporation Report


At the time of publication, Cramer was long Qualcomm.

Jim Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, 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. 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

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