"A lot of people think that technology is overstretched," Jim Cramer said on TheStreet.com TV's Wall Street Confidential

Web video Thursday.

Everyone knows Cramer's been behind

Google

(GOOG) - Get Report

,

Apple

(AAPL) - Get Report

,

Research In Motion

(RIMM)

and

Amazon

(AMZN) - Get Report

-- his four horsemen of tech -- since forever, he said.

Additionally, Cramer also believes

VMware

(VMW) - Get Report

is going "much, much higher" and that

Garmin

(GRMN) - Get Report

will continue to be good until Christmas.

"Those are all stocks that are stretched from a multiple point of view," he said. "Periodically, but not often, I'm willing to embrace a stretched multiple if I think that the estimates are explosive to the upside. In all of those stocks, I believe the estimates are way too low."

But if people are looking for technology that's not overstretched on a multiple basis and that also has great momentum, they need to go to the oil service patch, Cramer said. "That's where I'd be looking."

TST Recommends

In the oil service sector, he likes

Oceaneering

(OII) - Get Report

, which a lot of people wrongly believe is typically a play off of hurricanes;

FMC Technologies

(FTI) - Get Report

, which is "really terrific"; and

Core Labs

(CLB) - Get Report

, "the one that's probably the most logical."

Oceaneering and FMC are "logical and faster-growing equivalents to

Transocean

(RIG) - Get Report

," which Cramer owns for his charitable trust,

Action Alerts PLUS and which is his favorite large-cap, he said.

"Core Labs, Oceaneering and FMC are all up 100% year over year, and I'm telling you that they're still cheap," Cramer said.

At the time of publication, Cramer was long Transocean.

Jim 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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here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click

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clicking here.

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