"Take advantage of this nice rally we are having in oil stocks to lighten up," said James Cramer Tuesday on his "RealMoney" radio show.

Cramer isn't abandoning oil and energy stocks. But he wants to use rallies to trim, so he can buy the stocks back at lower prices.

You have to trade around the oil stocks now, he said. Buying and holding oil them has become too risky -- not because of the fundamentals of oil supply and demand - those haven't changed -- but because of the shareholder base. Oil stocks are now too heavily owned by investors using margin and by momentum players, said Cramer.

It's just too difficult to own a gigantic position in oil right now, he said. You could get crushed before you get rich.

Cramer's "Danger Zone" stock of the week is Cabela's ( CAB). Cramer recently sold Cabela's for his ActionAlertsPLUS portfolio because the company is being hurt by high gasoline prices. The company's stores tend to be 50 to 100 miles from population centers, said Cramer. Additionally, hunting and fishing activities also tend to require a lot of driving, he said. Cabela's stock is "going still lower."

Commenting on Lucent ( LU), Cramer said the stock had been dragged down by selling in Verizon ( VZ), SBC Communications ( SBC) and BellSouth ( BLS). But Lucent is more levered to spending at Verizon Wireless, Cingular and the European market, said Cramer, and he believes Lucent is still a good buy.

Cramer's favorite semiconductor stocks are Qualcomm ( QCOM), Broadcom ( BRCM) and Texas Instruments ( TXN). Qualcomm is the most undervalued of the three relative to its potential growth, he said. Cramer believes Broadcom can still go higher even though it has had a big run. The pullback in Texas Instrument's stock is a terrific opportunity and should be bought under $30, he said. Texas Instruments traded at $29.74 late Tuesday.

Cramer is not a fan of Applied Materials ( AMAT) or KLA-Tencor ( KLAC).

Cramer said Skyworks Solutions ( SWKS), which reported disappointing earnings last night, had the wrong product mix last quarter, but he believes the company can "get it back together." Still, there is always the possibility Motorola ( MOT), Skyworks' big customer, is moving away from Skyworks' products.

In response to questions about Intergraph ( INGR) and Redback Networks ( RBAK), Cramer said he would wait for a pullback before buying Intergraph and said "no, thank you" on Redback.

Cramer endorsed a buy of Wireless Facilities ( WFII), which is planning to roll out wireless Internet access in San Francisco with Google ( GOOG).

Cramer believes the pullback in Motorola is a "terrific opportunity" to buy.

Cramer is still bullish on Conexant ( CNXT). The company has an "ugly balance sheet," said Cramer, but he believes it can and will be fixed.

Cramer would sell Unova ( UNA) as he is not that enthused about radio frequency identification (RFID) technology.

Cramer is more bullish on gold than he would normally be because of President Bush's policies of reducing taxes while increasing spending, which Cramer views as inflationary. Cramer's favorite gold stock is Goldcorp ( GG).

Cramer is bullish on True Religion Apparel ( TRLG). The company is very well run, he said, and is doing a lot better than American Eagle Outfitters ( AEOS) or Aeropostale ( ARO). True Religion is expensive, he said, but if next year's earnings estimates prove correct, the stock will be cheap, said Cramer. It is "a stock people are beginning to talk about," he said.

Cramer believes Refco ( RFX) is headed for $12. Refco traded at $15 late Tuesday.

Syneron Medical ( ELOS) and IntraLase ( ILSE) are both fine companies, said Cramer, but the market for these stocks is out of fashion, he said. Business is still good, though, and Cramer is not backing away from the stocks.

Cramer said stocks like Motorola, Google, GameStop ( GME) and Microsoft ( MSFT) are marking time. He recommends hunkering down with your favorite stocks, keeping some powder dry and being ready to buy if the stocks get egregiously low.

At the time of publication, Cramer was long GameStop, Lucent, Motorola, Microsoft and 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 Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. 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 here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict."

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