"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), Apple ( AAPL), Research In Motion ( RIMM) and Amazon ( AMZN) -- his four horsemen of tech -- since forever, he said. Additionally, Cramer also believes VMware ( VMW) is going "much, much higher" and that Garmin ( GRMN) 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." In the oil service sector, he likes Oceaneering ( OII), which a lot of people wrongly believe is typically a play off of hurricanes; FMC Technologies ( FTI), which is "really terrific"; and Core Labs ( CLB), "the one that's probably the most logical." Oceaneering and FMC are "logical and faster-growing equivalents to Transocean ( RIG)," 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.