Countrywide's ( CFC) rally points to two days' worth of opportunity in some otherwise horrifically risky homebuilding stocks, Jim Cramer said Friday on CNBC's Stop Trading! segment.

Cramer said he might "take a shot" at Hovnanian ( HOV), Pulte ( PHM) and KB Homes ( KBH) in the run-up to Wednesday afternoon's Federal Reserve interest rate decision. Cramer said Countrywide's 30% gain shows that shorts are covering en masse on Friday -- a scenario that Cramer believes could repeat itself in the hard-hit homebuilding stocks, at least until there's clarity on the next shift in Fed interest rate policy.

Cramer also said he's rooting for Merrill Lynch ( MER) chief Stan O'Neal to ride out this weekend's boardroom upheaval. Cramer said he believes O'Neal has done a good job at the firm and the writedown snafu of earlier this week is his first big mistake. "I believe in second chances," Cramer said.

At the time of publication, Cramer had no positions in stocks mentioned.

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 Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his 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." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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