Click here for an archive of Cramer's "Mad Money" recaps.

If the market offers a good price on a high-quality stock next week, take it, Jim Cramer told viewers of his "Mad Money" TV show Friday.

Cramer says investors need to prepare for next week by noting all the companies they like on a shopping list and the price they would like to buy them at. Amid all of the volatility, he emphasizes, there are opportunities in this volatile market if home gamers are ready to take advantage of them.

Cramer cites ConocoPhillips ( COP), a stock that he owns for his charitable trust, Action Alerts PLUS , as one such opportunity.

Earlier this week, he says, Conoco traded at $69 a share before going to $76 two days later. Because Conoco was on Cramer's list, he knew that $69 was the price he wanted and was able to take advantage of the move.

Cramer also notes Procter & Gamble ( PG), the company with the best record of dividend increases on the Dow Jones Industrial Average, which recently was trading as low as $63 a share.

He also likes Altria ( MO), another Action Alerts PLUS stock, which yields 4.25% at its current price of $70 a share.

The list also includes AT&T ( T), Wells Fargo ( WFC), Bear Stearns ( BSC) and Toll Brothers ( TOL). All of these are quality stocks trading at very low levels, he noted.

Cramer also likes Schering-Plough ( SGP), which has recently been cut in half. It went down again on Friday after the FDA announced plans to review a study of its controversial cholesterol-lowering drug Vytorin that the agency had approved.

Cramer says at just $18 a share, Schering is priced as if it will never sell another prescription for Vytorin again, and this is just not the case.

The situation reminds Cramer of Bauch & Lomb, and how a tainted contact lens solution pulled the stock down to just $43 a share before it received a takeover bid at $65 a share.

Cramer said regardless of what actions the Federal Reserve takes next week, investors should pull the trigger if the stocks they want to own hit the prices they want.

Fighting Diabetes

Cramer says Allergan ( AGN) is no longer known for just breast implants and Botox, and he's a buyer.

Citing an article in The New York Times, Cramer notes that gastric banding surgeries are helping patients with Type 2 diabetes lose weight and live longer. As a result, Allergan's own proprietary gastric banding system, LAP-Band, should flourish.

Cramer also likes Allegran for its recession-proof nature, saying it can deliver solid earnings in just about any economic environment. The company also recently announced a new skin-care line it is developing with Clinique, a move that should bolster earnings.

Noting that the stock is down 9% from it's recent highs, Cramer says he'd either wait until after the company reports its earnings next week to establish a position, or would buy half a position now and the other half after earnings.

Over the long term, Cramer says Allergan is a strong investment.

Why the Sirius Merger Makes Sense

For speculation Friday, Cramer recommended Sirius Satellite Radio ( SIRI) on the premise that the proposed merger with XM Satellite Radio ( XMSR) will be approved sometime within the next two months.

He says there's no reason why the FCC should be dragging its feet or blocking the deal. Cramer sees a 75% chance that the deal will be approved, but likes Sirius as a stand-alone company as well.

Cramer cites three reasons why Sirius merger should be approved. First, the combined company would offer more a la carte options than any other medium.

Second, the combined company is not a monopoly because there are so many other options in the market like terrestrial radio, high definition radio and portable players. Finally, the current market conditions are so horrible that it would be difficult for the FCC not to approve the deal.

According to Cramer, the cost savings of a combined Sirius/XM would be huge. Cramer expects the stock could double if the deal is approved. But even if it is not approved, Cramer still believes Sirius wins because of its better content and higher subscription growth.

Tips From a Small-Cap Fund Manager

Cramer welcomed Thomas McDowell, manager of the Rice Hall James Micro Cap Fund ( RHJSX), to the show to discuss his mutual fund strategy.

McDowell says his system uses fundamental analysis to choose small, under-the-radar and unique companies for his fund's portfolio.

One company that fits that bill is T-3 Energy ( TTES). McDowell says it is a little-known oil service company that supplies large drillers. T-3, he says, is just one of the 85 companies currently in his fund's portfolio.

After screening thousands of mutual funds, McDowell's fund is the only micro cap fund Cramer would recommend, Cramer says.

Lightning Round

Cramer was bullish on Sherwin-Williams ( SHW), Westinghouse Air Brake ( WAB), Anheuser-Busch ( BUD), Yum! Brands ( YUM), Ashland ( ASH) and Chevron ( CVX).

He was bearish on Nova Chemicals ( NCX), NutriSystem ( NTRI) and Ceradyne ( CRDN).

Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

For more of Cramer's insights during the Lightning Round, click here .
At the time of publication, Cramer was long ConocoPhillips, Schering-Plough and Altria.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

If you liked this article you might like

Qualcomm Nets Wireless Licenses in India

Qualcomm Nets Wireless Licenses in India

SEC Probes Other Deals: Report

SEC Probes Other Deals: Report

Cramer's 'Mad Money' Follow-Up: April 15

Cramer's 'Mad Money' Follow-Up: April 15

Cramer's 'Mad Money' Follow-Up: April 14

Cramer's 'Mad Money' Follow-Up: April 14

Cramer's 'Mad Money' Follow-Up: March 25

Cramer's 'Mad Money' Follow-Up: March 25