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"It's time to stop ignoring all of the positives in this market," Jim Cramer told viewer of his "Mad Money" TV show Friday.

He said that in the daily foot race between the good news and the bad new, it's time the good news to start garnering some attention.

"How can we not celebrate the total collapse of oil prices?" Cramer asked viewers. He theorized that the decline in oil prices is beginning to breathe new life into many tired stocks.

Cramer said that with Darden Restaurants ( DRI - Get Report) and BlackBerry maker Research In Motion ( RIMM) posting better-than-expected numbers, it's clear that consumers are taking some of their gas and home heating savings and spending it.

Cramer also cited Thursday's upbeat interview with Costco's ( COST) CEO Jim Sinegal as further evidence that the American consumer may not be dead after all.

Cramer said his strategy going forward is to buy stocks that benefit from lower oil prices, such as Walmart ( WMT - Get Report), a stock which he owns for his charitable trust Action Alerts PLUS, and Panera Bread ( PNRA).

Cramer also advocated that President Elect Obama take advantage of the unprecedented decline in the price of oil to build a second strategic oil reserve. That would allow the country to buy and store millions of additional barrels of the precious commodity at today's extremely low prices.

Cramer: Auto Bailout Fallout Is Good

Speculation Friday

In this segment, Cramer featured the stock of Sequenom ( SQNM), a genetic testing company with potentially tremendous upside.

Stockpickr

Sequenom is currently developing a non-invasive test for chromosomal abnormalities such as Downs Syndrome. Cramer said that unlike current invasive tests, like amniocentesis, which carry life threatening risks to the fetus, Sequenom's tests captures fetal cells in the mother's blood and carries no risk to mother or child.

Cramer said the new test could be revolutionary, allowing prospective parents to test for Downs Syndrome in just 12 weeks gestation instead of the current 20 weeks. The new test also doesn't require pre-market FDA approval, making its June 2009 launch date more certain.

Sequenom predicts the market for their new test could potentially reach $1.2 billion a year in the U.S. and as much as $3.5 billion worldwide. Cramer said the company could be a potential takeover target if its trial data continues to be as promising as the 99.1% detection rate the test is current achieving.

Outrage of the Day

Cramer again took aim at SEC Chairman Chris Cox, who today held a press conference and in an incredible act of selfishness and disloyalty, blamed his entire agency for not discovering Bernie Madoff's alleged fraud sooner.

Cramer called the action "unbelievable" and renamed his "Wall of Shame" list of the worst CEOs to "The Cox-Madoff Memorial Wall of Shame."

In other Wall of Shame news, Cramer removed Citigroup ( C) CEO Vikram Pandit from the wall, saying that the government's bailout of the company is the first one that may actually be good for shareholders. He said the value of Citi's huge deposit base can now be leveraged and the true value of the company might be unlocked.

Filling the newly-created top spot on the Wall of Shame is Take-Two Interactive's ( TTWO) chairman Strauss Zelnick, who earlier in the year rejected a takeover offer from rival Electronic Arts ( ERTS) at $25 a share because the deal "provided insufficient value." Take-Two currently trades at $8.43 a share.

Lightning Round

Cramer was bullish on ICx Technologies ( ICXT), Ultra Petroleum ( UPL)and Corning ( GLW).

He was bearish on Petrohawk Energy ( HK).

Check out the latest edition of "Cramer's Take onTop-Searched Stocks" on Stockpickr.

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Read more of Cramer's Mad Money Lightning Round insights.

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At the time of publication, Cramer was long Walmart.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com 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 TheStreet.com, 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 TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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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 TheStreet.com. 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 TheStreet.com, 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.