On the Thursday-night episode of "Mad Money" on CNBC, Jim Cramer said that the market is no longer bottomless and is being led upward by oil, technology and banks.

The biggest story is that oil is above $50 a barrel, he said. Oil stocks that merited specific mention included BP ( BP), which he owns for his Action Alerts PLUS charitable trust; BP Prudhoe Bay Royalty Trust ( BPT), which he called a "safe bet"; and Permian Basin Royalty Trust ( PBT), which was up 27% since he'd mentioned it on Feb. 26.

Permian Basin closed on Friday up 11 cents, or 1.1%, at $10.32; and BP Prudhoe Bay was up $3.61, or 5.9%, at $64.96; while BP was down 81 cents, or 2%, at $39.40.

On the "Sell Block" on Thursday were two REITs, Kimco Realty ( KIM) and ProLogis ( PLD). Cramer said both were threatening to cut their dividends, something he said is usually followed by more bad news.

He said neither company could be trusted. Kimco closed down $1.09, or 13%, at $7.30 on Friday. ProLogis was down $1.05, or 16.3%, at $5.39.

Stocks Cramer was bullish on during his " Lightning Round" segment included Whole Foods ( WFMI) and Apple ( AAPL). He was bearish on such stocks as Sun Microsystems ( JAVA) and Tetra Tech ( TTEK).

On Friday, Whole Foods closed down 68 cents, or 4.2%, at $15.37; Apple closed down 3 cents at $101.59; Sun Microsystems closed down 53 cents, or 6.1%, at $8.10; and Tetra Tech closed down 34 cents, or 1.6%, at $21.07.
At the time of publication, Cramer was long BP.

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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