Finally, Cramer gave the nod to Linn Energy ( LINE), the oil and gas producer that's become embattled with the shorts over a planned acquisition. With an 8.7% yield, Cramer said the shorts will eventually relent, especially after the company moves to a monthly, rather than quarterly, distribution.
The Best Performers
As the quarter winds to a close, Cramer turned his sights to the best performing stocks of 2013. They include Netflix ( NFLX), up 134%; Best Buy ( BBY), up 126%; Micron Technologies ( MU), 119%; Hewlett-Packard ( HPQ), 70%; and Advanced Micro Devices ( AMD), which rose 67% so far in 2013. Cramer featured both Micron and AMD on last night's show, noting the old-school semiconductors are now riding the coattails of new products like the PlayStation 4 and Xbox One. Netflix was left for dead two years ago after the company failed to win customer approval for splitting itself into two services. But now the company is producing its own content and adding subscribers to its already 36 million. Cramer said Best Buy was also abandoned last year after the company's CEO left. But Best Buy's last quarter wasn't that bad, he noted, and the company is making serious efforts to turn itself around. Of course, no mention of turnarounds would be complete without mentioning Hewlett-Packard, which is also cleaning up its act and attracting a lot of investor attention in the process. Cramer said all of these stocks will be hot commodities for hedge funds and money managers going into the second half of the year.
In the Lightning Round, Cramer was bullish on Radian Group ( RDN) and American Axle ( AXL). Cramer was bearish on Pembina Pipeline ( PBA), Cheniere Energy ( LNG) and Frontier Communications ( FTR).
Off The Charts
In the "Off The Charts" segment, Cramer followed up with colleague Marc Sebastian on where the markets might be headed after this week's selloff. Cramer highlighted Sebastian's research on June 11, when Sebastian predicted the markets were indeed poised for the carnage that ensued. Sebastian noted a correlation between the S&P 500 volatility index, commonly known as "the VIX," and the average itself. He said that every time the VIX spikes above 20, as it did today, the markets typically head decisively lower. That pattern has held up in every rise in the VIX since 2008, excluding the lone example of the fiscal cliff in 2012, which was solved at the final hour. The pattern is clear: Sebastian's research showed a sharp rise in the VIX is almost always a precursor to a big market decline. However, when the coloration stops and the market rises while the VIX doesn't budge, then you know the bottom has occurred. Cramer said Sebastian was right two weeks ago, so he's believing him when he says that there is still more pain to come and the bottom in the markets might not yet be at hand.
No Huddle Offense
In his "No Huddle Offense" segment, Cramer told viewers they need to be patient and not get aggressive because there are still many questions that have not been answered. Cramer said this week's news taught him autos remain strong, but the consumer may not be. He said he learned the Federal Reserve is staying the course, which means that interest rates are key going forward. But there are still many questions surrounding markets overseas, mainly banking stress in China, socialism in Brazil and weakening demand in India and Russia. Since any one of these things could hurt the markets, Cramer said caution will be the word going into this weekend. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC. -- Written by Scott Rutt in Washington, D.C. To email Scott about this article, click here: Scott Rutt Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC