Jim Cramer Cautious on Oil Stocks Even as the Price of Oil Bounces Back

TheStreet's Jim Cramer said oil stocks will follow oil prices higher, but it's not time to buy and hold those stocks. Cramer said he expects oil stocks will move higher from here, perhaps up 12 percent, but after they do, it's time to shift out of those positions. Cramer said he's anxious to sell the remaining oil shares he holds in his Action Alerts PLUS portfolio because the credit side hasn't improved for many oil companies. Cramer said if you want to stay invested in fossil fuels, invest in the companies with the best balance sheets. As far as oil's move higher on Friday, Cramer said it's a technical bounce after oil got oversold. The bump in oil sent stock prices higher on Friday.