Cramer also pointed to continued strength in California’s housing market, even after its $10,000 tax credit expired a couple of months ago. He said he expected something similar for the national market after the federal $8,000 tax credit expires in November.
“So I urge people to not get too negative on housing,” Cramer said, though homebuilders won’t make any money because new-home prices have dropped so much.
Elsewhere in the market, Research in Motion shares had lost $14 on Friday, or about 17%, after reporting a disappointing quarter Thursday night. Cramer said the company’s problem was “an average selling price issue” and not demand, which was “very good.” Shipments will come in near the high end of the expected range, but RIMM is cutting prices because Apple’s iPhone is a “superior machine.”
In the security software space, which is still “very, very strong,” Cramer endorsed McAfee . Though he likes ArcSight even more, he said, because it’s a direct play on “cyber security-terror,” a “better market.”
Cramer is still bullish on gold, he said, predicting a 20% move over the next three years. He recommended playing the precious metal in the following order: buy bullion, the SPDR Gold Shares ETF , Agnico-Eagle , Eldorado or gold coins from the US Mint.
Lastly, “I don’t particularly like this market right now,” Cramer said, though he urged investors to stay in it. He expected a 3% to 5% pullback, giving them a chance to buy good stocks at a discount.
“Don’t get bullish until maybe Tuesday, Wednesday,” Cramer said.
Cramer's charitable trust owns Abbot Labs.
Call Cramer: 1-800-743-CNBC
Questions for Cramer? email@example.com
Questions, comments, suggestions for the Mad Money website? firstname.lastname@example.org