On Thursday's Stop Trading!, Cramer explained that he expects to see more "emotional trading" surrounding BP.
On Friday, he revealed his charitable trust had taken advantage of that fact and bought BP the day before. Cramer also discussed liability concerns regarding BP and rig owner Transocean.
"I don't think BP can go after Transocean .I think the authorities will have to go after Transocean RIG, which is why it's down so much," Cramer said.
Transocean reports next week.
Play Dividend Boosts
"People are coming back to the food and beverage because everything's so grim and people are really upset," Cramer said, and some of these companies are paying good dividends right now.
The J.M. Smucker Company had a big dividend boost -- 14 percent. "That company is really, really well run," Cramer said.
There's a rotation into these kind of names, right now, Cramer said. "You see General Mills finally above 71," he added. "I think the rotation lasts a couple of days."
Thoughts on Goldman Sachs and Lloyd Blankfein
"If they're indicted I think it would be an enormous mistake," Cramer said. "I mean, what are they going to do, put the whole firm in jail?"
Cramer said the SEC's stance on Goldman Sachs is essentially "agree with us that this is intentional fraud and make a settlement, we'll go away."
So if there won't be any indictments, why is GS stock still struggling?
"They have to go radio silent, and that's why the stock is down so badly," Cramer said. "They have to shut up ... There's nothing they can do."
"This is a total beatdown and they're just taking it. They have to."
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