Today on Stop Trading!, Cramer said the Countrywide Financial statement shows the company has funding through 2008. As a result, he would no longer be short the stock.
Cramer recommended buying the calls on Countrywide Financial , stopping at $15, but investors shouldn't buy the common stock, he said.
Annaly Capital being down was "ludicrous," Cramer said, especially because it's "the only mortgage player that doesn't take credit risk."
"You short [CEO] Mike Farrell you're an idiot," he said, adding that the chief executive is "money in the bank."
Cramer said the dip in Annaly shares was just a case of the baby being thrown out with the bath water.
Questions for Cramer?
Questions, comments, suggestions for the Mad Money website? email@example.com