These oil stocks have bottomed

Excited that earnings season is back in full swing, Jim Cramer is already gearing up for next week. However, given the volatility in Europe this week, he still subscribes to his "America First" theory.

Forget about foreign stocks; he is sticking to the land of money-making opportunity. And that is the U.S.A. until further notice, inclusive of oil stocks that may have bottomed this week.

"You need to see oil stabilize, and you need to see the consumer finally recognize that gasoline's not going to back up to $4 a gallon any time soon, to encourage buyers to start taking advantage of some of the incredible bargains this week's selloff has created," the "Mad Money" host said.

However, Cramer maintains that we are in a trader's market. It is only as good as the country, company or person who last spoke. That is why earnings are crucial next week—they will determine the direction of the market.

A few companies he will be watching next week include Verizon, Halliburton, Netflix and General Electric.

Read MoreCramer's game plan: It all depends on this

Cultura Science | Rafe Swan | Getty Images

This week Cramer has been highlighting the hottest biotech stocks for 2015 as a part of his series, "Biotech, the Next Generation."

One of the best performing biotechs for 2014 was the orphan- drug company PTC Therapeutics, which rallied 205 percent last year.

PTC focuses on rare genetic disorders, especially those caused by nonsense mutations in DNA. Its main drug is Translarna, approved in the EU for Duchenne muscular dystrophy (DMD) and could launch in the U.S. next year.

To find out if this company can keep pulling in profits for 2015, Cramer sat down with PTC Therapeutics Chief Financial Officer Shane Kovacs.

"Last year was a monumental year for us, because the European authorities approved our drug. This is the first approval ever in this disease for the underlying cause," Kovacs said.

Read More Cramer: The biotech that doubled in value last year

Another hot biotech on Cramer's radar this year is Relypsa. This company is focused on developing treatments for kidney, cardiovascular and metabolic disorders. One of its main developments is Partiromer that treats hyperkalemia, which refers to high potassium levels.

Though Cramer does consider Relypsa to have some major upside potential, it is also a speculative stock with plenty of risk attached to it. To find out where the stock could be headed, Cramer spoke with Relypsa CEO John Orwin.

"We conducted very rigorous clinical trials in hundreds of patients to demonstrate both that the product is effective in removing potassium, but also that what we saw was a tolerability profile suggesting that it can be used on a chronic daily basis," Orwin said. "So all of those things I think are important, and I think the FDA's decision not to hold a panel is encouraging."

Getty Images

Looking at the big picture for oil, Cramer sees that it is right in the sweet spot. The price has finally reached the happy medium where it has stopped going down for a while, and the market can finally breathe.

"The consumer doesn't need $1 oil to feel good. $2 will do fine. It's exactly the amount that gives $1,000 in disposable income to be spent elsewhere, and it's enough to make consumer sentiment surge to an 11-year high," Cramer added.

He wants consumers to enjoy the win-win deal on oil for now, or at least let the market rally as it finally found some of the long lost stability it needed.

As for pipeline stocks such as Enbridge, Cramer thinks they might actually be doing better than most people think.

"We noticed that the pipelines actually bottomed a little while ago, the best ones that is."

Read More Cramer: We're in the win-win sweet spot for oil

Cramer is breathing a sigh of relief, now that one of the longest running dramas on Wall Street is finally coming to a close. And it had a happy ending for shareholders to boot!

On Friday, PepsiCo announced that the former CEO of Heinz, Bill Johnson, will join its board. Cramer thinks this is big news, not only because Johnson has a long tenure of running a great American company, but also because he is a close advisor to Nelson Peltz's company Trian.

"This addition of Johnson to the PepsiCo board kills two birds with one stone. PepsiCo will get the wisdom of a terrific consumer packaged goods executive, and Peltz and Nooyi can bury the hatchet from what was becoming a protracted fight that I thought in the end was distracting for all involved," said Cramer.

Read MoreCramer: Finally, a happy ending for Pepsi

In the Lightning Round, Cramer gave his take on a few caller favorites:

CVR Refining: "It's got a 15 percent yield, and that's a red flag. If I see a yield that is greater than the 10-year Treasury, I'm going to say don't buy because something is wrong there."

ICIC Bank Ltd: "If anything I want you to buy it. I think India is really making a major comeback. They cut rates this week; that's exactly when you want to buy a bank stock. And India is going to be the other lone growth situation in 2015, besides the United States."

Read More Lightning Round: This country has growth for 2015