Overall, Cramer was stunned by the jobs report, as it could give a green light to the Fed to raise interest rates soon.
But does that mean it is time to sell stocks? No.
Cramer had a warning for investors on what to expect in reaction to the blowout jobs number.
"In short, it's now the banks' turn to rally. The biggest winners will be the ones with the biggest deposit bases, and that means JPMorgan,Wells Fargo and most of all Bank of America," Cramer added.
The one bank on Cramer's radar with the most leverage to higher interest rates is Bank of America, and he says it is still way behind the market.
The group that will be penalized the hardest is healthcare. At this point, Cramer thinks these stocks are over-owned. Ultimately, Cramer expects more volatility down the road for international companies that could be hurt by a strong dollar.
"All I can tell you is that the big boys will be buying banks and selling health care stocks for the next month, and you have to adjust accordingly or accept the consequences of the brutal rotation that has just begun to occur," Cramer said. (Tweet This)
Read More Cramer on the jobs report: Not time to sell stocks
With most of earnings season in the rearview mirror and the price of crude oil stabilized in the mid $40s, Jim Cramer decided it was time to pick among the rubble of oil stocks. The first group he looked at was companies that were able to best navigate through the commodity collapse in the past 18 months.
"Even though the oil stocks have rebounded nicely from their late-August lows, the group is still down dramatically," the "Mad Money" host said.
When Cramer researched the cohort, he found that there was a very clear division between two groups of companies. First was the traditional integrated oil giants like Exxon or Chevron, and the second were the oil companies that decided to break themselves up in the last few years to separate core exploration and production operations—think Phillips 66 or Marathon Oil.
Back when the price of black gold was soaring, many companies assumed the price would stay high, and therefore thought it would be a great idea to break up to unlock further value. But then oil prices dropped dramatically and it turns out that breaking up may not have been the best strategy.
"Given where we are right now, I would much rather own the stock of a big integrated oil like Exxon or Chevron, rather than the remaining exploration and production focused arms of the broken up Marathon or Conoco," Cramer said. (Tweet This)
Read MoreCramer: Commodity collapse dream stocks