By Stockpickr Staff
Posted on June 12, 2009

According to Jim Cramer, Qualcomm (QCOM) is the key tell to future stock market direction. According to Cramer, some market players believe that tech is rolling over and that money flowing into the drug and foods sectors is the real deal. Cramer is in the camp that believes tech is just resting after some remarkable moves.

He thinks the market is at the beginning of a huge wireless-Internet product cycle, and that means it’s time to buy stocks like Research In Motion (RIMM), Apple (AAPL), Palm (PALM) and Qualcomm whenever these names sell off. Cramer advised investors to watch the action in Qualcomm on Thursday. Any attempt by the stock to close lower could mean the move in the Nasdaq is over for the near-term future.

Recently, Cramer found opportunity in smartphone stock plays, utility stocks and Nasdaq-based stocks. Here are some Cramer highlights from over the past week as aggregated from his "Mad Money" TV show, the "Stop Trading!" segment on CNBC and his RealMoney blog posts (these blog post require a RealMoney subscription).

Cramer’s Smartphone Stock Plays: Cramer believes that a new product cycle is starting in tech, and it's going to be big. On Wednesday’s “Mad Money” episode, he told viewers that the move toward the wireless Internet via smartphones is now in full swing because these devices are moving from luxuries to necessities. Cramer’s Smartphone Stock Plays include Palm (PALM) and SanDisk (SNDK).

Cramer’s Diversified Portfolio: Cramer thinks investors need to protect themselves with a diversified portfolio. On last Friday’s “Mad Money” episode, he told viewers that by using a diversified portfolio, investors will find themselves at a great place in a confusing market. Cramer’s Diversified Portfolio includes Agnnico-Eagle Mines (AEM) and JPMorgan Chase (JPM).

Cramer’s 10 Reasons to Shut Up Doubters: Cramer has come up with 10 reasons that will shut up the doubters of the Nasdaq rally. On Monday’s “Mad Money” episode, he pointed out that despite the skepticism from most of the media, the Nasdaq is up 17% from its lows. Cramer’s 10 Reasons to Shut Up Doubters include Apple (AAPL) and GOOG (GOOG).

Cramer’s Oil & Utility Sector Take: Recently, Cramer offered up his take on the oil and utility sectors. In a June 10 blog post, he wrote: “Do not forget that the Oil Service HOLDRs (OIH) ETF has been on a tear, and it can be heavily manipulated by options next week. I just don't trust oil here.” Cramer’s Oil & Utility Sector Take includes Dominion Resources (D) and Occidental (OXY).

Cramer’s Must Sell HMOs: Cramer thinks the HMOs are PENOs (Public Enemy No. 1) of President Barack Obama. In a June 8 blog post, he wrote: “The idea of anyone defending these companies seems pretty daunting. I think that these stocks should be sold and sold now, as the rhetoric will only grow.” Cramer’s Must Sell HMOs include CIGNA (CI) and UnitedHealth Group (UNH).

Cramer’s Can’t Stop Nasdaq Stock Plays: Cramer thinks a great bull market is raging in tech. In a June 8 blog post, he wrote: “This reluctance to embrace the Nasdaq and all of the big and little tech plays is pretty nutty.” Cramer’s Can’t Stop Nasdaq Stock Plays include Skyworks Solutions (SWKS) and Starent (STAR).

(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned JPMorgan and Qualcomm for his Action Alerts PLUS charitable trust.)