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Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Friday July 28. Click on a stock ticker for more analysis:

Friday's show was a compilation of previously-broadcast stock picks and comments. There was no Lightning Round.

"Dead Generals": Cisco (NASDAQ:CSCO), Dell (NASDAQ:DELL), Microsoft (NASDAQ:MSFT), Intel (NASDAQ:INTC), Broadcom (NASDAQ:BRCM), Marvell Technology (NASDAQ:MRVL), and Google (NASDAQ:GOOG), General Motors (NYSE:GM),Wal-Mart (NYSE:WMT) and Clorox (NYSE:CLX)

Cramer notes that we are currently in a market without stock leaders. The past "generals" such as CSCO, DELL, MSFT, INTL, BRCM, MRVL, GOOG, GM and WMT are all played out, and until new leaders emerge, an investor should combine secular and defensive stocks, although they can't both be up at the same time. Cramer says CLX is a good buy in the current environment.

The Volatility Dance: Occidental Petroleum (NYSE:OXY), Pepsi (NYSE:PEP) and Sears (NASDAQ:SHLD)

Cramer says that the market has lost is equilibrium, but investors can learn to love volatility. Causes of dramatic ups and downs include the lack of positioning, rapid selling by hedge funds, and instability created by ETFs. Cramer discusses OXY as an example of a volatile stock which can make money: "Treat trading like a dance," he said. "When the stock goes up, sell a little and when it goes down, buy a little." He suggests PEP and SHLD as good stocks which have core positions.

Top Ten Speculative Stocks

Cramer likes speculation, but only when it is done right. He warns not to confuse speculation with investment, not to use borrowed or needed funds for these stocks and to do homework on a company before buying. Cramer adds that that these picks are cheap but risky, and that investors should not devote more than 20% of their portfolios for speculative stocks. Cramer's top ten (not rated in any particular order) include:

1. Rentatech (NASDAQ:RTK)
2. Crystallex International (KRY)
3. Ivanhoe Energy (NASDAQ:IVAN)
4. Transmeridian Exploration (TMY)
5. Northgate Minerals (NXG)
6. EuroZinc Mining (NYSEARCA:EZM)
8. Conexant Systems (NASDAQ:CNXT-RETIRED)
9. Finisar (NASDAQ:FNSR)
10. Ciena (NYSE:CIEN)

Cramer describes uncertain factors that make these stocks speculative, such as doubts about RTK's technology, the availability of KRY's goldmine, and Ivanhoe's prospects. He adds that TMY's main project may never happen, NXG's mines could run out, and EZM's one mine in Portugal could have problems. In addition, JDSU's optical market is not stable, CNXT needs to refinance, FNSR faces tough competition and CIEN's future margins are uncertain. Basically, one could gain or lose big on these stocks, and Cramer suggests proceeding with caution.

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