Jim Cramer designates hot sectors for available fullbacks.

CNBC’s Jim Cramer said Thursday’s post-election markets were extreme, with big wins and big losses. He pointed to sectors that have seen big gains recently and explained why they may have made such big gains. But he warned that calm is needed before investors think about buying into the sector.

“There are a lot of overly loved stocks in this market right now,” he said. “But many of them deserve love, but not on this level.”

Cramer pointed to the sharp rise in enterprise software stocks., He said a company with a product that is in high demand targeting large corporations is unlikely to do anything wrong. he named Salesforce, Service Now, working day, data dog and Atlasian. He also suggested that most of these companies will be relatively unscathed by trade issues with China, which could explode under the administration of now-elected Donald Trump, who puts a premium on their stocks. Still, Cramer cautions against a “parabolic move” in stocks.

“The market also seems to like companies with a subscription model,” he said, nodding. costco, netflix, Spotify and Amazon Another booming sector with recurring revenue streams is banking, Kramer noted, adding that the move is quite justified as investors expect the regulatory environment to ease once President Trump takes office.

Cramer also highlighted two sectors he said were “so hated” but could recover, including pharmaceuticals and semiconductors. both Merck and Pfizer They are producing promising drugs, he said. Pfizer added that if there is good news, its stock price could rise. Cramer suggested concerns about the group, which has already taken a huge hit due to Trump’s controversial selection to head the Department of Health and Human Services (vaccine skeptic Robert F. Kennedy Jr.), could be reflected heavily in its stock.

In the case of semiconductors, Cramer concluded that these companies are struggling in part because some people feel that new artificial intelligence-based PCs have not been successful.

“Call me and say you’re interested in groups that seem to be in a bottomless hole, but only if they don’t sink and you can get a little more clarity from President-elect Trump who will take a lot of stock to the market in a few days,” Cramer said. “Of course, if we are not already out of the abyss, we must see the bottom of the abyss.”

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Disclaimer CNBC Investing Club Charitable Trust owns shares of Salesforce, Costco, and Amazon.