Cramer on tonight's MAD MONEY on CNBC discussed the sell-off in tech, but said you can't just sell it all. He said it's time to pull the plug on tech until further notice unless they pass the Cramer test. He said the calendar dictates this, and that the best way to trade tech is by the calendar, which is rarely wrong. This was something I noted earlier today, where he has changed his stance on tech.

He says sell in January and buy in August and hold until Mid-December to mid-January. There are parts that must be given the boot, but he has five techs he still blesses. He said unload storage, semis, handhelds, software, and cell phones. There is also more than just the calendar to consider: The competition is killing them. He said you can't touch Intel Corp. (NASDAQ:INTC) or Advanced Micro Devices (NYSE:AMD) ahead of the Vista launch because of a price war.

He said you have to sell National Semiconductor (NYSE:NSM), RF Micro Devices (NASDAQ:RFMD) and Micron Technology (NYSE:MU). He said the only way to win in cell phones is by price, but that's a loser trade so he is negative on Nokia Corp. (NYSE:NOK), Ericsson (NASDAQ:ERIC) and Motorola, Inc. (NYSE:MOT). SAP (NYSE:SAP) blew up, Rackable Systems (NASDAQ:RACK) blew up; sell EMC Corp. (NYSE:EMC), Brocade Communication Systems (NASDAQ:BRCD). Research-in-Motion (NASDAQ:RIMM) is also a sell.He still owns Marvell Technology Group (NASDAQ:MRVL) and MRV Communications (NASDAQ:MRVC).

He will be addressing five tech stocks he wants to hold for the next few months. Microsoft Corp. (NASDAQ:MSFT) won't save the day for the sector, but he likes the company. He said he is exiting when tech is up 2.6% more than the market. He says sometimes you don't have to think being a lemming is dumb.

There are a few that he thinks can weather the storm. His five names are Cisco Systems (NASDAQ:CSCO), Apple Inc. (NASDAQ:AAPL), Microsoft Corp., Hewlett-Packard (NYSE:HPQ) and Google Inc. (NASDAQ:GOOG).

Cramer said Cisco Systems murdered the Junipers and others. He thinks the recent downgrades just mitigated some of the calendar risk. That was one of his top three growth picks for the year.

Apple (AAPL) is still his No. 2 growth stock of the year and he is sticking with it. The guidance is just artificially low for the quarter and he thinks this goes higher even with it down in after-hours.

Microsoft is too powerful to be capped. The Vista is going to win and MSFT under $28 is a gift (although it is around $31 now). He thinks even though it may sell off after the Vista release, you may want to rebuy it.

Hewlett-Packard is the best player in PCs, according to him, that will benefit from Vista.

Google is a product winner and he thinks it goes higher. He said last week that it would go to $513 by today, but we are at $497; that's a gift according to him.

He also likes Level 3 Communications (NASDAQ:LVLT), but that wasn't one of his top five holding stocks, he noted. That is his No. 1 speculative play for 2007 from two weeks ago, if you recall.

Jon C. Ogg