Cramer's TheStreet.com TV Recap: High on Drug Stocks

The market is looking good because of several important breakouts led by AIG (AIG Quote) and Johnson & Johnson (JNJ Quote), said Jim Cramer on his TheStreet.com TV video Thursday.

Cramer owns the two stocks for his charitable trust, Action Alerts PLUS.

Cramer also cited retail, drug and technology stocks as improving. He said that the market has turned incredibly bullish despite "the orb of expiration" that had previously trapped it.

"I think that people should understand that the mark time we've had since the month began may be over right now," he said.

What does this mean for investors?

First, get in your best tech stock, Cramer said, adding that he has been looking at Research In Motion (RIMM Quote) and Apple(AAPL Quote) but that he also believes Microsoft's (MSFT Quote) Vista and video-game maker Electronic Arts (ERTS Quote) could work.

Marvell Tech (MRVL Quote) and Seagate Technology (STX Quote), two stocks he owns for his charitable trust, Action Alerts PLUS, definitely are right.

As for drugs, Cramer said he has been focusing on JNJ because of the Pfizer (PFE Quote) acquisition, and he believes that it's going way higher. Conversely, Cramer believes that Schering-Plough(SGP Quote), another stock he owns for his charitable trust Action Alerts PLUS, seems a bit high for now.

In the oils, Cramer said he is watching Exxon (XOM Quote), which is headed back to $80.

He disagrees with the recent Chevron (CVX Quote) downgrade at $72. He advised investors to watch Lowe's (LOW Quote) above $31 and Sears Holdings (SHLD Quote), which he said has always been trapped at the strike and then gone up after expiration. Cramer also owns Sears for his charitable trust.

All in all Cramer said the market looks good, adding that Citigroup (C Quote) did not go down after recent news from CEO Charles Prince and that Bank of America (BAC Quote) did not make what Cramer called a "bad" acquisition.

"When I see the insurance stocks all breaking out here, I got finance going for me, I got drugs going for me, I got tech going for me ... this market's going higher."