Cramer's 'Mad Money' Recap: Playing Nice With NYSE

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"It's time for a gigantic mea culpa," Jim Cramer told viewers of his "Mad Money" show Wednesday.

Back on Aug. 10 when a viewer asked about the NYSE (NYX Quote), Cramer said he was not a fan of the stock. In fact, he was not a fan of it as recently as last Monday, he said.

Now, even after Wednesday's pullback, the stock is over $70, Cramer said.

"I was wrong when I said it wasn't a buy at $57, and I would be wrong if I didn't say it was a buy at $71," he said. "I got it dead wrong, and it stands out like a sore thumb."

Cramer said he's been persistently negative on the stock because he's been looking at what it has been and not what it will be.

"I have not thought about the possibilities of what could happen here," he said.

At $57, Cramer believed that the positives were all in the stock, and that the NYSE had too much competition, he said. But "it's a sign you're wrong when you agree with the rest of the Street."

Though there are 12 analysts who are currently neutral on the stock, Cramer said he's going positive on it.

"Other players in this game have all raised prices for transactions this year," he said. "It is in an incredible position by going electronic and taking all the costs off the floor."

In addition, NYSE has revenue growth, which increased 10% to $470 million over the previous year.

"It's a recipe for one thing: earnings explosion," Cramer said. "If you look at any of the successful companies, they all looked hideous when they became for-profit. Then they made people huge amounts of money."

Moreover, Cramer believed that NYSE was going to spend too much for Euronext, but that wasn't correct thinking, he said. Cramer now believes that NYSE should buy more exchanges around the globe.

"I was wrong, and I want you in it," he said.

Buy some NYSE stock now, and buy the rest when the deal with Euronext is finalized, Cramer said.