Cramer's 'Mad Money' Recap: High on Clearwire

"It is not a trade off the pop caused by the IPO," he said. "It's a stock I like long term. Be patient and build a position."

Sell Block

In his "Sell Block" segment, Cramer said that while dividends are supposed to make people feel safe about a stock, he believes that two companies' dividends are lies and are giving people false impressions of good health.

When a dividend gets too high, it is a sign the stock is going lower, Cramer said. According to Cramer, BP Prudhoe Bay Royalty BPT and Frontline FRO have dividends that are too good to be true. That's why they're up on the Sell Block.

With their big dividends, "these companies will either fail to deliver and have to lower their dividends, or they will fall so hard that the dividend wont be worth it," he said.

Cramer believes that BP Prudhoe's stock and dividend both should go lower and that Frontline is part of the same club.

In order to make earnings, Frontline is selling off assets -- "a losing strategy," he said.

Am I Diversified?

In his "Am I Diversified?" segment, Cramer's first caller said he owned the following five stocks for his portfolio: AT&T T, Reliant Energy RRI, Deutsche Telkom DT, International Game Technology IGT and Altria MO, which Cramer owns for his charitable trust, Action Alerts PLUS.