Cramer's 'Mad Money' Recap: Aug. 11

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"There are three stories controlling the markets right now," Jim Cramer told viewers on a special midday edition of his "Mad Money" TV show.

He said falling oil prices, the rally in retail stocks and the continued rally in banking and financial stocks are behind the market rally.

Cramer reminded viewers that he called the bottom in the financial stocks on July 15. Since that call, many of the banking stocks are up, and up big.

He cited stocks such as Ambac (ABK Quote), which was trading at $1.70 a share on July 15 but is now $4.19 a share.

He also mentioned MBIA (MBI Quote), up from $3.90 a share to $8.70 a share, Wachovia (WB Quote), up from $8.90 to $18.60 a share and Bank of America (BAC Quote) from $18 a share to $33 a share.

Even the troubled Fannie Mae (FNM Quote) is up from a low of $6.90 a share to $8.30 a share today, noted Cramer. He said that despite continued losses at all of these companies, he doesn't feel the lows of July 15 will be tested again.

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