Cramer's 'Mad Money': Jan. 23

This article was originally published Jan. 23.

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"There are some signs of health in this market," Jim Cramer told the viewers of his "Mad Money" TV show Thursday.

Despite the down day in the Dow Jones Industrial Average, he found four signs of life.

Cramer said the first sign came from the technology sector. While Microsoft (MSFT Quote) missed its earnings by a mile, others like Google (GOOG Quote) confirmed the pattern set by Apple (AAPL Quote) and Research In Motion (RIMM Quote).

Cramer said when it comes to tech, it's either hot or it's not, in or out, up or down.

Cramer said the second sign is oil. "When oil goes up, the markets go up," he said, noting that ExxonMobil (XOM Quote) alone accounts for 5% of the S&P 500 index.

The third sign comes from pharma. He said the deal between Pfizer (PFE Quote) Wyeth (WYE Quote) could fetch as much as $60 billion, and spark a wave of other consolidations.

Geron (GERN Quote), another pharma name, was also up 38% on news of FDA approval for human trials of the first ever embryonic stem cell-based treatment.

Cramer said he's also a fan of Forest Labs (FRX Quote) and Bristol-Myers (BMY Quote).

The final sign of life was Goldman Sachs (GS Quote) and Morgan Stanley (MS Quote), both of which are breaking out to the upside. Cramer said Goldman may soon find itself in a position to raise capital and pay off the TARP money it borrowed from the government.

All of these signs, said Cramer, leave him cautiously optimistic for next week's action.

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