Cramer's 'Mad Money' Recap: Take Some Off the Table (Final)

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NEW YORK (TheStreet) -- On big up days like Tuesday, investors need to be asking "what could go wrong?"

Those were Jim Cramer's words of advice to the viewers of his "Mad Money" TV show. He said investors always need to take on the contrarians and challenge their investment theses. That's why Cramer examined the bearish sentiments of chartist and colleague Bert Dohmen.

According to Dohmen, the market technicals paint a very bleak picture, as the S&P 500 edges ever closer to its pre-crash levels between 1,120 and 1,200. Dohmen said these levels will offer considerable market resistance, with all but the hardiest of bulls taking profits.

Dohmen also noted a "rising wedge" pattern in the S&P's weekly charts, as the trend lines of the highs and lows rapidly converge on the same level, another bearish indicator. The chartist also noted some fundamental points of concern, including the anti-business priorities of Congress, the end of the $8,000 new homebuyer tax credit, and the possibility of another wave of home foreclosures.

Cramer conceded that all of these points do raise some eyebrows but he still believes in a longer-term bullish cycle and some resistance in the shorter term. Cramer continued his cautious stance on the market, advising investors to sell off their positions into strength, and buy them back if the Dow falls below 9,400.

"It's important to challenge your theses," said Cramer, noting that as the facts change, so should your investment strategies.