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Cramer's 'Mad Money' Recap: Armageddon Fears Overdone (Final)

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NEW YORK ( TheStreet) -- "I'm giving this market the benefit of the doubt," Jim Cramer told his "Mad Money" TV show viewers on Monday.

He said after a run of notable achievements, including a recent streak of stellar up days, the markets should be forgiven for giving back some of its gains.

Why is Cramer still bullish? He said the huge number of 52-week highs is a good place to start. Cramer said stocks like his F.A.D.S.C.A.N. group of high-growth stocks are delivering tremendous gains.

They include F5 Networks (FFIV), up 50%; Amazon.com (AMZN), up 81%; Deckers (DECK), up 96%; and Salesforce.com (CRM) up 66%. He said these stocks have delivered their gains in the face of Chinese inflation, Greek debt default and an earthquake, tsunami and nuclear crisis in Japan.

Cramer said he's also bullish because the markets have had a 7% run recently, and that means some profit-taking in certainly in order. He said there are still problems out there, like the U.S. debt ceiling issue, but others, like the newly minted Italian debt concerns, may be overblown.

Cramer said the market need to be forgiven for a few down days, they've certainly earned them.

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