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'Mad Money' Recap: Too Far, Too Fast? (Final)

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(Story updated to add Cramer's picks in the Lightning Round and his interview with a CEO of an apartment REIT who has a different view of the industry from Cramer's.)

NEW YORK ( TheStreet) -- Jim Cramer gave the bears their due on his "Mad Money" TV show Monday.

He said the bears have valid reasons why the markets should be lower. But said that when those negatives are put into context, they're just not enough to be keeping investors out of stocks.

Cramer explained that many bears complain that the markets have risen too far, too fast. "The markets don't get speeding tickets," retorted Cramer, who reminded viewers that stocks are still cheap when compared to various other points in history.

Next Cramer addressed the elephant in the room, Apple (AAPL), a stock which he owns for his charitable trust, Action Alerts PLUS , and one that's been on a parabolic rise. Cramer told viewers to put Apple into context as well, by dividing its share price by ten. Using that arithmetic, Apple was a $40 stock that's risen to $55. "That's not a big move," declared Cramer.

Cramer went on further to explain that Apple still has a price earnings ratio of just 13, while the average stock in the S&P 500 is trading at 14. Does Apple have less than average growth? He also compared Apple to similar high-growth names, like Chipotle Mexican Grill (CMG) and Under Armour (UA). Both of these stocks have price earnings multiples of 40.

Then there's China, a country that is showing signs of a slowdown. But can that slowdown be from weak sales in Europe? Or maybe a focus internally rather than externally? If so, then Cramer said that slowdown may soon be over. Cramer also discounted fears about the retail sector, noting that job growth trumps any rise in gasoline prices and will keep this sector humming along.

Cramer said his only true worry for the markets are the transports. He said that weak transports are always negative for the markets, but even here, a case can be made that weak coal demand is hurting the rails while higher fuel prices is crimping the airlines. That said, maybe even the transports aren't as weak as they appear.

Cramer said that stocks will slip and slide from time to time, but added that if investors get too negative, they will miss brilliant moves by Apple and others.

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