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Cramer's 'Mad Money' Recap: When Progress Isn't Good

So what does Boroden think now? She's more cautious at current levels based on past performance. Boroden noted that in the 60 months from its lows in 2002 to 2007, the S&P moved higher by exactly 807 points. In the 42 months since the index hit its lows in 2007, the S&P has also now moved exactly 807 points.

Boroden said that she would be a buyer of the S&P, but only on a pullback and only if the index holds above the 1396 level. If the S&P can make it, then her short-term targets are 1484 and 1518, modest gains, and a longer-term target of possibly 1823, which would be a 25% gain.

Cramer said that while he doesn't rely solely on technical analysis, over the past six months Boroden has been spot on.

Warnaco's Potential

Most losers and laggards in the market stay that way, but every once in a while investors can uncover a gem, Cramer told viewers.

He highlighted apparel maker Warnaco (WRC) as another potential breakup story with lots of upside. Cramer said while company management has made no mention of a breakup thus far, splitting itself up would make a ton of sense and profits.

Warnaco currently holds the license for Calvin Klein underwear, along with others for brands Speedo, Chaps and Olga as well its own line of Warnaco products. But the company has been struggling as of late, with its shares falling flat while those of PVH Corp (PVH), which owns the rest of Calvin Klein, are up 39% for the year.

Cramer said PVH would be a natural buyer for Warnaco's Calvin Klein business, and the company has the money and credit to make the deal possible. He estimated PVH could take Warnaco's $100 million Calvin business to over $500 million by 2014 alone. That would leave Warnaco with a stable of other great brands, like Chaps and Speedo, which could be sold at a premium to the likes of VF Corp (VFC), another stellar manager of apparel brands.

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