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NEW YORK ( TheStreet) -- With the Dow Jones Industrial Average just a stone's throw away from its five-year high, Jim Cramer told "Mad Money" viewers Tuesday he's not celebrating the milestone, but he's also not assuming this is the top either.
Cramer said there are a lot of reasons why the markets are different this time around. He said that back in 2007 the Dow was at 14,000 based on an unregulated housing market, derivatives that no one understood, a booming Chinese economy and an insatiable appetite for all things tech. But today, the companies that make up the Dow are in far better shape than they were in 2007, and the world's economy is on the mend.
Off the ChartsIn the "Off The Charts" segment, Cramer went head to head with colleague Scott Redler to see if the markets really can stay above their all-time highs. Back on Feb. 14 of last year, Redler boldly predicted the S&P 500 would see 1,700 by 2015. Based on what he's seeing now, Redler feels that target could come a whole lot sooner. Redler took a long-term view of the S&P using a monthly chart going all the way back to 1976. He noted that during the 1980s, the index rallied 250%. Then during the 1990s, it rallied another 360%. Thus there's precedent for large, multi-year moves to the upside. During the 2000s, however, the markets pulled back and formed a double top with the S&P near 1,500 in 2000 and again in 2008.
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