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Jim Cramer's 'Mad Money' Recap: The Market's Short-Term Memory

But that doesn't mean there aren't mini-bubbles forming in the 3-D printing stocks or the small biotech names or the cloud stocks, the latter two of which have seen a huge flood of initial public offerings recently.

Even the high-flying momentum stocks such as Netflix (NFLX) and Tesla Motors (TSLA) could be seen as "bubbly" because they simply ran too far, too fast and have been coming back to Earth ever since.

There are still opportunities out there, Cramer concluded. Investors just need to be ready to exploit them.

Off the Charts

In the "Off The Charts" segment, Cramer went head to head with colleague Carolyn Boroden about the overall direction of the markets, using the charts of the S&P 500 and the Nasdaq 100 as barometers.

Looking at a monthly chart of the S&P, Boroden noted the index has already passed her initial price targets while at the same time hitting time-based resistance. She noted that the market's rally from 2003 to 2007 lasted 60 months, while the current rally from 2009 to today now stands at 61 months, meaning a correction is due.

The S&P's weekly chart was also worrisome, as the average has a ceiling of resistance between 1,881 and 1,920. If the index fell below its February lows of 1,751, she felt the markets would be in serious trouble.

The Nasdaq 100 told a different story, however, as that index peaked on March 6, just as Boroden's timing suggested. The 16.8% retracement is also on par with her expectations. With a floor of 3,540 Boroden felt the Nasdaq could rally to 3,791.

Cramer said his interpretation of Boroden's work is that the markets are at a critical point, teetering on the edge where they could break either way.

Lightning Round

In the Lightning Round, Cramer was bullish on Randgold Resources (GOLD), First Solar (FSLR), Winnebago Industries (WGO), Eli Lilly (LLY) and Atmel (ATML).

Cramer was bearish on BlackBerry (BBRY), Apollo Group (APOL), Armour Residential (ARR) and Canadian Solar (CSIQ).

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