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Jim Cramer's 'Mad Money' Recap: Has the Tech Bubble Already Popped?

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NEW YORK (TheStreet) -- What if the bubble burst and nobody even noticed? Cramer asked on Mad Money. The S&P 500 and the Dow both hit new highs Monday and Cramer wondered whether the bubble is being destroyed right before our eyes.

Monday was the first day in a long time the beaten-down bubble didn't get stomped on. The S&P jumped 0.97% and the Nasdaq, the home of the "deflated bubble," skyrocketed.

Cramer said not a day goes by where we do not hear about rapidly inflating technology and biotech bubbles. That it all has to end in tears for every stock, just like in 2000.

The only problem? The bubble's been popping for months, Cramer said. The facts just don't fit the bubble story. Sure, there's been some overvaluation in cloud and Internet tech stocks. The difference between the failed companies of the 2000 and today is that those companies went bust because they were not based on earnings or sales.

You may hate momentum tech names like WorkDay (WDAY) or Cornerstone On Demand (CSOD). You may think Salesforce.com (CRM) and Yelp (YELP) are "repulsive blights" compared to Facebook (FB) and Google (GOOGL), both Action Alerts PLUS holdings. But the idea that these stocks are somehow updated versions of the Internet stocks that tanked in 2000 smacks more of fiction than fact.

"I'm not crazy about what they're doing with their rampant spending, but at least they're making money," Cramer said.

During the so-called collapse of the tech sector in 2000, the S&P 500 was riddled with overvalued tech, with five stocks -- Microsoft (MSFT), Oracle (ORCL), Intel (INTC), Cisco (CSCO) and General Electric (GE) -- that accounted for 17% of that index at the time blowing up simultaneously.

In the current market, with the relentless insider selling and surge of companies going public, we've ended up with an oversupply of stocks that are difficult to value, Cramer said. Who knows what to pay for any stock when revenue growth doesn't matter?

The bottom line: Bubble talk right now obfuscates genuine opportunities among good stocks. For the remainder of equities, use any bounce as a chance to exit.

Checking Into Hotel Stocks

Bull markets remain despite the turmoil of late, Cramer said, adding there's a stealth bull market in hotel stocks.

In developed markets like the United States there are very few new hotels going up, at least by historical standards. Travel has been on the rebound of years. Demand is up, supply is down, and higher prices will ensue. That's Economics 101, Cramer said.

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