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Jim Cramer's 'Mad Money' Recap: Fewer Jobs = Bull Market

When asked about sales overseas, Chirico said Italy and southern Europe are still weak but there is growing strength in northern Europe. He said Asia remains another area of opportunity for PVH over the long term.

When asked about the difficulty in meeting those year-end targets, Chirico said he doesn't expect "heroic efforts" in order to meet and beat its targets.

Cramer said he remains a believer in PVH and the strength of its brands.

Off the Charts

In the "Off The Charts" segment, Cramer went head to head with colleague Ed Ponsi over the direction of the big-cap biotech stocks, using the iShares Nasdaq Biotech ETF (IBB).

Ponsi noted that between November and March of this year the biotechs were roaring. But then in late February, after a wave of new IPOs and secondary offerings, the group crashed hard, down 19% in a matter of weeks. The biotechs saw their lows in April and have since been in consolidation mode.

That was until last week, when the group quietly broke above its 50-day moving average and out of a symmetrical triangle pattern.

Ponsi noted that Celgene (CELG), after a 38% retracement, is now signaling a bullish crossover in its MACD momentum indicator.

Other notable biotechs, like Regeneron (REGN), down 20%, is also now signaling strength, as is Isis Pharmaceuticals (ISIS), whose most recent pullback was on very light volume, signaling the buyers are still in control.

Cramer said he's in agreement with Ponsi and feels these great left-for-dead names are once again in bull market mode.

Executive Decision: Robert Greenberg

In his second "Executive Decision" segment, Cramer sat down on location with Robert Greenberg, chairman and CEO of Skechers (SKX) and CFO and COO David Weinberg. Shares of Skechers are up 38% so far this year.

Greenberg said footwear remains a hot commodity and Skechers is one of the few companies that can say it's racing to keep up with inventory and can raise prices if it wants to.

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