Shares of Caterpillar (CAT) - Get Report are breaking out, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

The stock is up more than 7% over the past three trading days, with a bulk of those gains coming on Wednesday. This has been a stock loved by short-sellers, Cramer added. 

However, this is no longer a good name to bet against. The stock has quietly rallied 30% on the year. Up 37% over the past 12 months, the stock is also the best performer in the Dow Jones Industrial Average over both time lengths. 

A recent report from Credit Suisse says that mining equipment is bottoming, which would be a huge positive for Caterpillar, he reasoned. "This thing has bottomed," Cramer added. 

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The mining business has been a "black hole," and if that's going to be improving, it's too hard for investors to be short this name. Watch out for Caterpillar, Cramer concluded. 

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.