"How much higher must the market go before people start to believe it," Jim Cramer asked the viewers of his "Mad Money" TV show Tuesday.
In front of a live studio audience, he called out naysayers and the permanent bears, saying he's had enough of the negativity.
Cramer said he's scared of living in a world where there's no accountability for the people who have been consistently wrong about this market and those that insist that we're still in a bear market. He said he comes from Philadelphia, where its part of the culture to call people out when they're wrong.
Cramer pointed to his own record, where he told people to sell at Dow 10,000 last year and told people the coast was clear in March at Dow 6,500. Critics however, said Cramer's sell call created panic, and that his buy call was irresponsible. These same critics, noted Cramer, have also been consistently wrong.
Cramer said today's home sales number just screamed that a housing bottom is near, and other positives in the market just can't be ignored. He urged investors not to listen to negativity, and focus on what matters.
Off the Charts
In the "Off The Charts" segment, Cramer went head to head with colleague Dan Fitzpatrick over the chart of the entire
Nasdaq Composite Index
to see if the technicals, or the fundamentals, are in control of the rally in technology.
According to Fitzpatrick, after a brief resting phase, the NASDAQ has broken out to the upside and is poised for a 7% move to 1,584 before it's due for a pullback. Using a metric called "measured moves," Fitzpatrick estimated the size of the upcoming NASDAQ rally based on the size of its previous rally.
Cramer said he agrees with Fitzpatrick's call that the tech rally is going to continue, but he asked why play it with ETFs such as the
( QQQQ), when you could play it with the best stock in the Nasdaq?
is by far the most promising stock in the Nasdaq and he'd put his money there. According to an analyst at
, Apple is poised to dominate the move to mobile Internet with its iPhone, and she has a $180 price target on the stock.
Cramer said he agrees with the research, noting that the iPhone is set to debut in China next week and saying iPods also continue to do well. Trading at just 17 times earnings, with $29 billion in cash on the books, Cramer said investors can't afford not to own Apple.
A Menu for Growth
Cramer welcomed Andy Puzder, CEO of
( CKR), which Cramer recommend on May 22 at $7.73 a share. In just two short weeks, that call is already up a quick 16%.
Puzder said he has real growth plans for CKE, including over 300 franchise stores and 70 company-owned stores in the U.S., and another 300 locations internationally. He said he's excited to be working on the company's first stores in the New York area.
Puzder said the company is also sticking to its quality, and has no plans to lower quality or portion sizes in order to hit lower price points. He said the company's sexy ad campaigns are working to reach its target market of 18 to 35 year old males.
When asked about business, Puzder agreed with Cramer's theory that a concentration of locations in California has been hurting sales, but as the economy recovers, so will the company's bottom line.
Finally, after a taste test of the company's Carl's Jr burgers, Cramer retracted his earlier statements about the chain and said that he did in fact, enjoy the company's food.
Wall of Shame
In in special "Wall Of Shame" segment, Cramer removed Ed Liddy, CEO of the beleaguered
, from the wall after the announcement of his departure from the company.
Cramer said there's nothing that will make AIG's stock worth owning, and called the fact that shares have not been delisted or cancelled a travesty. He said that AIG's common is worthless, and will remain that way for a long time to come.
Cramer was bullish on
He was bearish on
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At the time of publication, Cramer was long ConcoPhillips, JPMorgan Chase.
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