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"Ignore the man in front of the curtain," Jim Cramer told the viewers of his "Mad Money" TV show Tuesday, referring to Ben Bernanke's testimony before Congress today.
He said the
chairman's remarks were politically based and had little to do with the actual state of the economy.
According to Cramer, Bernanke's remarks before Congress today had to be negative to justify all of the extreme measures being taken to both bail out the financials and save the economy at large.
Had Bernanke said things were getting better, Congress would have certainly questioned his actions and stripped him of the tools needed to complete the job, theorized Cramer.
Investors looking for the real direction of the economy need to look at
, said Cramer. Here's a company that's ruthlessly cutting costs and is now making more products for less and earning its nine-point rise over the last five days, he said.
Cramer also found strength in
blowout results. He said the technology rally will continue on the heels of this monster news.
Bottom Line: Investors needed to ignore Bernanke's cautious words and focus on the pockets of strength that are hinting at the eventual recovery, he said.
Off the Charts
In the "Off The Charts" segment, Cramer looked at the chart of
Las Vegas Sands
, and went head to head with colleague Dan Fizpatrick, over the interpretation of the chart.
According to Fitzpatrick, Las Vegas Sands is a buy, with the chart showing a huge breakout above its 200-day moving average. Fitzpatrick also noted that the stock has finally held the $10 a share level, without breaking down, signaling that investors finally have some conviction in the company.
But Cramer sees things differently, saying if investors like Las Vegas Sands, they'll love rival
, which has all of the positives of the Sands, but with far fewer of the negatives.
Cramer said when it comes to casinos, it's all about the Chinese province of Macau. And while both companies are planning to IPO portions of their Macau businesses later this year, Cramer said Wynn's deal will be coming sooner and is coming from a position of strength.
According to Cramer, concerns over the Sands' financing has weakened the company, with five Macau projects having been halted due to financing concerns. Wynn, however, does not suffer from financing concerns, making it the stronger player. Cramer valued Wynn's Macau properties at $6 billion, meaning the rest of the company is grossly undervalued.
Mobile Internet Boom
In support of his thesis that mobile Internet is a game changing technology, Cramer welcomed Bob Bowman, president and CEO of the privately held MLB.com, to the show to discuss his products and how the mobile Internet has affected his business.
Bowman said MLB TV subscribers now have the ability to watch any game they want on their iPhone or other mobile device.
In discussing MLB's technology, Bowman said that his company uses
for its back end and
Flash player for its video, and hardware from
, a stock which Cramer owns for his charitable trust,
Action Alerts PLUS, and
Bowman said the mobile Internet has been huge for the company, with mobile page views increasing from 8% to more than30% of all the site's traffic in just two years.
Asked if MLB.com would consider going public, Bowman said it's unlikely given that the company does not need capital and its investors have long-term plans for the company.
Cramer told a viewer that
is still in the middle of its turnaround, and strange things can happen with the stock at the bottom.
Cramer told a second viewer that he'd swap out of
in favor of rival
Nordic American Tanker
. He told another viewer that the market doesn't care about
, but there's room for this high yielder in every portfolio. He said he'd buy more under $29 a share.
Cramer was bullish on
He was bearish on
American International Group
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At the time of publication, Cramer was long Cisco.
Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."
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