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NEW YORK (

TheStreet

) -- "We're on our way to Dow 12,000," Jim Cramer told the viewers of his "Mad Money" TV show Thursday.

He said while the bears continue to argue that the economy is getting worse, things are indeed getting better, much better. Cramer took a moment to rebut each of the bears' arguments.

1. Sustainability. Cramer said the bears continually argue that the market rally just isn't sustainable. But in reality, he said you just don't get these kind of moves in the industrial stocks if the rally is not sustainable. Indeed, he said the rally is multi-year sustainable.

2. Housing. Cramer said the bears argue that foreclosures are still mounting. But in reality, he said, we're headed for a housing shortage in 2011. Cramer said once job growth returns, foreclosures will disappear. He said it wouldn't be possible for the big banks to rally if foreclosures were still an issue.

3. The

Fed

. Cramer said the bears argue that the Federal Reserve will tighten rates and ruin everything. But he said, "Ben Bernanke knows what he's doing" and "we will not have a double-dip recession."

4. Low Volume. The bears argue that the rally has been on low volume, and therefore can't be for real. Cramer said that the markets have had low volume for 4,500 Dow points, and he hopes the low volume keeps coming.

5. Europe and China. Cramer argued that what's bad for the euro is ultimately good for the dollar. He said Europe's problems are not big enough to matter, and China is definitely not slowing down.

6. Washington. The bear's final argument is that legislation and regulation will crush the big banks. But Cramer said he's heard the new bills are actually a win for the big banks.

Cramer said all of these "arguments" are bogus, and provide investors with a great opportunity to buy into the rally at a great price. "Keep up the faith," he said.

Busy Pipeline

In the "Executive Decision" segment, Cramer followed up with Daniel Junius, president and CEO of

ImmunoGen

(IMGN) - Get Report

, one of many biotech companies waging the fight against cancer. Cramer last recommended ImmunoGen in November, 2009 as part of a series of stocks in the cancer war.

Junius said ImmunoGen's TDM1 breast cancer drug is still seeing positive results in its trials, and could become a $2 billion to $5 billion blockbuster if approved by the Federal Drug Administration. He said TDM1 could receive approval as early as the beginning of 2011 thanks in part to the FDA accelerating the approval due to the drug's continued positive results.

Junius also said that the FDA has granted orphan drug status to another of its drugs, presently named ImmunoGen 901, which is aimed at fighting lung and ovarian cancers. Junius said that 901 may still be three or four years away from approval, but the orphan status affords the company additional protections against competition.

Junius said that all of the positive news surrounding InnunoGen's products helps to validate the technology the company uses to manufacture them. While he did not rule out the possibility of needing additional financing while these drugs are still in development, he said that the company is in great shape and does not foresee the need for secondary offerings.

Cramer continued his support for the stock.

Getting a Sunburn

In the Thursday "Sell Block" segment, Cramer said it's time to ring the register on teen retailer

Pacific Sunwear

(PSUN)

, a stock that's had an amazing 256% run over the past 12 months.

Cramer said after recommending competitor

Hot Topic

( HOTT) just a few days ago, he simply can't make a case for owning shares of Pacific Sunwear after the monster move it's already had. He recommended swapping out of Pacific Sunwear and into Hot Topic.

Pacific Sunwear reported a loss of 26 cent a share during its most recent quarter, on a 17% decline in revenue and declining same store sales. The company admitted its in the middle of a turnaround, but Cramer said he can't justify owning PacSun while so many others retailers are producing positive results.

Cramer said the company is doing everything right, closing underperforming stores and localizing its merchandise while adding more private label items. But he said there's no indication how long the turnaround will take to complete.

Simply put, Pacific Sunwear is not a growth story, said Cramer, and in this market, you need growth.

Mad Mail

Cramer followed up on a stock that stumped him earlier in the week. He said that

Houston America

's

(HUSA) - Get Report

recent decline was due to two scathing blog posts questioning the value of the company's holdings.

Cramer said he's siding with management on the value of its holdings, but fell short of recommending the stock. "Stick with the better known oil and gas plays," he said.

Cramer said that

Wal-Mart

(WMT) - Get Report

does not do well when the economy is recovery. He recommended swapping into

Intel

(INTC) - Get Report

, which has more growth.

Cramer told a viewer that

WellPoint

(WLP)

will likely have a monster quarter, but no one seems to care, and that he's not a fan of

Activision

(ATVI) - Get Report

, but would be a buyer of

Electronic Arts

( ERTS).

Finally, Cramer told a viewer that after taking some profits in

Apple

(AAPL) - Get Report

, a stock which he owns for his charitable trust,

Action Alerts PLUS, he would wait for a pullback before buying back in.

Lightning Round

Cramer was bullish on

SandRidge Energy

(SD) - Get Report

,

Visa

(V) - Get Report

,

JPMorgan Chase

(JPM) - Get Report

,

NVIDIA

(NVDA) - Get Report

,

Ormat Technologies

(ORA) - Get Report

,

Goodyear Tire & Rubber

(GT) - Get Report

,

Cenovus Energy

(CVE) - Get Report

and

Bristol-Myers Squibb

(BMY) - Get Report

.

He was bearish on

American Express

(AXP) - Get Report

and

Foster Wheeler

(FWLT)

.

-- Written by Scott Rutt in Washington D.C.

To watch replays of Cramer's video segments, visit the Mad Moneypage on CNBC

.

Want more Cramer? Check out Jim's rules and commandments forinvesting from his latest book by

clicking here.

For more of Cramer's insights during the Lightning Round, clickhere

.

At the time of publication, Cramer was long JPMorgan Chase, Visa, Apple.

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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