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NEW YORK (

TheStreet

) -- "Every argument the bears had for taking this market lower has been answered by the bulls," an optimistic Jim Cramer conveyed to the viewers of his "Mad Money" TV show Tuesday.

He said the bulls have put the bears in their place, addressing every issue with solid data to the contrary.

What were the bears' main points? Cramer identified six:

1. Consumers simply have no money to spend for the back-to-school season.

2. The tech rally has halted after a great run.

3. China is done buying goods because it has all the resources it needs.

4. Credit card defaults are still rising and plaguing the banking system.

5. The "Cash For Clunkers" program is stealing sales from other parts of the economy.

6. Obama's healthcare reforms changes will cripple the economy.

Cramer said the markets have rebuffed all of these arguments. Today both

Target

(TGT) - Get Report

and

Home Depot

(HD) - Get Report

, a stock which Cramer owns for his charitable trust,

Action Alerts PLUS, said they see sales and profits getting better.

In tech, reports surfaced that

Apple

(AAPL) - Get Report

is taking share around the globe with its iPhone, while

Hewlett-Packard

(HPQ) - Get Report

, another Action Alerts Plus name, also reported a good quarter.

Cramer said despite a momentary low, China is back buying resources today and oil is over $70 a barrel. Meanwhile Cramer favorite

Citigroup

(C) - Get Report

said it sees credit card defaults declining.

Over in the auto sector, General Motors said its putting people back to work as a result of "Cash For Clunkers." And finally, reports surfaced over the past weekend that a government run healthcare option might be dropped from any legislation.

Cramer said all of the bears' reasons for liking the markets are now gone, and that's why we were able to rally 83 points after such an ugly decline.

Cheap Buy

In the "Off The Charts" segment, Cramer pitted himself against two technicians, and colleagues, over the chart of private label food maker

Treehouse Foods

(THS) - Get Report

, which Cramer has championed for several years.

According to Alan Farley, Treehouse's jump from $32 to $38 a share, followed by its slide back to $36 a share, is a "bull-flag correction," a sign that the stock is only taking a breather before continuing higher. But Dan Fitzpatrick, another technician, argues the company's chart is over extended, and is venturing too far off its 200-day moving average to be a safe investment.

To break this difference of opinion, Cramer turned to the fundamentals. He said the continuing trend towards private label brands, and the one's Treehouse excels at, is not just a recession play but also a secular growth trend. He said while trading at 16 times earnings might seem expensive, the company's CEO expects growth at 26%, meaning the stock is way too cheap.

Cramer called Treehouse a growth stock that's just too cheap, especially given the 13 potential takeover targets the company said it may look into acquiring. He put a $45 price target on the stock.

A Case of Execution

"Execution matters," Cramer told his viewers. That's why when it comes to home improvement retailers, he said Home Depot is the winning company, and the winning stock, while rival and former Cramer favorite

Lowe's

(LOW) - Get Report

, is not.

Cramer said any investor looking at the two companies' recent results can see the difference. Lowe's delivered horrible numbers and lowered expectations, all while blaming the weak consumer for its shortfall. Home Depot, by contrast, provided a good quarter and raised its guidance.

Cramer said Home Depot is doing everything right since ousting former CEO Bob Nardelli. He said its new CEO Frank Blake is improving customer service, closing underperforming stores, and providing customers with a better mix of products, all while doing a better job of controlling inventory.

Lowe's, however, isn't executing, said Cramer. The company's inventory value rose in the quarter, the stores simply have the wrong merchandise, and it is still focused on higher end items the consumer just can't afford, he said.

With all the evidence in, Cramer says he likes Home Depot, and sees shares topping $30 in the near future.

Working With Emeril

Continuing on his food theme, Cramer welcomed David Wenner, president and CEO of

B&G Foods

(BGS) - Get Report

, to discuss that packaged food maker's current outlook.

Wenner explained that B&G acquires food brands that are put up for auction by other companies and then makes them more profitable. He said that's how B&G acquired such brands as Cream Of Wheat and the Ortega brand of chips, salsa and taco seasonings. The company also works with celebrity chef Emeril Legasse to manufacture items under his name.

Wenner also explained that B&G's maple syrup products have been under pressure due to bad crops in Canada, but noted that a healthy crop this year should restore those products, and the company's earnings, to normal.

When asked about the company's decision to slash its dividend, Wenner said the decision was made to restore confidence that the B&G was able and committed to paying its dividend. He said there was much talk of the company not being able to pay a dividend at all, but the reduction has put those concerns to rest.

Finally, when asked about the company's hybrid security trading under the ticker "BGF," Wenner was quick to note that the security has paid out over $9 in interest and dividends so far, but also said that the underlying bonds do have a limited "shelf life."

Cramer said he's still a fan of B&G Foods, both the common stock and the hybrid security

Lightning Round

Cramer was bullish on

Apple

(AAPL) - Get Report

,

Windstream

(WIN) - Get Report

,

Emdeon

( EM) and

Nordic American Tanker

(NAT) - Get Report

.

He was bearish on

Research In Motion

( RIMM),

Intercontinental Exchange

(ICE) - Get Report

and

Diana Shipping

(DSX) - Get Report

.

-- Written by Scott Rutt in Washington

Check out the latest edition of

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.

At the time of publication, Cramer was long Citigroup, Home Depot.

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."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.