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"Today's tech rally is long overdue," Jim Cramer told viewers of his "Mad Money" TV show Monday.

Last week's selloff in technology was just not justified, Cramer said, adding, "There's nothing really wrong with most of these tech stocks." To emphasize his point, he'll be featuring tech stocks this week on "Mad Money."

Cramer remains a fan of


(GLW) - Get Report



(HPQ) - Get Report

, the latter of which he owns for his charitable trust,

Action Alerts PLUS.

He also still likes


(INTC) - Get Report

and expects an upside surprise from


(MSFT) - Get Report

.Cramer also still stands behind his "horsemen of tech":


(GOOG) - Get Report



(AAPL) - Get Report


Research In Motion

( RIMM).

However Cramer's first technology comeback stock of the week was




This longtime Cramer favorite has "burned a lot of people," he noted, as it's down more than 34% since October.

But Cramer said he continues to like EMC for three reasons. First, he likes the company's international exposure and said the positive comments Monday from


(IBM) - Get Report

should also bode well for EMC.

Second, Cramer expects the company's new flash-based products to do well in the third quarter. Finally, Cramer notes EMC will benefit from its huge stake in



in February, when it can begin selling the stock.

Cramer compared the EMC-VMware relationship to that of

Cypress Semiconductor

(CY) - Get Report

when it spun off


(SPWR) - Get Report


Cypress, Cramer noted, rose 36% after the company emerged from its lockup period and started unloading its SunPower shares. Cramer expects the same from EMC, and predicted that the stock could rise 45% from its current beaten-down levels.

Outsourcing R&D

Cramer's been a long-term fan of cutting health care and drug costs. He's featured companies like

Medco Health


and other health care cost-containment companies in the past. But tonight he focused on contract research organizations, or CROs.

These companies allow big pharmaceuticals to outsource their clinical trial work to cut costs. Cramer's favorite in this space is




Covance, Cramer said, handles early and late stage testing and has a solid customer base.

The company also has an immaculate balance sheet, according to Cramer. Covance has $250 million in cash, no debt and $300 million in expected free cash flow over the next two years.

Cramer sees the potential for Covance to trade at 37 times this year's earnings, which translates to a target price of $115, or a 33% upside. Despite being just $1 off its 52-week high, Cramer said Covance "must be bought on any weakness."

Cramer also recommended

Charles River Labs

(CRL) - Get Report

as an early stage CRO play and



as a pure-play late stage CRO.

He also still likes drugmaker


(NVS) - Get Report

and retailer

CVS Caremark

(CVS) - Get Report

. CVS is a stock that he also owns for his

Action Alerts PLUS portfolio.

Behind Chattem's Success

Cramer welcomed Zan Guerry, CEO of


( CHTT) to the show for an update on the company's continued success. Chattem has risen 107% since Cramer recommended it in April 2006.

Guerry credited some of the company's success to its recent acquisition of five brands from

Johnson & Johnson

(JNJ) - Get Report

earlier this month that gave it Cortizone-10, Unisom, Balmex and ACT mouthwash.

He said the the company will continue growing through both acquisitions and extensions of its many current brands.

Cramer said, "This stock's been a winner and will stay a winner."

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Lightning Round

In this segment, Cramer was bullish on

Quanta Services

(PWR) - Get Report


Sigma Designs




( LTR),


(MO) - Get Report


NYSE Euronext



BioMarin Pharmaceutical

(BMRN) - Get Report



(CELG) - Get Report



(RIG) - Get Report


Cramer was bearish on


( ZGEN),




International Speedway

(ISCA) - Get Report


Want more Cramer? Check out Jim's rules and commandments for investing by

clicking here


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


At the time of publication, Cramer was long Hewlett-Packard, NYSE Euronext, Transocean, CVS Caremark and Altria.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of 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, 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 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, 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, 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 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, 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.