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) -- Forget about price earnings multiples, some stocks just can do no wrong, Jim Cramer told viewers of his

"Mad Money"

TV show Tuesday.

For a select few "anointed" companies, all that matters is the market's momentum, he said.

One of those chosen few seems to be

Chipotle Mexican Grill

(CMG) - Get Report

, a stock that despite a parade of downgrades and the headwinds of falling housing, weak employment and sky high gas prices, continues to power ever higher.

What's driving stocks like Chipotle, and others like


(LULU) - Get Report


Open Table


? Cramer said it's pure market mechanics.

Fund managers love growth, said Cramer, and will pay just about anything for it. And as their funds become successful and attract more capital, they return to the names that have worked well in the past, sending them ever higher.

Cramer said investors need to respect these trends, and sometimes hold their noses as they dive into what seems like unrealistic earnings multiples.

Cramer said as long as Chipotle doesn't screw up, and continues to deliver higher and higher earnings, its stock will be rewarded. He said money funds are happy to overpay for momentum, which is why the big picture economic problems seem to have no effect on these anointed few.

Ultra-Low Cost Producer

In the "Executive Decision" segment, Cramer spoke with John Pinkerton, chairman and CEO of

Range Resources

(RRC) - Get Report

, an ultra-low cost producer of natural gas whose shares have risen 33% since Cramer last featured the company on Nov 18.

Pinkerton said that Range Resources, a stock which is at its 52-week high, is in a commodity business and that means the lowest-cost guys ultimately win. Range is able to produce natural gas at an incredibly low $1 per 1,000 cubic feet of gas produced. Range Resources was also early to the Marcellus shale region in southwestern Pennsylvania, snapping up acreage for a low $800 per acre on average.

When asked the inevitable question of why Washington doesn't embrace U.S. produced natural gas, Pinkerton explained that it's hard to come up with a 50-year energy plan when officials are elected every four years. He said the U.S. hasn't had an energy policy for 60 years.

"We need a portfolio of red, white and blue BTUs," Pinkerton continued, noting that the U.S. burns more corn for ethanol than Mexico, the world's fifth largest corn producer, produces in an entire year.

Pinkerton also dismissed the critics who claim that fracturing rocks to get at natural gas deposits is harmful to the environment. He said there has been no study linking the technique to environmental damage.

Cramer continued his recommendation of Range Resources.

Bottom Nears

In the "Off The Charts" segment, Cramer went head to head with his colleagues over the chart of

JPMorgan Chase

(JPM) - Get Report

to determine if there is indeed a light at the end of the tunnel for the banking sector.

According to the technicals, JPMorgan's weekly chart shows entrenched resistance at the $48.10 level, but backing out to the monthly chart, a clear reverse head-and-shoulders pattern emerges, signaling that the stock could be poised to a big move higher. How big? The charts indicate it could be a full 36 points higher over the coming months.

Cramer said he agrees with the analysis, but for different reasons. He said there's a lot of good news coming down the pike for the banks. Just like big tobacco in the 1990s, Cramer said it will take a definitive agreement with Washington regulators to get the banks out of the mud, and that agreement could be happening soon.

Combine that with the inevitable dividend raises and rising earnings as a result of an improving economy and Cramer said the bottom may indeed be near for the banking group.

Intriguing Gold Play

In a second "Executive Decision" segment, Cramer spoke with Rick Van Neiuwenhuyse, CEO of

NovaGold Resources

(NG) - Get Report

, an Action Alerts PLUS stock that's down 5% since Cramer last spoke with Van Neiuwenhuyse in January.

Van Neiuwenhuyse explained that gold comes in all sorts of different grades and qualities, but NovaGold's two projects appear to have at least 40 million ounces of gold in reserve, and there's still a lot of exploration upside to be done. He said both projects are in North America, making them immune to the geopolitical risks seen elsewhere in the world.

When asked about the size and cost of these large projects, Van Neiuwenhuyse admitted that gold mining is a capital intensive business, but noted that on a cost-per-ounce basis, NovaGold's projects are right in line with the industry, adding that "gold deposits are pretty rare."

Also working in NovaGold's favor are other metals, such as copper and silver, both of which also appear in NovaGold's growing portfolio of assets. Van Neiuwenhuyse said NovaGold expects another feasibility study to be released in the second quarter, followed by another in October.

Cramer urged investors to do their homework on NovaGold. He called the company the most intriguing gold story in the world right now, and one that could see big long-term rewards.

Lightning Round

Cramer was bullish on

General Motors

(GM) - Get Report


Waste Management

(WM) - Get Report


CenterPoint Energy

(CNP) - Get Report


Public Service Enterprise

(PEG) - Get Report



(T) - Get Report


Federal Realty Investment Trust

(FRT) - Get Report


He was bearish on

Sprint Nextel

(S) - Get Report


General Growth Properties



Nike vs. Phillips-Van Heusen

In his "No Huddle Offense" segment, Cramer reflected on the contrast between


(NKE) - Get Report

, which delivered abysmal results, and

Phillips-Van Heusen

(PVH) - Get Report

, an apparel maker that blew away the numbers.

Cramer said its clear that Van Heusen had the smarts and the brands to overcome rising commodity costs. He said the company raised prices where it could and make smart changes to manufacturing where it couldn't, all in an effort to combat inflation.

Meanwhile Nike seems oblivious to the challenges, and largely did nothing to preserve its margins.

Cramer said all apparel makers will now have to be assessed through the Van Heusen prism to see if the companies have what it takes to deliver great results, even in challenging times.

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

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At the time of publication, Cramer was long NovaGold Resources.

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.