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) -- With the

Dow Jones Industrial Average

hitting a new high for the year, Jim Cramer donned his doctor's lab coat and told viewers of his "Mad Money" TV show that he was going to take the pulse of the market to see whether it was truly healthy.

The checkup consisted of 10 tests that Cramer said he's been using for years to take the temperature of an illusive market. This is what he saw:

1. A Rally in Transports.

Cramer said this is important because the transports represent the movement of goods and people. If the transports are rallying, commerce is picking up, he said.

2. Strength in Banking.

Cramer said our economy runs on credit, so a rally in the banking index means that credit conditions are improving.

3. Market Upgrades in Stocks.

Cramer said that when

Lincoln National

(LNC) - Get Lincoln National Corporation (LNC) Report

received an upgrade today, the stock rallied 4.4%. He said it's a good sign when stocks respond to upgrades.

4. Leadership in Tech.

Cramer said he's seeing rallies in all of the bellwether tech names, and they're lifting the whole tech sector.

5. Cash on the Sidelines.

Cramer said that with so many investors still with cash in reserve, there's still a lot of money that hasn't hit the markets yet.

6. Strength in Mergers.

Cramer said when companies like

Massey Energy

( MEE) announce an acquisition, normally that stock would go down. But in a bull market, even the acquiring stock rallies, he said.

7. Strength in Secondary Offerings.

Hartford Financial

(HIG) - Get Hartford Financial Services Group, Inc. (HIG) Report

rallied 5% on news of its secondary offering of stock. This is bullish news, he said.

8. Strength in IPOs.

Cramer looked at today's IPO of

Financial Engine


, which closed higher, indicating that even the IPO market is heating up.

9. Market Breadth.

Cramer said with so many stocks advancing, and fewer and fewer declining, the market breadth is signaling a healthy market.

10. Skepticism at All-Time Highs.

While it may seem counter intuitive, Cramer said the tons of market skeptics are good news, as one by one they'll change their minds, adding fuel to the market's fire.

Cramer said he would be worried if there were danger signs in the market, but he said his 10 checkup tests point to more upside coming.

Drexler's Magical Touch

"Sometimes learning about the stories behind the products matters as much as pouring over balance sheets and earnings estimates," Cramer told viewers. He said sometimes the subjective side of investing is just as important as the analysis.

Such is the case with retailer

J. Crew

( JCG). The company reported a blowout quarter last Tuesday, but Cramer said it was even more telling to listen to the company's conference call, and hear 10 of 16 analysts congratulating CEO Mickey Drexler on a terrific quarter.

Cramer said Drexler is a master when it comes to his conference calls. The CEO drove home the point that consumers are more savvy than ever, demanding value and quality, two things that J. Crew is passionate about. Drexler said that J. Crew creates demand that people talk about, and that's how the company constantly connects with its customers.

Cramer noted that J. Crew is "out-producting" its competitors by making lasting products that consumers really love. The company is also making its stores easier to shop at, furthering its brand loyalty. Cramer said J. Crew is also expanding into wedding stores and men's apparel in a big way, with Drexler proclaiming that "the era of expensive men's suits is over."

With the stock of J. Crew up 386% from its lows of 2009, Cramer said J. Crew is most definitely a buy.

Am I Diversified?

Cramer spoke with callers to see if their portfolios have what it takes. The first caller's portfolio included


(MCD) - Get McDonald's Corporation (MCD) Report



(T) - Get AT&T Inc. Report


Johnson & Johnson

(JNJ) - Get Johnson & Johnson (JNJ) Report



(CSCO) - Get Cisco Systems, Inc. Report


Walt Disney

(DIS) - Get Walt Disney Company Report


Cramer said "holy cow," this portfolio is perfect.

The second caller's top holdings included


(AAPL) - Get Apple Inc. (AAPL) Report


Wells Fargo

(WFC) - Get Wells Fargo & Company Report



(VALE) - Get Vale S.A. Sponsored ADR Report



(EXEL) - Get Exelixis, Inc. Report



(C) - Get Citigroup Inc. Report


Cramer said this portfolio had two banks and advised selling Wells Fargo in favor of an industrial company.

The third caller had

Bank Of America

TheStreet Recommends

(BAC) - Get Bank of America Corp Report


Suntech Power



RF Micro Devices




(PBR) - Get Petroleo Brasileiro SA Sponsored ADR Report


Nordic American Tanker

(NAT) - Get Nordic American Tankers Limited Report

as their top five stocks.

Cramer said this portfolio was also well done.

The fourth caller's top stocks were

Hi Tech Pharmacal




(AFL) - Get Aflac Incorporated Report


Plum Creek Timber



J.M. Smucker

(SJM) - Get J.M. Smucker Company (SJM) Report


Exxon Mobil

(XOM) - Get Exxon Mobil Corporation Report


Cramer also blessed this portfolio as diversified.

Mad Mail

Cramer followed up on


( NST), a stock that stumped him in last night's Lightning Round. Cramer blessed the stock, saying that as Massachusetts' largest utility, it has a great dividend yield and should be immune to proposed carbon legislation.

Cramer told another viewer that he'd take some profits in

Clean Energy Fuels

(CLNE) - Get Clean Energy Fuels Corp. Report


Westport Innovations

(WPRT) - Get Westport Fuel Systems, Inc. Report

after their big runs, but he's still bullish on both companies.

Lightning Round

Cramer was bullish on

Prosperity Bancshares

(PRSP) - Get Perspecta, Inc. Report



(CREE) - Get Cree, Inc. Report



(WIN) - Get Windstream Holdings, Inc. Report



(TUP) - Get Tupperware Brands Corporation Report



(T) - Get AT&T Inc. Report


New Alliance Bancshares

( NAL).

He was bearish on

Intuitive Surgical

(ISRG) - Get Intuitive Surgical, Inc. (ISRG) Report


Frontier Communications

(FTR) - Get Frontier Communications Corporation Class B Report


Sprint Nextel

(S) - Get SENTINELONE, INC. Report


-- 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 Cisco, Apple.

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.