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A year ago, the stock market was at all-time highs, Jim Cramer told his Mad Money viewers Monday, but since then we've seen a volatile market where perception is worse than reality.

So rather than giving in to the negative chatter, Cramer looked into the stocks that make up the Dow Jones Industrial Average to find out if investors should really be worried.

Cramer said 3M(MMM) - Get Report is a fabulous company that he likes at current levels. He is also bullish on American Express(AXP) - Get Report , which is getting its act together despite no one really paying attention. Boeing(BA) - Get Report is more tricky, Cramer said. It's cheap at 13 times earnings but also has tough competition.

Cramer said to rethink Caterpillar(CAT) - Get Report when it hits a 5% yield, and is bullish on Chevron(CVX) - Get Report and Exxon Mobil(XOM) - Get Report , which have both proven the integrated oil model still makes a lot of sense.

Cramer is bullish on Cisco Systems(CSCO) - Get Report , a stock he owns for his charitable trust, Action Alerts PLUS, along with Walt Disney(DIS) - Get Report . He questioned whether Coca-Cola(KO) - Get Report has more room to run with more interest rate hikes on the horizon.

Finally, Cramer said DuPont's(DD) - Get Report  stock will likely remain in the mud until regulators decide on the company's merger with Action Alerts PLUS holding Dow Chemical(DOW) - Get Report . As for Apple(AAPL) - Get Report , yet another Action Alerts PLUS name, Cramer said that stock remains the cheapest in the index.

More on the Dow 30

Continuing with his analysis of the Dow, Cramer said General Electric(GE) - Get Report , another Action Alerts PLUS holding, has become a victim of its own success and will likely stay stalled for awhile. Meanwhile, he felt that Goldman Sachs(GS) - Get Report and JPMorgan Chase(JPM) - Get Report are in difficult situations and need hike interest rate hikes to flourish.

As for the winners, Cramer is bullish on Home Depot(HD) - Get Report , Johnson & Johnson(JNJ) - Get Report as well as McDonald's(MCD) - Get Report . He also encouraged investors not to give up on Microsoft(MSFT) - Get Report just yet and said Pfizer(PFE) - Get Report is a stock that won't hurt you with its 3.6% yield.

Cramer had few good things to say about Intel(INTC) - Get Report , which is still levered to PCs, nor Merck(MRK) - Get Report , which has repeatedly missed on earnings.

Cramer found more to like in IBM(IBM) - Get Report , which has little price risk, and in Travelers(TRV) - Get Report and Procter & Gamble(PG) - Get Report , also an Action Alerts PLUS holding.

Rounding out the Dow stocks are Nike(NKE) - Get Report , which is vulnerable at 23 times earnings, and United Technologies(UTX) - Get Report , which Cramer said could be bought below $100. He also applauded UnitedHealth Group(UNH) - Get Report for dropping out of unprofitable exchanges, and Verizon(VZ) - Get Report for its 4.4% yield. He is also bullish on Visa(V) - Get Report , which is said was not expensive.

Finally, Cramer noted that Walmart(WMT) - Get Report remains problematic given its lack of a strategy to compete against - Get Report .

What More Can Apple Do?

The stock of Apple remains the worst loved piece of paper out there, Cramer told viewers. Even after the markets learned Warren Buffett took a 9.8 million share stake in the company, the response was still decidedly negative.

The markets continue to have a love-hate relationship with Apple, Cramer explained, and even the analysts aren't sure what to make of the company's recent weaknesses. Apple outperformed for ages, he said, but admittedly the stock has been a dog for the past year.

Even CEO Tim Cook's recent appearance on Mad Money was met with skepticism by the same analysts who continue to have a buy recommendation on the stock. With friends like those, who needs enemies?

Cramer said the bottoming of a stock is a process, and only when the analysts begin downgrading can that process complete. So until we see some of the long-time Apple bulls turn their tepid buy recommendations into holds or sells, Apple will continue to be a tough stock to own.

Executive Decision: Jim Murren

For his "Executive Decision" segment, Cramer sat down with Jim Murren, chairman and CEO of MGM Resorts(MGM) - Get Report , a stock that's up 36% from its lows after reporting a solid quarter two weeks ago.

Murren talked about MGM's recent spinoff, MGM Growth Properties(MGP) - Get Report , which is a real estate investment trust currently paying a 6% yield. He said after planning on a $1 billion offering, the deal saw $11 billion in demand.

Murren is also bullish on MGM's new properties in Springfield, Mich., outside of Detroit and at the national harbor outside of Washington, D.C. He said that while Springfield will not be a home run for MGM, it will be a "solid double" while the national harbor property, which will open in December and cost $1.3 billion, easily qualifies as a "grand slam."

Murren is even more bullish in China, calling the bottom in the Macau gambling market. He said that country's economy is going through a painful transition, but is far from being over.

Finally, Murren said the demand in Las Vegas is growing again and with little new supply, Vegas will be doing well for a long time to come.

Lightning Round

In the Lightning Round, Cramer was bullish on Zoe's Kitchen (ZOES) , Kinder Morgan(KMI) - Get Report , Palo Alto Networks(PANW) - Get Report , Celgene(CELG) - Get Report , Occidental Petroleum(OXY) - Get Report and EOG Resources(EOG) - Get Report .

Cramer was bearish on Devon Energy(DVN) - Get Report and Mallinckrodt(MNK) - Get Report .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer acknowledged the quiet bull market that's raging in the cell tower stocks of American Tower(AMT) - Get Report , Crown Castle(CCI) - Get Report and SBA Communications(SBAC) - Get Report , all of which have been on fire since bottoming in January.

Cramer explained that back in January, rumors Sprint(S) - Get Report was going to overhaul its network away from American Tower and Crown Castle sent all three companies' stocks plummeting. Since then cooler heads have prevailed, with research noting that wireless data demand continues to double every year.

Cramer also noted that with the auctioning of new wireless spectrum by the federal government, carriers will need to install new antennas to take advantage of the new frequencies.

Of the three, Cramer blessed American Tower as his favorite, trading at less than 17 times earnings with the best international growth prospects in a strong dollar environment.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, CSCO, DOW, GE, PG and OXY.