The commodities rally that began several weeks ago is the real deal, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading."

"You may think that it's just a short-covering rally, but it's actual money being put on the line," he said. As proof he  pointed to the Baltic Dry Index, which shows the commodities rally really took off around Feb. 24.

The index includes 23 shipping routes and covers different carriers carrying a range of commodities including coal, grain and iron ore.

Although Cramer regards the commodities rally as "heartening," he added that "some of these speculative stocks have gone too far."

"But if they can get equity offerings done, whether it be Marathon Oil (MRO) - Get Marathon Oil Corporation (MRO) Report , whether it be Devon[Energy] (DVN) - Get Devon Energy Corporation Report  or whether it be Newfield [Exploration] (NFX) , they work," he said.

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"The commodities rally...if Caterpillar (CAT) - Get Caterpillar Inc. Report pulls back to the $60s, I think it's going to get adherents. I don't think people are going to run far," Cramer said.

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CAT data by YCharts

Chevron (CVX) - Get Chevron Corporation Report is "also doing pretty well, so let's not give up on some of these bigger oils," he said.

At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.