Cramer's 'Mad Money' Recap: March 17

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While the markets may be giving investors a reason to celebrate as of late, Jim Cramer told the viewers of his "Mad Money" TV show Tuesday not to expect unending upside.

Cramer said it's safe to start breathing again, with the possibility of the Great Depression II now off the table, but cautioned that the market's continued rally does not mean we're ready to roll back to Dow 10,000. "Just because economic Armageddon is not upon us, it doesn't mean its clear sailing," he said.

Cramer acknowledged the many things going right in the markets, including the uptick in housing starts, strength in retail sales, unemployment not getting worse, commodity prices rising, and banks announcing that they are actually profitable.

With all of this positive news, he said, its no wonder the market is bouncing. He even said that the bounce could continue if Obama continues the pro-business rhetoric. But, he said, there is still a problem.

Cramer said the earnings estimates for most companies are still too high. And with that fact remaining, he said, there will continue to be earnings disappointments tempering the good news in other areas.

Cramer said for this reason alone, investors should not be celebrating for more than another 700 points on the Dow. "The floor may be in," he said, "but we won't see above Dow 8,000."

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