"We're back in a recession," said Jim Cramer on CNBC's "Stop Trading!" segment on Thursday. "The depression's finished."

He said that "the idea that we were calling it a recession was ridiculous," and with indicators such as car sales down 40% and steel production down 60%, the country was in a depression. Now, though, those indicators are bottoming, including car sales and production declines. "If they've bottomed out and started creeping up, that's the end of a depression, and it's very good news," he said.

Now we're seeing a rally based on a turn in housing and improvement in the industrial economy -- and on technology stocks such as Apple ( AAPL) and IBM ( IBM).

"Wasn't that supposed to be at $70?" Cramer asked of Apple, recently trading at about $114.

Qualcomm ( QCOM), which he owns for his Action Alerts PLUS charitable trust, "is back," he said. "All the chartists told me it was going to $25." The stock was recently trading at $41.35.
At the time of publication, Cramer was long Qualcomm.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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