Cramer's 'Mad Money' Recap: April 2

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"There is no doubt, the depression is over," an elated Jim Cramer told the viewers of his "Mad Money" TV show Thursday. "But the recession is still here to stay."

Cramer explained that the definition of a bull market is any 20% or greater move off the bottom, and after today's 216-point rally, "we're in the land of a thousand bull dances."

Cramer delved into history to explained that the recession started in August, 2007, as the housing market collapsed, but the depression didn't start until the euthanasia of Lehman Brothers in September, 2008. It's that depression, said Cramer, that is now over.

With a coordinated effort from the federal government, there's no turning back, he said. President Barack Obama is now speaking positively of the stock market, a complete 180-degree turn from just months ago. Ben Bernanke is cutting rates and taking steps to save the economy by any means necessary. And Treasury Secretary Tim Geithner is dead set on pumping money into the system and unfreezing the frozen credit markets.

Cramer said he's not a buyer with the markets up big today and a horrible unemployment number likely Friday. But, he said, on any pullback, it's "buy, buy, buy."

Strong Fundamentals

Cramer said there's a big difference between a broken stock, and a broken company.

Using Celgene ( CELG), a stock which he owns for his charitable trust, Action Alerts PLUS, as his example, Cramer said just because a stock have been ravaged by the markets, it doesn't mean its fundamentals aren't sound.

Celgene is currently trading just three points off its 52-week low, down 47% from its recent highs. The stock took a 10% haircut earlier in the week when the company reported a worse-than-expected quarter and guided earnings estimates lower.

But Cramer said Celgene's fundamentals haven't changed. He said the company still dominates the blood cancer market, and prescriptions for its premier products have been increasing and taking market share.

Cramer said Celgene is still a great company with excellent management, a strong balance sheet with $3.1 billion in cash, and estimated earnings growth of 20% for 2009.

With shares trading at just 19 times its new estimates, Cramer said Celgene is a buy.

Sell Block

In this segment, Cramer added the oil ETFs to his list of the worst investments out there.

Cramer took aim at the United States Oil ( USO) ETF in particular, calling the fund simply a travesty.

Cramer said the United States Oil fund is not what it promises. The fund does not track the price of crude as it claims. Since the fund's ineception, crude oil has fallen 23%, yet the fund is down almost twice that at 54%. Just this year, oil is up 18%, but the United States Oil fund is down 6%. This fund has nothing to do with oil at all, he said.

Cramer said the problem with the fund is that it doesn't buy oil, and instead buys oil futures. Since oil futures expire, the fund rolls over its contracts every month, incurring costs and expenses it'll never recover. Cramer said while the operations of the fund are legal, and listed in the perspectus, investors need to steer clear at all costs.

Switching gears, Cramer declared victory on four stocks he mentioned on Jan. 17, 2008.

He recommended selling casino stocks MGM Mirage ( MGM), Las Vegas Sands ( LVS) and Wynn Resorts ( WYNN), along with Int'l Game Technology ( IGT) a month later in February.

Since those recommendations, MGM have fallen 95%, Las Vegas Sands 94%, Wynn Resorts 72% and IGT 78%.

Outrage of the Day

Cramer took aim at the Wall Street analyst community, and specifically the Barclay's analyst covering the real estate investment trust General Growth Properties ( GGP).

"There's simply no accountability with these guys," said Cramer. Never, he said, will an analyst admit that they've gotten something wrong. They "predict" the future, while totally discarding the past.

Here's what happened. On July 23, 2008, the analyst at Barclay's covering General Growth Capital issued a buy rating at $32.39 a share. Since then, shares have fallen to just 65 cents and the company is under siege by its bondholders. Yet the Barclay's analyst never issued a sell call. Instead he continued to recommend the failing company the whole way down.

To add insult to injury, said Cramer, the analyst today simply dropped coverage on the stock. No apology, no acknowledgement.

Cramer said clearly the Barclay's analyst, along with the others covering the stock, are on a permanent mental vacation. "You need their advice like you need a hole in your head."

Lightning Round

In the Lightning Round, Cramer was bullish on Kinder Morgan ( KMP), Cummins ( CMI), Yahoo! ( YHOO), Nordic American Tanker ( NAT)and Chicago Bridge & Iron ( CBI).

He was bearish on Plum Creek Timber ( PCL), Hartford Financial Services ( HIG), Dryships ( DRYS)and Linn Energy ( LINE).

Check out the latest edition of "Cramer's Take onTop-Searched Stocks" on Stockpickr.

Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

Read more of Cramer's Mad Money Lightning Round insights.

For "Mad Money" performance statistics and other links, check out Mad Money stats

At the time of publication, Cramer was long Celgene.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com 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 TheStreet.com, 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 TheStreet.com 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, TheStreet.com 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 TheStreet.com, 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 TheStreet.com. 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 TheStreet.com, 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.

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