Cramer's 'Mad Money' Recap: Take Some Profits (Final)

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"It just keeps getting better and better for the bulls," Jim Cramer said at the start of his "Mad Money" TV show Thursday.

"But," he continued, "the market is way overbought, and it's time to take some profits."

Cramer said after 12 positive days on the Nasdaq, it's time for investors to take a step back and lock in some gains. He said there will better opportunities to buy back into the markets in the coming days, but tomorrow will not likely be one of them.

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Where to invest after the market cools off and catches its breath? Cramer said technology is the place to be. He said that technology is the only sector that's completely immune to Washington, and the Obama agenda.

Cramer explained that unlike the financials, tech didn't need a bailout. Unlike the utilities, tech doesn't pollute or emit carbon dioxide. Unlike health care, tech isn't at the forefront of Obama's agenda. In fact, said Cramer, tech is probably the only sector that's completely devoid of Washington's influence, and is largely international to boot.

Cramer said companies like Apple ( AAPL), a stock which he now thinks could once again see $200 a share, will continue to prosper, as Obama is unlikely to enact an iPod tax.

Cramer also held in high regard his other favorites: Intel ( INTC), Google ( GOOG) and Skyworks Solutions ( SWKS).

Cramer said tech will continue to shine, but only after the market takes a quick breather.

A Slow Recovery

Cramer spoke with Dan DiMicco, president and CEO of Nucor ( NUE), to discuss the company's better-than-expected, but still lackluster quarterly results, and the overall outlook for an economic recovery.

DiMicco said the key issue for Nucor, and the steel industry overall, is the health of the economy. He expressed fears of a very slow recoveryf us.

When asked about the current quarter, DiMicco said that the real demand for steel hasn't improved. Instead he noted that wholesalers have reduced their inventory to near 1983 levels. He added they are finally buying steel to meet their needs, rather than continuing to draw on existing inventory.

DiMicco said that Nucor has not laid off a single employee because it converting many full-time workers to part-time until demand picks up. He said that the employees have been instrumental in dramatically reducing other costs.

DiMicco offered words of caution, as he compared this recession, which includes the worst job loss ever, to other recent recessions. He said with the trend continuing toward longer and longer jobless recoveries, it make take a very long time to recover.

Cramer said he's still a believer in DiMicco and Nucor, and would be a buyer under $40 a share.

Unloading Palm

In Thursday's "Sell Block" segment, Cramer said it's time to take profits and sell Palm ( PALM). He said there's only one king of the smartphone market, and that's Apple ( AAPL).

Cramer said when it comes to Apple versus Palm, you simply cannot compare the two companies. He said a few months ago that Palm's stock was left for dead, and was only saved by its introduction of its "Pre" smartphone. But now a month after the Pre's release, criticism is mounting, and rumors abound about high return rates for the device.

With Palm stock up a staggering 360% for the year, Cramer said the trade is over in Palm. He said ever since the introduction of the Pre, Palm's stock has been slipping, a trend that's likely to continue.

Cramer said Apple is the only stock to consider in the smartphone arena. The iPhone, with its iTunes and hugely successful app store, make it the king of the castle, said Cramer. Palm, he said, has run its course.

Curbing Short-Selling Abuses

Cramer spoke with Senator Ted Kaufman (D., Del) about his recently proposed changes on how short selling is done in this country. Cramer, a long time proponent of banned naked short selling, or selling shares short without first locating shares to borrow, was elated to hear Kaufman's proposal for a unified "hard locate" system which would ensure shares were available before shorting could occur.

Kaufman agreed with Cramer that no one should be allowed to short shares they don't own, or worse, shares that don't even exist. He said a lot of people make a lot of money as the markets were failing, but it's time to learn from mistakes and reverse years of bad decisions.

Kaufman believes the proposed short selling changes have a "good shot" at ending the problems created by short selling, and was also a proponent of strengthening margin requirements and reinstating the uptick rule.

Cramer said investors need to throw their support behind Kaufman, and support changing the system for the better.

Lightning Round

Cramer was bullish on Teva Pharmaceutical ( TEVA) and Aruba Networks ( ARUN).

He was bearish on Mylan Laboratories Inc ( MYL), Duoyuan Global Water ( DGW) and Moody's ( MCO).

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

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For more of Cramer's insights during the Lightning Round, click here .
At the time of publication, Cramer was not long on any stock.

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

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