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NEW YORK ( TheStreet) -- The rally last week was absolutely justified, said Jim Cramer in his Mad Money show Monday evening.

Last month, Cramer created a checklist of six concerns that needed to be addressed for the market to recover. He said the situation has improved so much that he took five of them off the table.

He said the finishing touches are being put on financial regulatory reform, the financial situation of Spanish banks financial is stabilizing, Wall Street is hiring, the oil spill is getting under control and China is likely to pull off a soft landing.

He said the only unchecked item is unemployment, but he believes that will improve with all the other five factors in place.

"With the other five now fixed, it is hard to believe unemployment will not improve. I think we have seen the lows of the year," he said.

Natural Gas Storage Play

The U.S. will become a huge net exporter of natural gas because other countries need it more than we do, according to Cramer.

He said the way to play the sector is through natural gas storage companies. "We may have a glut of natural gas but there is a shortage of storage."

Of the two listed stocks in the gas storage space, Cramer said he preferred PAA Natural Gas ( PNG) over Niska Gas Storage ( NKA) as a natural gas storage play.

He said it is a great alternative to CDs, with a dividend yield of 6%. And he said its diverse customer base, great visibility and capacity additions are factors that make it a great buy.

Telecom Rebound

The worst performing sector in 2010 has been telecom services, and within the sector, Verizon ( VZ) down 15% so far this year, has been the worst performer.

But Cramer thinks that the worst performer of the first half might be the best performer of the second.

The stock has an accidentally obese yield of 7.2%. With reaffirmed rumors that it would start selling the iPhone 4 next year, Verizon could lead the industry with market share gains as more and more customers will upgrade to smartphones. The company is investing $ 7 billion a year in infrastructure to build up faster speeds and reduce the number of dropped calls.

"Even if the quarter isn't bullish as I expect, it can't go lower," he said

Cramer also noted other telecom stocks on the rebound. He said Sprint Nextel ( S) is getting better and better..

He also noted Cirrus Logic ( CRUS), which he said is up nicely since he recommended it; Sandisk ( SNDK); and Tellabs ( TLAB), which he called a big winner.

Lightning Round

Cramer was bullish on EMC ( EMC); Macy's ( M); RF Micro Devices ( RFMD); United Parcel Service ( UPS); and Google ( GOOG).

Final Thoughts

Cramer discussed whether the Obama administration is willing to put an end to hostility with the U.S. businesses.

Cramer said he thinks no one is willing to hire in the U.S. because they are not sure what is coming up next. He said the administration has been too pro-labor and anti-business.

But recently the White House has acknowledged that there are hostilities between the administration and businesses on regulation, he said.

He said that acknowledgement does matter and is bullish is enough on its own and a sign that job creation may finally happen.

-- Written by Shanta Venkataraman in New York.

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