NEW YORK ( TheStreet) -- "You just can't keep this market down," Jim Cramer told the viewers of his "Mad Money" TV show Thursday, especially on days when so many things are going right. Cramer returned to his "rally Requirements" checklist of the seven points that needed to happen before the markets could endure a sustained rally. He said in just the last few days alone, he's been able to put a few more checks onto that list. With the news that BP ( BP) may finally be able to stem the flow of oil into the Gulf, Cramer said "oil spill resolution" can now be checked. And he crossed off the financial reforms bill, which finally passed the Senate. Cramer also reaffirmed that "Spanish bank stabilization" and "euro stabilization" are also off the list, thanks in part to a successful bond auction in Spain. That leaves only "lower unemployment" as the final item on the list that has yet to happen. But Cramer went on further to say that today something truly unexpected happened, and that was the truce between the Securities and Exchange Commission and Goldman Sachs ( GS), a stock which Cramer owns for his charitable trust,
Smart StrategyIn the Thursday "Sell Block" segment, Cramer gave the "all clear" signal for SandRidge Energy ( SD), a natural gas producer he last recommended on March 13. Since that recommendation, shares of SandRidge have fallen 13%. Cramer said there were two reasons for the decline, an earnings miss on May 6 and the company's $1.3 billion bid for oil producer Arena Resources ( ARD). Cramer explained that the acquisition of Arena was an all stock deal, which diluted current shareholders. Making matters worse, short sellers have been piling onto SandRidge, shorting the acquirer and buying into Arena. But all of that will change, said Cramer, as the Arena deal is expected to close tomorrow. With the short selling pressure gone, and analysts ready to step up and recommend the combined company, Cramer said the stock of SandRidge is ready to roll. Cramer said the combined SandRidge is now even more compelling, as the company is no longer just a natural gas producer. In fact, SandRidge expects 70% of its 2011 revenues to come from oil. Additionally, most of Arena's production is hedged at much higher levels through 2012, making SandRidge even more profitable. Cramer praised SandRidge management for making the smart choice to diversify just as competition in the natural gas market is heating up. With the Arena deal closed, Cramer said SandRidge is buy.
Attractive Health Care PlayContinuing with his "Biggest Loser" series of ailing stocks poised for a turnaround, Cramer highlighted healthcare, a sector that's down 7.1% on the year. He said that Abbott Labs ( ABT), a stock which he owns for his charitable trust,