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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, Action Alerts PLUS.

Cramer said the relatively small fine, along with no admission of guilt, is being seen by many on Wall Street as an olive branch from Washington to the business world. He said this single act has removed a lot of uncertainty on Wall Street, which may eventually lead to more hiring.

Smart Strategy

In 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 Play

Continuing 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, Action Alerts PLUS, is now his favorite in the group.

Cramer explained that shares of Abbott are down 11.1% on the year largely on fears of falling healthcare budgets in Europe, where the company gets 24% of its revenues. But Cramer said those fears are already baked into the company's guidance, and Abbott has a lot more going for it.

One of Abbott's strengths is its product pipeline, which is set to give the company 11% to 12% annual growth for the foreseeable future. Also in the plus column is the company's acquisition strategy in emerging markets. Cramer said that acquisitions now account for nearly 20% of Abbott's profits.

Then there's Abbott's dividend, which has been historically small, but thanks to a recent hike, and a falling share price, now yields a respectable 3.7%. Trading at just 10 times earnings, Cramer said Abbott Labs is a steal, and he'd be a buyer on weakness after the company reports next week.

Am I Diversified?

Cramer took calls from investors to see if their portfolios have what it takes. The first caller's portfolio included Caterpillar ( CAT), PPG ( PPG), PPL ( PPL), Bristol-Myers Squibb ( BMY) and Chevron ( CVX).

Cramer said this portfolio was well played.

The second caller's top holdings included Toyota Motors ( TM), Sprint ( S), Huntington Bancorp ( HBAN), Nike ( NKE) and Bed Bath & Beyond ( BBBY).

Cramer said this portfolio was also terrific.

The third caller had Ford ( F), Aeropostale ( ARO), CitiGroup ( C), DryShips ( DRYS) and Sprint ( S) as their top five stocks.

Cramer said this portfolio too was well played.

Lightning Round

Cramer was bullish on Netflix ( NFLX - Get Report), Bank of America ( BAC - Get Report), ( BIDU - Get Report), Intel ( INTC - Get Report), Albemarle ( ALB - Get Report), ConocoPhillips ( COP - Get Report), Walt Disney ( DIS - Get Report), General Mills ( GIS - Get Report) and CBOE Holdings ( CBOE - Get Report).

He was bearish on New Oriental Education ( EDU - Get Report) and American Oil & Gas ( AEZ).

-- Written by Scott Rutt in Washington D.C.

To watch replays of Cramer's video segments, visit the Mad Moneypage on CNBC .

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For more of Cramer's insights during the Lightning Round, clickhere .

At the time of publication, Cramer was long Goldman Sachs, Abbott Labs.

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."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, 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, 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 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, 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.