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NEW YORK ( TheStreet) -- "When it comes to making money in stocks, I thought last night's State Of The Union speech was pitch perfect," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday, as he recapped President Obama's performance last night from a uniquely market-based perspective.

Cramer said while the pundits may rant that the president's speech was "not so hot," Cramer said he thought the speech was terrific, far better than what he expected and certainly better than the speeches of the past two years.

Cramer noted that in his opening remarks, Obama mentioned the stock market as a sign of rising economic health, and continued later to call for the harnessing of private business to make America more competitive on the global landscape.

"What's not to like?" asked Cramer. He said it's remarkable to hear Obama's about face, from one who constantly attacked business to one who now embraces it. "Americans don't just want to get by," said Cramer, "they want to make money and do well."

That's why Obama's emphasis on American companies, and by association the stock market, will be great for American 401K's and IRAs, he said.

Cramer called last night's speech a "multiple expander," an event that breathes new life into the broader markets, much as former Speaker of the House Nancy Pelosi's anti-business agenda was a "multiple contractor" that tempered stock prices.

Sure, there may not have been any specific stocks mentioned in last night's address, said Cramer, but looking at the broader picture, from the market's perspective, Obama should be applauded.

Secondary Offering Bonanza

"There are very few giveaways in this market," Cramer told viewers, but bank stocks that repay their TARP loans may be one of them. Cramer said after reviewing several banks that have raised money through secondary offerings of stock, the pattern is clear, invest in the secondary and make money.

Cramer said when Fifth Third ( FITB) recently raised $1.5 billion in a secondary the stock rose 4%. Huntington Bancshares ( HBAN), Cramer's speculative stock of the year, raised $920 million on Dec. 13 and those shares are up 12%. First Horizon's ( FHN) secondary netted 8%.

And the list goes on to include, State Street ( STT), BB&T ( BBT) and PNC Financial ( PNC), a stock which Cramer owns for his charitable trust, Action Alerts PLUS . Those offerings are up 22%, 37% and 13% respectively.

Cramer said the next bank in line to follow this pattern is Atlanta-based SunTrust ( STI). Cramer said while the analysts expect SunTrust to repay TARP in March, he thinks the offering could come sooner, thanks to the company's better than expected earnings. "This bank is further along in their recovery than anyone thought," he said.

SunTrust will likely price its secondary offering in the hole to attract investors, said Cramer, which is why home-gamers need to be ready to pounce. He said the deal will be made even sweeter by the analysts. Of the 29 who cover SunTrust, only six rate it a buy, with 16 rating it a hold. This means there will be a slew of upgrades coming as SunTrust announces that it's free from TARP and once again on solid footing.

Housing Recovery On

"You want answers on housing, forget the headlines," said Cramer, as he debunked the notion that a recovery in housing will never come.

Cramer said that just about every negative pundit out there has been using the Case-Shiller housing index as proof positive that the housing market continues to crumble. But the facts are that housing prices have been stable for almost a year, said Cramer, if you use the correct data.

According to Case-Shiller, housing prices dropped another 1% in November, down 1.6% year over year. The problem? Case-Shiller only tracks 20 major markets across the country. "This isn't a benchmark," said Cramer, who likened the index to using the Dow Jones Industrial Average as the benchmark for the entire S&P 500.

Cramer said he looks to the Federal Housing Finance Agency, or FHFA, Housing Index, which measures finance activity in every zip code. This index shows home prices unchanged on a seasonally adjusted basis. Cramer said he also likes the National Association of Realtor data, which showed existing home sales up 12.3% in December and noted that sales have been up for five of the past six months.

Even the Census Bureau shows median home prices increasing, said Cramer. But even if investors discount all of these metrics, they should pay attention to the housing-related stocks, which are a leading indicator looking six months into the future.

Here, Cramer said it's clear that stocks like Lowes ( LOW) and Home Depot ( HD), along with Ethan Allen ( ETH), Masco ( MAS) and Owens Corning ( OC) are all up big from their lows.

"Forget the Case-Shiller Index," Cramer told viewers, adding the housing recovery has already begun.

Transformation Play

"When analysts fight, you win," said Cramer, especially when it comes to Micron Technology ( MU), a stock Cramer championed three weeks ago for a 17% gain thus far. Cramer said while three analysts have upgraded Micron, following his lead, one firm recently issued an outright sell on the company, which caused him to circle back and reconfirm his thesis.

Micron is a transformation play, as the company scales out of its old-line DRAM memory business for PCs and into the hot flash memory chips that are used in smart phones and tablets.

According to the downgrade, DRAM prices are expected to fall another 15% to 20%, offsetting any gains the company may be making in flash. The report also cites weakening PC demand and inflated expectation for how fast the flash market will grow. It went on further to note increased competition will also take the wind out of Micron's sails.

But Cramer said he's siding with his original analysis, and that of the three analysts who upgraded Micron, noting that DRAM prices have already fallen big, and are now beginning to stabilize. With DRAM supply being shuttered, Cramer said he sees demand for DRAM being to rise in 2011, meaning things are getting better, not worse, for Micron.

Turning to the flash memory side of the equation, Cramer said Micron is now a leader in NAND flash, the type used in the smallest of devices, and even has a lead on industry leader Sandisk ( SNDK).

Cramer favorite and Action Alerts PLUS darling Apple ( AAPL) is now the second largest customer for Micron. Cramer expects Micron's market share to increase from between 10% to 15% of the market to 15% to 20%, boosting the company's margins along the way.

Cramer said when it comes to this analyst fight, there's really no contest. Micron trades at nine times earnings with a 12% growth rate. Sandisk, which is not as good a company, trades at 13 times earnings. That's a knockout for Micron.

Lightning Round

Cramer was bullish on Netflix ( NFLX), Jabil Circuit ( JBL), Freeport-McMoRan ( FCX), Caterpillar ( CAT), Boeing ( BA) and Altera Corp ( ALTR).

He was bearish on Rare Element Resources ( REE), Bank of Hawaii ( BOH) and Advanced Micro Devices ( AMD).

Closing Comments

In his "No Huddle Offense" segment, Cramer said when bankable CEOs with great track records say things are looking up, investors need to listen.

For example, the CEOs of Monro Muffler ( MNRO), PPG ( PPG) and Skyworks Solutions ( SWKS), who have recently appeared on "Mad Money," offered upbeat outlooks despite market pressures.

Cramer said all three of these CEOs have delivered once again, propelling their stocks higher. He told viewers to do their homework when CEOs appear on the show, and if the track record is there, perhaps it's time to buy in.

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

To contact the writer of this article, click here: Scott Rutt.

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For more of Cramer's insights during the Lightning Round, click here .
At the time of publication, Cramer was long PNC, Apple.

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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