'Mad Money' Recap: Bubble Sightings (Final)

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NEW YORK ( TheStreet) -- "Stop looking for bubbles where there aren't any bubbles," Jim Cramer told the viewers of his "Mad Money" TV show Thursday. He said that now's the time to tip-toe back into the markets, not run for the exits.

Cramer said it's true that the markets have been up six weeks in a row, but that doesn't mean that investors need to worry about bubbles. He said the definition of a bubble is when investors pile into the markets with reckless abandon, but in truth, the very opposite have been happening for over a decade.

The exodus began after the dot-com collapse in 2001, said Cramer, and continued after the 2008 financial collapse, the flash-crash of 2010 and again during the summer of 2011.

Cramer said he hears the calls of a bubble in tech stocks, but with bellwethers like Intel ( INTC) and Microsoft ( MSFT) trading at just 10 times earnings, a fraction of what they were just a few years ago, how can that be a bubble?

He said that even Apple ( AAPL), a stock which he owns for his charitable trust, Action Alerts PLUS , trades at just seven times earnings after backing out the company's nearly $100 billion in cash.

Some have called a bubble in retail, said Cramer, but Walmart ( WMT) still trades below where it did a decade ago. THe same is true with the oil stocks, with companies like Exxon-Mobil ( XOM) and Chevron ( CVX) both trading at super-low valuations.

Cramer acknowledged there is unbridled excitement about the upcoming Facebook IPO, but said there's nothing wrong for investors to get excited about an IPO. Cramer recalled how he received hate mail after endorsing the Google ( GOOG) IPO at $80 a share, only to see that company double and double and double again.

"Maybe, just maybe, stocks are coming back into favor," Cramer concluded. "Would that be so horrible?"

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