According to Garner's analysis, long-term Treasures have a floor of support at the $114.59 level and major support at $112.40. Thus, she would be a buyer of bonds for a trade on any weakness. The relative strength indicator, or RSI, is also nearing an oversold condition, further bolstering Garner's views. With the ceiling of resistance at $120, Garner felt the ETF could see $127 a share.

Cramer noted the big money has been betting against Treasuries in anticipation of an upcoming Fed move, but that thesis was foiled by worries over Cyprus, which pushed up bond prices as investors fled to safety.

Cramer said he still would not be an investor of bonds because high-yielding stocks are far safer than low-yielding bonds.

Rental-Car Favorites

Continuing with his this week's series on oligopolies, Cramer honed in on the rental car industry, which is currently controlled by Hertz ( HTZ), Avis Budget Group ( CAR) and the privately held Enterprise.

Cramer noted that just a decade ago there were nine major rental car players, ensuring customer choices and low rates. Today, there are only three major players and those three control an astonishing 94% of the U.S. rental car market. So strong are these remaining players than when Hertz announced its acquisition of Dollar Thrifty last year, its stock shot up 11% on the news, while Avis, which should've been hurt by the news, rallied 4%.

Given the pickup in travel and the shortage of vehicles from superstorm Sandy last year, Cramer said both Avis and Hertz have done well, with Avis shares up 38% for the year while Hertz is up 29%. That said, Cramer picked Hertz as his favorite going forward, given that the stock has held up exceptionally well during two recent secondary offerings.

Hertz currently trades at 11.2 times earnings, while Avis is slightly higher at 12 times, said Cramer. With Hertz' historical levels, he said the stock could have 35% more upside given how powerful the Thrifty acquisition will be for the company.

Lightning Round

In the Lightning Round, Cramer was bullish on Cypress Semiconductor ( CY), Stewart Information Services ( STC), BlackRock ( BLK) and Tyson Foods ( TSN).

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