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NEW YORK ( TheStreet) -- Has the market become ridiculously overvalued? Jim Cramer tackled the bear argument that the markets have entered bubble territory on his "Mad Money" TV show Thursday. He said the bears are right... partially. When looking at the markets overall, the S&P 500 only trades at 15 times earnings. That's the index's historical average -- no bubble there, Cramer said. Likewise with the Dow Jones Industrial Average, which trades at 14 times earnings, also near its historical norms. There's also no bubble when it comes to stocks versus bonds, noted Cramer, as bonds still pay next to nothing while stock dividends continue to enjoy favorable tax treatment. So where are these bubbles the bears keep citing on TV? Cramer said he's worried about the utility stocks, for one, as that sector is now at 4.5 year highs, a level that's simply not sustainable once the Federal Reserve slows or stops its bond buying. Then there are other groups that have have miraculous runs, mainly the food and beverage names and the drug stocks. Cramer said he sold Bristol-Myers Squibb ( BMY) for his charitable trust,