As May comes to a close, Jim Cramer told his Mad Money viewers Wednesday that while he's not ready to break out the party hats, the market is not as dangerous as many people think. How does he know that? By looking at the "new high" list.

It's not just high-growth tech stocks making the new high list, Cramer said. In in fact there are 70 of the S&P 500 stocks making new highs right now. And while 11 of the new highs are tech, and another 23 are utilities acting as bond market alternatives, that still leaves 36 other companies helping to lead the market higher.

Some of those names include 3M (MMM) , a stock Cramer said should be a core holding in every portfolio. Boeing (BA) also makes the list, which is good news for this stock, up 20% for the year, as well as its numerous suppliers. Still others, like CSX (CSX) and Carnival Corp.  (CCL) prove that even the rails and discretionary stocks can thrive if given a chance. Cramer also called out toymaker Hasbro (HAS) as well as some defense and medical device makers as solid performers.

While it's true that most of the banks are horrible, some of the "faux financials" like Mastercard (MA) and Paypal (PYPL) are making new highs.

So while this market may not be perfect, Cramer concluded, it's also not as bad as some of the bears would have you think.

Over on Real Money, Cramer writes about the incredible slow-motion crash in oil stocks. Get his insights a free trial subscription to Real Money.

These Stocks Are Cruising

The cruise stocks have been hot this year, with Carnival up 23%, Royal Caribbean  (RCL) up 34% and Norwegian Cruise Lines (NCLH) tacking on 18% for 2017. Does that mean now's the time to get aboard? Cramer took a closer look.

The cruise industry was almost left for dead three years ago, after a series of accidents, viruses, fires and other mishaps took a toll on its credibility. But now, just three short years later, the industry is hitting new highs and is projected to spend $6.8 billion on new ships to carry an additional 30,000 passengers a year.

Among the group, Cramer said that Carnival, under the leadership of Arnold Donald, remains his favorite. The company has tapped the Chinese cruise market, cut costs and is delivering solid earnings.

Royal Caribbean is also red hot, delivering $7.21 in earnings this year, double what it earned just three years ago. This company is also cutting costs and embracing new technology to wow its passengers.

Finally, there's Norwegian, which is also seeing great earnings, even though the market has largely ignored them. Of the three, Norwegian is the cheapest, trading at 11 times earnings, compared to 13 times earnings for Royal Caribbean and 15 times for Carnival.

Executive Decision: HP

For an "Executive Decision" segment, Cramer sat down with Dion Weisler, president and CEO of HP (HPQ) , the computer and printer maker with shares up 60% from their 2016 lows.

Weisler said that HP laid out a plan to reinvent itself 18 months ago and has been delivering on that plan. HP has done a lot more than simply cut costs, he added, as it's now innovating its way back to growth.

One of those innovations is the Sprocket, a portable photo printer for the millennial generation and one that Weisler called the birth of a new category of devices. No longer do photos -- specifically social media photos -- need to be trapped in your phone, as the Sprocket makes printing relevant again.

HP is also a leader in digital printers, Weisler said, an area that allows for customization like we haven't seen before. His company is also disrupting manufacturing with 3D printing than is transforming how parts are being designed, tested and made.

Cramer said there's a lot to like at HP.

Executive Decision: Consolidated Edison

In his second "Executive Decision" segment, Cramer spoke with John McAvoy, chairman, president and CEO of Consolidated Edison (ED) , the New York-based utility with a 3.3% yield.

McAvoy said that ConEd continues with a three-pronged approach to growth. First, it invests heavily in infrastructure. Second, the company remains conservative in its finances, and third, it continues to transition to a clean energy portfolio. In fact, ConEd is now the fifth largest solar energy producer in North America.

When asked about the importance of clean energy, McAvoy said it's what ConEd's customers want, and despite wrangling in Washington, many state and local communities remain committed to a clean energy future. ConEd has also spent $290 million since 2009 on energy efficiency incentives, something that 320,000 customers have taken advantage of.

ConEd is also committed to cyber security, McAvoy said, and is actively testing its plans for preventing, detecting, mitigating and recovering from any issues that arise.

Cramer and the AAP team are reviewing some of their portfolio picks, including General Electric (GE) , Arconic (ARNC) , Walgreens (WBA) , and HP Enterprise (HPE) . Find out what they're telling their investment club members with a free trial subscription to Action Alerts PLUS.

Lightning Round

In the Lightning Round, Cramer was bullish on Alibaba (BABA) , Yahoo! (YHOO) , Applied Materials (AMAT) and LAM Research (LRCX) .

Cramer was bearish on Momo (MOMO) , MindBody (MB) , GW Pharmaceuticals (GWPH) and Lumentum Holdings (LITE) .

No-Huddle Offense

In his "No-Huddle Offense" segment, Cramer said that while the sun is setting on many retailers, it's still shining bright on Ulta Beauty (ULTA) , the cosmetics retailers that delivered an astonishing 14.3% increase in same-store sales, after posting a 15% gain last year.

Cramer said Ulta made no excuses for its results. There was no blaming the weather or delayed tax refunds, only strength at its stores and in its online operations, which the company views as additive, not cannibalistic, of its brick-and-mortar stores. Ulta also saw strength in its loyalty program and has manufacturers clamoring to partner with it.

Ulta clearly has the playbook that other retailers don't, Cramer concluded.

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At the time of publication, Cramer's Action Alerts PLUS had positions in GE, ARNC, WBA, HPE.

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