Since opening lower by almost 2% Monday, shares of Nike (NKE) have been on the rise, getting back to breakeven in early trading.

Nike is the stock to watch since Foot Locker (FL) reported an "amazing quarter" last week, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment. When Foot Locker is doing well, Nike is doing well, he reasoned.

That's the vibe investors got when listening to the conference call, too. Shares of Nike are up 4% over the last three trading sessions, although Foot Locker has been red-hot, up almost 30% in the same span. Cramer pointed out that upgrades continue to pour in for Foot Locker, with Wells Fargo and Wedbush analysts assigning price targets of $42 and $49, respectively.

It also might be time to look at Under Armour (UA) (UAA) , which should begin to rebound higher, albeit slowly. If Under Armour starts seeing an uptick in business, we know there's a "rising tide" in athletic shoes and gear, explained Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

But be aware that this was really a breakout quarter for Nike, he said. And don't think the recent rally is it. Nike can continue higher from here as it has lagged the Dow Jones Industrial Average through 2017, Cramer concluded.

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At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.

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