After bottoming on Feb. 11, stocks have had an enormous run in the past few weeks. What was so special about that day? It was the day JPMorgan (NYSE: JPM) CEO Jamie Dimon bought 500,000 shares of his company's stock.
Jim Cramer now calls this day the "Jamie Dimon bottom."
Cramer knows that Dimon did not intend to call a bottom that day, but not only is JPMorgan up more than 7 percent since then, but the Dow (Dow Jones Global Indexes: .DJI) and S&P 500 (INDEX: .SPX) have both rallied higher.
"This well-timed buy had more to do with the prevailing gloom three-and-a-half weeks ago than the actual conditions at his bank," the "Mad Money" host said.
It was a combination of various factors that all came together to allow the averages to roar higher. One of those factors was the Fed, as. Janet Yellen was testifying at the exact same time the market bottomed. Her testimony only accelerated the view that the Fed saw the weakness occurring but wasn't necessarily willing to stop its course of tightening.
Cramer has a position of Bank of America in his charitable trust, because he thought there would be two rate hikes coming from the Fed. He added that without rate hikes, this stock is not in good shape. But with the rate hikes, it is. He thinks the binary nature of the stock has prompted it to fall to $13 from $15.
Suddenly, the market has embraced everything it hated just a few weeks ago, especially the speculative stocks of commodity-based companies. Cramer boiled the rally down to the bold moves of commodity players issuing secondary offerings.
While the rally began with a tremendous amount of short-sellers covering positions, Cramer thinks it is the secondary offerings is what saved the day. While the offerings can be dilutive — meaning that when the earnings come back, each share will make less —but Cramer saw an upside, too.
"The beautiful thing here is that the company will live to play again, even in a scenario where oil prices stay lower longer," the "Mad Money" host said.
Considering the way these companies have managed to stay afloat with the secondaries, it could mean that the worst is over for commodity stocks that have moved above the $2 to $3 range.
"Just like the banks did massive equity offerings in the bad old days of the Great Recession, they, too, got saved. This is the same thing," Cramer said.
And when it comes to earnings, Cramer reminded investors that sometimes a disappointment doesn't really disappoint.
Costco reported last Thursday and many considered it to be a disappointing quarter, as it was a departure from its usual excellence. Yet the stock barely moved.
"What we have here is a case where a negative seeming scenario can actually be positive in the real world," Cramer said.
Everyone assumed Costco would have a bad quarter, so when the actual numbers were not great, hardly anyone sold the stock. It all came down to expectations for Cramer, because when a stock fails to go down on bad news, it could mean that investors believe the situation will improve in the future.
Cramer thinks a great restaurant shake-out has begun.
"We are seeing some restaurant names pull away from the pack the way racehorses separate themselves from the field … whatever the explanation, the winners are creating some dazzling performance," the "Mad Money" host said.
These companies have so much going for them, it is clear that the winners are McDonald's, Chipotle, Panera and YUM. Meanwhile, the losers are ones like Shake Shack, which was slammed in after-hours trading on Monday even after it reported a top and bottom line beat.
"I think the winners are all worth owning, many right here, and the rest on pullback," Cramer said.
Sometimes, in order to fully understand the latest trends of a given industry, Cramer likes to check in with privately held companies that are leading the way. Especially in the food business, as there is a massive generational shift toward eating healthier.
Hampton Creek is the private company behind foods such as Just Mayo and Just Cookies, the plant-based products with no eggs. Just last week, Hampton Creek announced a large rollout of 43 new plant-based products to be launched in the coming months, including retailers such as Target and Walmart.
Hampton Creek CEO Joshua Tetrick spoke with Cramer on Monday about the rollout. "We didn't start this just to be a mayo company. We started this to think differently about food, and we are making that happen now," he said.
In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:
XPO Logistics: "XPO does need to see interest rates stay low and it needs to do more deals. I think the stock is trying to bottom here, but to me it is too aggressive, given the fact that it is a speculative stock. And I'm not recommending a lot of speculative stocks."
GW Pharmaceuticals: "We've got Celgene, Gilead, Regeneron all the way down. We've got Amgen all the way down. I think those represent better value."
Read More Lightning Round: This stock is trying to bottom
