>> console energy and don't buy the russian ipos. >> i'm melissa lee. thanks for watching and see you back for squawk on the street. meantime, "mad money" with jail cramer begins right now. i'm jim cramer and welcome to my world. >> you need to get in the game! >> firms are going to go out of business and they're nuts! they know nothing! >> i always like to say there's a bull market somewhere. >> "mad money," you can't afford to miss it! hey, i'm cramer. welcome to "mad money." other people want to make friends. i'm just trying to save you money. my job is not just to entertain but to coach and teach through a very difficult market. call me at -- tonight i'm

kicking off with a bold statement. we be at the year new highs! perhaps even all-time highs if it weren't for the drag of europe. yeah, for a while there this market showed you what it could be like today, rallying all day offer european news only to collapse at the end of session why? for fear tomorrow's gigantic european pow-wow will be just one more can-kicking exercise by european laersd in game that's become more financially lethal worldwide the long ter goes on. dow ended up giving up 1.5, s&p gaining.05%, nasdaq losing .29%. if you're just dropped off the map tomorrow instead of being in our face with negative greece

news near the end of the session, we would be much higher. europe exists. later i'll explain what it needs to do in the summit to turn itself around, certainly that must happen soon or they'll face a recession so severe. europe is so bad, so toxic, so scary i'm staying the defcon 2. but look, for the last two days we've seen a confluence of events that wouk me so incredibly bullish -- that's right, i would be so bullish instead of circumspect if it weren't for europe that i just have to -- forgive me for doing this but do you mind if i just run down some things, some good things, how good things really are here? first housing. today we got these numbers, came out at 10:00, took my breath away, the april existing home sales. they were astonishing. it was the biggest jump in median home prices in years.

it wasn't just that the numbers rose for one more month or improvements in prices are broad based, true. it's the incredible make-up of of the numbers that has to be talked ago. five years ago the housing hurricane struck our country and there were four epicenters laid to waste, miami, florida, naples, florida, phoenix arizona and they were sizzling with individuals taking advantage of cheap financing from undiscerning and corrupt subprime lenders to buy three, four, five, six, ten homes sometimes and then flip the home buyer. so desperate home buy exknowing the returns would be staggering. the value of homes was going up so quickly, many couldn't resist trading homes, just like stocks. then just as quickly the home builders saturated these area, the federal reserve jacked up rates so the flippers got hammered and the tremendous

housing boom turned into a bust. now i'll read a quote from the national association of realtors quote, a diminishing share of foreclosed property sales is helping home values. moreover, an acute shortage of inventory in certain markets is leading to multiple biddings and escalating price conditions with tight supply in miami, naples, phoenix and orange county. okay, north dakota got mentioned, too but that's because of the bakken shale and washington, d.c. and government hiring and the lobbyist community never taking a housing vacation. nothing speaks more strongly of a turn than when the single most hard-hit areas are not only back but in incredible demand. i want you to think about the implications about the good news that can occur from this. first, the glut of unsold homes has to be purchase, right? do you get that? second, the inventory of foreclosed homes has to be whittled down to nothing to get

the tight supply. third, jobs have to be coming back in the decimated areas to the point where there have to be home buyers to get mortgages and the prices need to be so good that buyers step up to the plate and the buyers need to believe they can commute without spending an arm and leg on gasoline and finally, the banking system needs to allow people to get credit so they can buy. amazingly, think about that litany. did you know all those positives are now in place, obscured by greece and spain and italy and portugal and ireland and france and germany, obscured this remarkable turn. and they're the reasons why we'd be screaming toward all time highs if it were not for europe. think about this. if the glut of unsold homes is now gone, at long last we need to bill new homes. 10% of american economy that's been stalled could come right babb. it taking off shareholders of

lanar. if foreclosures are dwindling, isn't that good news for the home-saddled banks? people aren't guying because of europe, mainly jpmorgan. they are guilty until proven innocent and etfs control the sector. third, you can't buy a home without having a steady job, they won't give you a loan. while employment numbers are punkish, you got to think things are getting stronger. fourth, the affordability of homes come from the incredible low race that the fed is still stoking the treasury yields less than half of all the s&p stocks according to a terrific little piece of research. as long as rates stay that low, you need to buy dividends in your portfolios, creating tremendous demand from con-ed. and the raw costs of housing

supplies have come down. so home builders don't have to charge that much to make the same amount or more money. fifth, home buyers are worrying less about the commute because gasoline prices are coming down and they're less worried about the cost of heating their new homes sense most new homes are heated by natural gas, which remains incredibly cheap. that gives people more money to spend at bed, bath and beyond, or home depot, newly reported companies i think are doing great. i reiterate that home depot was much better than the market perceived. it was not a bad quarter. where are people spending? how about 100 million people going to walmart, which hit a 52-week high today, despite the investigation into the alleged mexican bribery scandal. applause commuter either buy or sell calls. immediately to say building cars like building shoms labor intensive and that creates a virtuous cycle of more and more

hiring. these are huge changes on the moment front. but they're not the on reasons we'd be going to new highs. right now the markets is in remarkably oversold condition, the worst it's been since the bottom of 2011. and we have an election coming up that's now in our sights between a president who, opinions aside, hasn't hurt the stock market, at least empirically and at one very successful businessman. granted mitt romney was none in the business world as an incredibly successful cost cutting rationalizer, that's what he was famous for in the business world, certainly that may not be conducive to creating new jobs to say the least. but he's obviously pro stock market and favors the lowest possible rates for capital gains and dividends. let's through tlhrow in two mor stock issues. lots of people made enough on the facebook deal to move the

needle on the company. today eriba was bought by sap. europe is the be all and end all of the market. it took a header at the end of day because of fierce europe would do the wrong thing at this the most important meeting of the year tomorrow. it's important to recognize if europe didn't matter, we'd be so much higher than we are right now. sadly it does matter, which is why i insist you stay local and folks on domestic security for as much of your portfolios possible. let's go to cecil in pennsylvania. >> caller: hey, what's going on. this is cecil from drexel

university. >> what a fantastic school! >> caller: it is a fantastic school. >> with the acquisition be a catalyst like cnk to be purchased? >> here's the problem. as is often the case, that's exactly what has happened already. people knew this, they bid the stock up. i feel like we're a day late and a dollar short. i'm not going to bust that trade until it comes down because, hey, other people knew it and it's reflected in the stock. patrick in wisconsin. every day we have wisconsin, i love it. patrick. >> caller: how about cbrl group, the old fashioned cracker barrel outfit. they're on the nasdaq and i held them forever, and ever.

>> cracker barrel hit a 52-week high today. i'm a big cracker barrel fan. when i go out on 78, it's terrific. that's a road. here's the thing about cracker barrel that is so exciting to me. i talk about auto zone being a good buyback. the cracker barrel buyback has been extraordinary overtime so it's left us very little stock. i think the stock can go higher still. let's go to mohamed in illinois. >> caller: booyah mr. jim cramer. >> booyah. >> caller: i want to thank you and your team for what you guys are doing for us. >> thank you. >> caller: i just want to know about google's prospect of every time it gets closer to mmi, the stock drops. >> you close that deal, i thought that was very positive. my colleague david faber knows far more about that deal than i do. i defer to him. he had some great comments this morning on "squawk on the street." europe's going after them with anti-trust. i know paul weis has been hired

by the ftc to go after them with anti-trust. remember what happened to microsoft in the 90s. think globally but invest locally. i know europe matters. it's kind of like we're going to be in a science fiction where we just thought about the united states and how fabulous the united states is doing. "mad money" will be right back. coming up, about face? with all eyes on facebook and potential profitability, one company is leading the charge in marketing and ads for all things social. can exact target hit the bulls eye for you? don't miss cramer's exclusive with the company's ceo next. and later, mac daddy? is it time to take a bite of apple again or has it lost its magic touch? cramer's going off the charts to find out. plus power play? in a market dominated by international concerns, cramer's

playing defense by going domestic. tonight this company keeps the lights on in the city that never sleeps, but can it electrify your portfolio? don't miss cramer's exclusive with con edison's ceo. >> miss out on some mad money? get your mad money text alert today. for more info visit madmoney.cnbc.com or call 1-800-743-cnbc. [ male announcer ] introducing a powerful weapon

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i have to ask you, please do not let the performance of the botched facebook ipo fool you. there is still a huge transformation happening in the world of advertising, massive migration of ad dollars away from traditional media, radio and tv, the kind of advertising that would have been at home on

episode of "mad men." chang is real and it will not be stopped no matter how much the stock of facebook gets hammered and it's going to continue to get hammered. tonight we'll get to know an ipo that may have been lost in this facebook frenzy. i'm talking about exact target. it provides its customers with all the tools they need for marketing via e-mail. by the end of the year exact target should be the top player in the e-mail market space. this is a crowded field with many competitors. that's why the company added social mobile applications to help its clients make the best use of new media. it popped when it went public, shooting up on the first day of trading. today it got slammed, falling 1.31 or 5.7%. i think that's again because of

facebook. a whole group tainted, even the ones that shouldn't. exact target is pricey no, profits yet, definitely speculative. its first quarter was excellent, revenues rose 45.7% year over year, better than expected guidance. let's check in with scott dorsey, the ceo, founder and chairman of exact target. to learn more about his company and the advertising revolution. welcome to "mad money." >> thank you. >> on full disclosure i'm on the board of the street and online we use you. i think i should say that. >> thank you for your business. >> if i don't disclose that, i feel like i'm doing the viewers a disservice. but let's talk about a larger entity than the street. i want people to stand exactly what you do. i am travel osity mentioned as one of your clients. i hire exact target, what do i get? >> you get to leverage our

software platform which helps travel osity gain great insights into their customers and they're able to communicate across the channels their customers use most, e-mail, mobile, social networks look twitter and facebook and the web. we bring that profile together, single view of the consumer and organizations like travel osity can leverage all of our technologies, e-mail, mobile and social networks to drive communications. >> do i know i'm on an exact target platform when i'm using travel osity? >> you don't. we're behind the scenes, business-to-business service platform. it's great for consumers because the content is highly targeted and relevant to their interests. >> now, what excites me about exact target, we are huge believers in this show because we're growth oriented, try to get a combination dividend and growth, you got to look at the total addressable market, where it is now versus where it will be for you five years. exact target may have the

largest growing addressable market of any company i follow. why is that? >> we're incredibly well positioned. at the ind section of many powerful friends, the explosive growth of e maim mobile and sogts and the hyper connected consumer that's hungry for relevant content 24/7. >> you have a subscription based model, which means it a little more sturdy. >> you have highly predictable and recurring revenue. q 1 was our 45th consecutive quarter of revenue growth. >> but you are managing for operating cash flow. >> absolutely. q1 was outstanding, a 45% year over year growth and positive ebidta and cash flow. we have nice mix of high growth. we'll continue to invest in r &

d and international expension while showing operating leverage. >> to me it seemed like there were questions on the conference called that looked that you weren't going to have to hire as many people. it could turn into actual earnings per share in a relatively short period of time. >> if we wanted to. and also we're mindful of the big market opportunities you rensed. it's estimated this lab 16 to $20 market. we want to capitalize on the big growth opportunity. >> we have to talk about the elephant in the room. last week general motors said they didn't want to use facebook. people aren't interested in mobile. you talked about mobile, social, cloud. it's pretty clear that maybe gm doesn't get it because some other people do. >> you know, we really look at mobile, social and even e-mail as engagement and driving ent action and driving those relationship with your customers. the more you can learn what your

customers are interested in, the better the engagement can be. >> facebook. >> we actually are close partners with facebook. we're a part of the facebook marketer developing program, building tools that help organizations leverage facebook. and moderating walls and all the conversations that are happening in social networks like facebook and twitter. >> do you think the gm is misplace pd sp. >> there's know question they came out and said it's important for them to have a client on facebook and we've seen that with nearly a billion users, facebook is the lace to be. however, ian will have to sure she has a broken nose. >> caller: an e-mail from croupon. they're a powerful force for

you, a group unlike an am gone, they'll significantout. an outstanding organization to work with. we're an important part of their technology ecosystem. we expect that to continue over time. what we do is is very, very difficult. it's bringing data together in very weak ways. at mmm points we're the only part of e-commerce all together in one hole where they can segment that data and powered rules driven, highly complex, highly communicative temperat e temperature. >> i. this is a story i know and a company i founded uses. i want you to check it out. everything is very uncertain right now. the cymbal is et. thank you so much.

>> grease to be on the show. >> this is cramer. >> coming up, max daddy? is it pulling time to take an alg i'm -- cramer's going off the charts to find out.

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taking my life sentence in my hands here. forget facebook. the most important stock in it market will be if facebook ever bottoms, apple! and that could be a very good thing, even though apple gave up the ghost this afternoon in the european marketin some way the stock market is like an army. they follow the general like the soldiers do. the better the general, the more likely you are to triumph over the enemy. by the same token, when our best generals get taken out and shot, panic takes over and the rest of the market tends to retreat hastily to lower levels. yesterday it was a little heartening to see apple back in command after being pummelled, perhaps even demoted to within 100 points. it had the charge and put on 31

points in a single session. seems like months ago, doesn't it? when apple's powering higher creates good feelings, boosts the morale not just for tech but the entire market. it was just one day. the question is whether apple can ten to rahaly, especially after today's sickening late day reversal off of europe. i got to go with two different people, two brilliant technicians. my colleague carolyn broden, these are two smart chartists who believe apple can break through some key levels. rhetter has real street cred when it comes to apple. he told the street to sell before it got pounded into

oblivion. now he's telling you to switch directions and go positive. do you understand why redler thinks and be can be ready to roar. we need to know what told him to call the top in april. take a look at this chart from december through the first full week of april. at the same time the stock had been rallying for months since the company reported a blowout quarter on january 25th, apple was practically living on the new high list. saying the stock was headed to 800 or even a thousand. but redler wasn't taking it. he looked at the chart and saw a red flag. on april 10th apple pretty much known as an outside day. we don't like to be outside. that's within of the high is higher than the previous day but the low is lower. that's a classic technical sell

signal. we blew this up so you could see. apple surged to 644 and closed at its low. that was a hideous day. let's go to the next start and see how this happened in real time. this goes through the first three weeks of april. after the outside day, okay, apple traded badly for three days in a row, all right? that might not have been so bad in and of itself but at the same time the s&p was rebounding hard. while this stock was trading badly after the outside day, the s&p was going higher, there was a rally apple failed to participate. obviously if there's a rally going on without it, it's not a leader. he urged them to trade it as long as it stayed above 620.

sure enough it dropped to 520. that's after that horrible day. take a look at the next chart. apple came out with still another spectacular quarter and the stock gaffed up, right back to 618. on april 25th. but unlike the previous quarter, which led to a phenomenal rally, this time the gap didn't hold. apple swiftly broke him again. this center stob, let just call it the house pane. after so many signals to sell, led per a medium term measure of

the stock's trajectory. it did so by volume. that put a floor on the stock. that's what happened. the technical nals totally in charge here. if apple can break out over the ceiling resistance, 570 to 575, about 13 to 18 points above where it is now then the down chain will be broken and apple to move much higher. first apple has to break through the key level. the problem is if it doesn't, then obviously he can change his mind and that's what he's looking for. carolyn arrives at a very similar conclusion, using a different chart based reality. i love this. no wonder i told her, the charge gin landers going back to 2007. >> the kleins often mayoror each other in terms offize. if you look last two

biographies,s these by the way are the two biggest absolute declines in apple since 1992 so they matter to broden. based on this principle, broden believes the latest climb should be equal to those in absolute terms. it's amazing. this stuff amazes me but it might sound silly, it works so often. sure enough broden's mish yerd mood technique suggests apple should bottom using these as the watch work. apple made an intra day low. 121 point decline, almost the exactly the same size as the last two big selloffs. since then the skok hasn't looked bad. apple rally 35 points from where february. using the apple's last three

moves were for 43, points, 63 points and they would expect the stock to level out above 570. if the stock can reverse the late-day down trend, which was a real wall it hit and break through the ceilings of resistance, then he thinks am could reach new highs. possibly rallying to 6 clm hh. >> do you know what kind are negotiati negotiation. if it can take out here both redler and baroden, it's off to the races. hey, i'm a fundamental -- this stuff, i can't believe how it works. i think apple's a terrific stock

and i don't see any reason why it should be more attractive at 585. in order, i like apple, not facebook! the bottom line, i may not agree with the details but the crucial point here is the detroit charges. >> if it can rally just a few more points up from here, the cards would become extremely bullish. >> that's a nice change for advance. >> its europe just for one. tonight on the kudlow report, president silent on the tack cliff at the end of the year. if nothing is done, we'll fall over it but is a grand bargain even possible? i'm brian sullivan filling in on "the kudlow report" 7:00 aen.

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it is time for the lightning round! and then the lightning round is over. are you ready? sk skeedaddy. denness ohio. >> caller: a big buckeye booyah from youngstown, ohio.

>> how can i help? >> caller: thanks for taking my call. since i got your book and subscribed and i watch you regularly, i've had -- i learned a lot and i've nothing but success in my portfolio. >> that's terrific. >> thank you very much. how can i help? >> i'm talking about fcx, freeport -- >> i cannot tell you how torn i am. it is almost at 4%. that normally would hold it but we need to see some signs of growth around the world. so right now i think the stock takes down 30. >> let's go to steve. >> caller: jim, this is steve. booyah. first time caller, long-time listener. my stock is l yb.

>> caller: jim, first time booyah from d.c. i have mid to long-term investor. i'm looking at -- >> no, we don't go russia. we have enough problems. lee in illinois. lee. >> caller: jim, i'd appreciate your advice on crispy cream donuts. >> i got dunkin donuts, it's the one to buy. let's go to terry. >> caller: hello, jim, tkr, it's been a wild ride. what do you think about it from this point toward? >> timken is a fabulous company. it's a ball bearing company. it's terrific.

i got to tell you, industrial america is doing well, it's just that nobody cares. and that, ladies and gentlemen, is the conclusion of the lightning round! >> the lightning round is sponsored by td ameritrade. td , gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering, web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. what ? customers didn't like it. so why do banks do it ? hello ? hello ?! if your bank doesn't let you talk to a real person 24/7, you need an ally.

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as long as this market remains hostage to the troubles in europe, and it is as we know from the critical horrible reversal at the end of the day, the way to protect your portfolio is with stocks that we say are domestic security stocks. they give you domestic security. that's my name for all american companies with no oversea exposure. sure you have to invest like an isolationist. what could be better than a domestic security play with a business that is as consistent as it gets and bountiful dividends. one of my effort favorites from the show began, consolidated edison or con ed for short. it provides many custers in new york city and its customers with electricity and energy. no reason for the epa to crack down on them. plus nyc is one place where residential construction is still happening, expected to

climb next year. growth, growth in yield. and if you're a fan of dividends like you know i am, con ed is boosting its payoff for the last 38 consecutive years, the only utility with 30 or more consecutive years of dividend boost. the only one. this is exactly the kind of stock that works in this troubled market, hence why con ed has given us 11% gain since july. i'm thrilled to have kevin burke here twous talk about his company's prospects and domestic security. welcome back to "mad money." >> thank you. >> we got news yesterday, i said i'm so glad i got pu ferc approved the expecter pipeline. >> i think it's great and it's great that spectrum got that approval. we've been working with them. great company, they're going to bring a line from stat i don't know island and bring a whole new supply into manhattan. it's been at least ten years

since we've gotten a new line into manhattan. this is so important to puus. >> why is it so important? natural gas is all over the sfl place? >> natural gas is all over the place. plus they don't want people burning such dirty oil. >> and the trucks are blocking the street. >> and the equivalent of getting that service territory, about 7,000 buildings, if they all converted we would see our distribution peak for gas go up by 50%. >> that would be a huge for your profits, right? >> that would be huge. >> this is gas coming from marcellus. >> it can come from other places but a lot is coming from the marcell marcellus.

we get 25% of our gas from the marcellus. >>ism know you don't build giant power plants but a lot of people get employed when you build a pipeline. >> a lot of people get employed, i think they were forecasting about 5,000 jobs. but the other thing it's going to do in the city new york, it's going to increase the reliability of the gas supply to new york city and allow to us be able to deliver more gas to these buildings that are right now burning a pretty dirty oil. the city projected it's the equivalent of getting all the cars and trucks off the city streets. >> what incentives -- how do you prove to one of these 7,000 buildings they ought to switch to nat gas? >> it's the price. the price of natural gas has dropped so much in the last couple years. when people look forward, they see how much gas is in the ground, the price is going to stay down. the price of oil has been running up. it comes down for a little bit but shoots right back up again.

when they look at the cost of conversion, we've seen a lot of people convert, including people who burn the number two oil, which is the oil people burn in their homes. it's much cleaner than number six but with the price difference, we've seen a lot of those people switching to natural gas. >> the only thing they focus on is the rate agreement that ends on march 31st. i know regulation is important but the fundamental change you're talking about would boost earnings more than any rate change. >> the fundamental changes, we look at growth clearly in natural gas is where we see the biggest growth. but even on the electric side. in new york city the population is up. the number of people employed is up hype are than it was prior to the recession. there was just a report out that the office space that's been occupied is now at a record -- since we go back to 2000. when people are looking for where do you see the change in the economy, i think we've seen the change behind the building permits for the first quarter of

this year are up about 50% over last year. >> 50%? >> over the first quarter of last year. and gup back to the prior years, up 90%. >> that's incredible. >> so we're seeing the turn around in the city. >> is there a growth areas that faster than new york city in this country? >> i don't think so. we are growing. jobs are coming. the mayor has done a great job bringing cornell, working with nyu, polly tech bringing schools and jobs to the city. what's going to happen? five, ten years down the road those people are going to be starting new companies. >> new york city, we had dominion on. they have is he ve low cost for power. is new york city get being its fair share of big data? >> more than it's fair share.

one building, that's the equivalent of a town with thousands of phones. that's a city. >> so, therefore, i have to via be worried about is if the dividend can to go higher. >> we're seeing a lot of growth. a lot of growth. and service farms uses a lot of electricity. there's one that's a distribution line voltage. it's so big. >> this has been my favorite utility since we started the show and now you see why. it's a growth area ult. i want to share you for coming on our shown to explain this is what you can own. france, greece, spain? no. stay with us.

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everybody knows there aren't any good solutions to the problems facing europe but believe it or not, there a series of reasonable, not too bad ones. they just can't be agreed to with this current one size approach. first the europeans need to be able to find jobs. that's the crux. now there doesn't seem to be any hope for jobs in the country. we all know that nothing but austerity is unrealistic and

untenable but somebody better convince the puppet masters of germany that's the case. if these governments are going to try to create jobs to get a multiplier effect going, more workers means more taxes gets paid and more products get consumed, then they need help. without those jobs the sovereign debt will be under pressure because the tax receipts won't cover the debt. sew the eu has to step up with help, with what would be the equivalent of a modern day marshall plan which the troubled countries can get help from when it comes to sovereign state austerity. it's a great way to build infrastructure improvements that have been neglected during this period. the people need to have a rational reason to keep the money in their domestic banks instead of pulling it out. people of greece, spain and italy have been withdrawing

money from their backs for fear of waking up one morning and have to use drachmas or lira. we need these solutions can be done but the germans don't want them down because the am of stimulus would debase the euro and cause inflation. the status quo has been good for germany, the stock markets up. why should they agree to do anything? they have one of the best economies in the world. without these two, the banks will be seized by the state and they'll have to start all over with. first they'll be plunged into depression and then they'll spring back.

i don't like argentina's default and devaluation in 1990 and '91. horrible pain and then none. obviously one growth is much better than the other and it's the only one i'm for,s in you're german and you fear inflation. as long as inflation is a worry for the puppet masters, we will remain in this ridiculous status quo and you have to protect yourself until the choice is made. stick with cramer.

next, the president is silent on the tax cliff at the end of the year. if nothing is done, we'll fall over it but is a grand bargain even possible? i'm brian sullivan filling in on "the kudlow report" at the top of the hour. ♪

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