The Wall Street Journal had published an article titled “Is a Crash Coming? Ten Reasons to Be Cautious”. On yesterday’s Mad Money show, Jim Cramer refuted those claims and showed investors 10 reasons not to be cautious or at least not overly cautious.

1. The WSJ stated that the market’s already very expensive with stocks trading at 20 times cyclically adjusted earnings. However, Cramer pointed out that stocks are actually the cheapest they have been in 30 years, when you take into account other factors.

2. The Fed is concerned about growth or lack thereof. To Cramer, this doesn’t seem like a bad thing. Would investors be more comfortable if the Fed wasn’t concerned?

3. There’s too much bullish sentiment in the market. According to Cramer, the market is extremely bearish right now. This sentiment is being shown in the vast sums of money that continue to be transferred out of stocks and into bonds.

4. Investors are worried about deflation. Cramer feels that there is more reason to be concerned about inflation. Cramer believes that Fed Chairman Ben Bernanke is an expert on fighting deflation.

5. Corporations still owe the government money. Cramer says that company’s balance sheets are getting healthier and delinquencies are falling.

6. Unemployment remains high. Cramer did acknowledge that high unemployment is hindering economic growth. However, he believes that high unemployment is already priced into the market.

7. Housing continues to struggle. Cramer also conceded that the housing market remains very disappointing. However, he believes that housing prices have bottomed and that higher prices are in store. The decline in housing starts should also help lift prices.

8. Labor Day is approaching. This hardly seems like a good reason to be bearish since Labor Day occurs every year. Cramer feels that stock fundamentals should be used in selecting stocks, not the calendar.

9.Gridlock in Washington. Cramer doesn’t see this as a bad thing. After all, the corporate world doesn’t need anymore wide-sweeping regulations passed.

10. Amber alerts. Cramer labeled this a “piece of vulgosity.” He believes that fundamentals have never been stronger.

Jim Cramer told investors on yesterday’s Mad Money show that Intel is “just too cheap”. It is astounding that Intel trades at a lower multiple than International Paper (IP: 30.95 -0.51%) or Dow Chemical (DOW: 33.95 +0.27%). Cramer said that he has never seen that happen before.

Cramer believes the market has oversold the entire semiconductor sector. However, the strong results from Intel along with bullish data from Novellus (NVLS: 48.44 +0.50%) and ASML Holdings (ASML: 45.29 +0.35%) point to reasons to be bullish on the sector.

Nvidia
Nvidia shares have fallen over 41% in 2010. The company supplies chips that power netbooks, laptops and smartphones. They also make semiconductors that power Adobe’s (ADBE: 32.10 -0.56%) PowerSuite 5. Nvidia’s stock has been hammered this year, but Cramer predicts the stock will be one of the top gainers in the second half of the year.

Jabil Circuit
Jabil Circuit continues to report double-digit growth, but the stock has fallen 15% this year. The falling euro has negatively impacted the stock which has substantial European exposure. However, Jabil trades at only 7x consensus 2001 EPS. Wall Street expects revenues to grow 15% this year and 18% next year. With such a compelling valuation, Cramer recommends that investors buy the stock.

While the market has fallen 9% from its April highs, Mad Money host Jim Cramer believes the worst is over.

The financial reform bill appears set to pass. While the bill itself may not be entirely satisfactory to Wall Street, at least the market will not longer be weighed down by uncertainty.

The debt crisis in Europe appears to be contained. Just a month ago, Banco Santander (STD: 8.75 +1.86%) was trading at a 52-week low, but has since jumped 50%.

It seems that the only remaining obstacles left to address are the Gulf oil spill and unemployment. Fortunately, it seems as though BP (BP: 46.97 +0.79%) is nearing a solution to stop the oil spill. Of course it will take some time before the labor markets return to full strength.

Overall Cramer is very optimistic and he feels that we have already experienced the market lows for this year.

Weatherford International (WFT: 17.90 +0.62%) rose 2.3% – Cramer feels that Weatherford is the cheapest oil stock around. He recommends that investors buy the stock “aggressively” at its current price around $16.

Prudential (PUK: 23.22 +0.04%) gained 3.0% – Cramer is very bullish on the stock and feels the business is “absolutely fabulous”.

Potash (POT: 46.46 +1.02%) dropped 0.2% and Terra Nitrogen (TNH: 210.50 +4.31%) fell 0.8% – Cramer feels that Terra Nitrogen is a great play on agriculture and he’s sticking with the stock, but prefers Potash given the momentum he’s seeing.

ArcSight (ARST: 0.00 N/A) fell 0.3% – Cramer recommends ArcSight as the top internet security firm for investors given its momentum and growth prospects.

Zhongpin (HOGS: 10.91 -2.24%) dropped 0.7% – Cramer remains bearish on Chinese stocks.

Symantec (SYMC: 17.75 +0.74%) dropped 0.7% – Cramer was bearish and recommended ArcSight instead.

Over the last 6 months since Mr. Cramer unveiled his mobile internet index, the Dow Jones Industrial average has gained 1,000 points or 11%. The technology-focused Nasdaq index is up 12% in the same time frame. So how has the Mobile Internet Index performed?

Unfortunately, the last 6 months has to be considered a mild disappointment for the mobile internet index. The index as a whole is up 9.6% during that time, but has underperformed the 12% gain in the Nasdaq.

The Mobile Internet indexes performance has been weighed down by a couple of extremely poor performances. The worst performer in the index, Palm (PALM: 0.00 N/A), has lost over half its value in the last 6 months. Tessera Technologies (TSRA: 19.31 -1.18%) stock has fallen over 30%.

While the overall index performance has been disappointing, there have been some stellar individual stock performances. Sandisk (SNDK: 46.84 +2.03%) is up an amazing 65% over the last six months. Starent Networks (STAR: 0.00 N/A) shares have soared over 56% since last August. In fact, 14 out of the 21 stocks have posted 6 months gains with 12 of those 14 stocks delivering double digit gains.

The big names of the index, like Apple (AAPL: 476.68 +1.67%), Google (GOOG: 609.85 +0.51%) and Cisco Systems (CSCO: 20.43 +1.14%) have also outperformed the broader market indexes with Apple leading the way with a 21% gain.

Tuesday
• Whole Foods (WFMI: 0.00 N/A) – Cramer is watching same store sales (SSS) to see how much the economy is continuing to impact consumer demand.

Wednesday
• Chesapeake Energy (CHK: 22.11 -0.32%) – Cramer wants to find out about their drilling costs and see if the company reports any new finds.
• Agnico-Eagle Mines (AEM: 35.50 -1.77%) – Cramer wants to see how their mining costs are tracking.

Thursday
• Bucyrus International (BUCY: 0.00 N/A) – Cramer will be looking beyond the numbers to see what commentary the company has on the strength of demand in China.
• First Solar (FSLR: 45.81 -1.67%) – Cramer wants to see how much of money First Solar is making on each panel and reliant the company is on government subsidies.

Monday
• Humana (HUM: 85.15 -1.18%) – Cramer wants to see how people react to the report to see if health care reform has any life left.
• ExxonMobil (XOM: 85.32 -0.64%) – Cramer hopes to hear an update on the future of natural gas in the U.S.
• Plum Creek Timber (PCL: 39.56 +0.13%) – Cramer believes this will give us an idea if the real estate market has bottomed out.

Tuesday
• Whirlpool (WHR: 70.20 -0.71%) – Cramer wants to see how the company is doing in Brazil.
• Dow Chemical (DOW: 33.95 +0.27%) – Cramer is watching to see what demand is currently like for their chemicals.
• BEA Aerospace’s (BEAV: 45.78 -0.26%) – Cramer is listening to see if he is too bullish on Boeing (BA: 75.46 +0.94%).

Wednesday
• National Oilwell Varco’s (NOV: 81.77 -0.41%) – Cramer believes this report will show how strong demand is for natural gas drilling rigs.
• International Paper’s (IP: 30.95 -0.51%) – Cramer says this report will be a view of the health of the global economy.
• Polo Ralph Lauren (RL: 171.49 +9.18%) – this report will indicate the health of the high end consumer.
• Several mobile internet stocks will also report on Wednesday afternoon, and Cramer wants to see their reaction to the iPad and the recent drop in Apple’s (AAPL: 476.68 +1.67%) stock price.

Thursday
• Several dividend stocks including Clorox (CLX: 68.38 -1.71%), Kellogg (K: 50.34 -0.94%), Suburban Propane Partners (SPH: 41.98 +2.97%), and Pitney Bowes (PBI: 19.50 +0.05%) all report earnings on Thursday.
• Mastercard (MA: 394.91 +0.51%) – Cramer hopes this will give us an idea about the number of transactions going on in the marketplace.

Friday
• Wyerhauser’s (WY: 20.56 +0.88%) – Cramer is watching this report to get some insights into the new housing and land market.

Qualcomm
Qualcomm (QCOM: 61.47 -0.13%) fell 3.2% after Mr. Cramer called their latest earnings report “an abomination”. Cramer was clearly upset at QCOM’s management for delivering such embarrassing results. The poor guidance was particularly frustrating given the company’s bullish posture 2 weeks ago at the Consumer Electronics show.

Joy Global
Shares of Joy Global (JOYG: 0.00 N/A) and Bucyrus International (BUCY: 0.00 N/A) plunged 2.9% and 5.0% respectively following bearish comments by Jim Cramer. He views the slowdown in China having a negative impact on both stocks. Cramer doesn’t believe the stock has hit bottom yet and cautioned investors to wait to buy this stock.

Deere & Co.
Deere (DE: 88.50 +0.64%) stock slid 2.3% after Cramer warned that the stock was headed down in the short term. While Cramer still believes that Deere is a good company, the stock is feeling the negative impact of the slowdown in China. For investors with a 6-9 month outlook the stock will still likely make them money, but in the short-term look for more selling.

Cramer has been bullish on Skyworks Solutions for over a year and has seen to stock rise 208% since his initial buy recommendation. The make of smartphone power amplifiers recently reported strong quarterly results that exceeded Wall Street’s consensus estimates by $.02. The company also increased their guidance numbers, but the stock price continues to fall.

In an interview with Mr. Cramer, Skyworks CEO David Aldrich opined that we are still in the early stages of mobile internet adoption. He believes that Skyworks is delivering better margins than most of their competitors and sees tremendous growth opportunities ahead for leveraging the technology developed for smartphones. This technology can be utilized in various products like medical devices, satellites, etc.

Cramer is definitely still bullish on the mobile internet sector and Skyworks in particular. He is looking for the stock to move much higher.