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: 15.91 -0.50%) stock has fallen over 30%.

While the overall index performance has been disappointing, there have been some stellar individual stock performances. Sandisk (SNDK: 37.95 +1.17%) 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: 263.07 +0.06%), Google (GOOG: 476.18 +1.19%) and Cisco Systems (CSCO: 20.61 -0.15%) have also outperformed the broader market indexes with Apple leading the way with a 21% gain.

SanDisk (SNDK: 37.95 +1.17%) shares jumped 9.1% and Cramer commented that Intel’s (INTC: 18.00 +0.56%) recent earnings beat and positive comments from Novellus’ (NVLS: 23.79 +1.41%) conference call mad SNDK a buy. Novellus had discussed significant price increases on NAND flash memory. Since Sandisk is the largest producer of NAND and flash chips, rising prices coupled with increasing demand should positively impact SanDisk’s stock price. The stock positioning as an unloved company with low expectations give it even more room to rise. 

Jim Cramer declared yesterday that FedEx’s skeptics are wrong and the stock responded positively gaining 7.7%. While the company had indicated last quarter that their business was improving, many criticized those comments as being too premature. According to Cramer, “Does the stock not tell you that FedEx is spot on? This stock should be going down. The transports are struggling and struggling to break out here. I think they do.” 

While Cramer ordinarily does not recommend individual Chinese stocks on his Mad Money program, A-Power Energy Generation Systems (APWR: 6.36 -2.75%) benefited from a de facto recommendation. Cramer stated, “You know, I think they’re good… I wish I knew more about the Chinese market.” That was enough for the market to lift APWR’s shares up 7.4%. 

Other Cramer bullish stock picks: 

Peabody Energy (BTU: 45.80 -1.10%) gained 4.1% – “We don’t like coal on this show because President Obama seems to be not that big a fan of coal… Peabody is the play for this situation.”

Intel (INTC: 18.00 +0.56%) up 2.5% – Cramer believes that Intel’s better than expected earnings is single-handedly responsible for the recent market rally. The company reported strong sales and earnings, and Cramer would keep buying the stock, which he believes has more upside potential.

American Express (AXP: 40.69 +1.55%) jumped 3.9% – Cramer speculated that the credit environment could be stabilizing before the unemployment situation begins to improve. While this seems counter-intuitive, Cramer cited American Express CEO Ken Chenault’s remarks about signs of green shoots as reason to pay more attention to credit card companies.

Capital One Financial (COF: 39.40 +0.82%) increased 4.2% – Cramer believes that Capital One Financial’s better than expected performance is another sign that credit is stabilizing. He stated, “I would not buy these names if credit weren’t stabilizing, because credit is my fear, not unemployment. Credit is stabilizing. That changes the story from being one where I’m nervous and worried to one where I say ‘How much upside?’ “