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: 19.68 0.00%) stock has fallen over 30%.

While the overall index performance has been disappointing, there have been some stellar individual stock performances. Sandisk (SNDK: 47.56 0.00%) 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: 463.97 0.00%), Google (GOOG: 609.09 0.00%) and Cisco Systems (CSCO: 20.19 0.00%) have also outperformed the broader market indexes with Apple leading the way with a 21% gain.

Here is a review of the performance of Jim Cramer’s stock picks from Wednesday’s Mad Money show.

Advanced Micro Devices (AMD: 6.92 0.00%)
AMD shares fell 6.0% today after Cramer recommended investors take profits after the stock’s recent run up. While Mr. Cramer has been bullish on AMD in the past, the stock has nearly tripled since he recommended it and he accurately predicted a pullback in the stock.

Mobile Internet Tsunami
Cramer also seemed to offer an accurate prognostication of the pullback in the leading mobile internet stocks. Mr. Cramer said that investors should expect another 3 – 5% pullback. Today, Apple (AAPL: 463.97 0.00%) only fell slightly, but Palm (PALM: 0.00 N/A) fell nearly 5% and Research in Motion (RIMM: 16.575 0.00%) dropped 3% before falling another 11% in after-hours trading.

Cramer did emphasize that investors should recognize this pullback as a great buying opportunity. He continues to be a strong believer in the mobile internet tsunami and believes we are still early in the trend.

Cramer’s Lightning Round stock picks:

Huntsman (HUN: 13.67 0.00%) fell 2.0% – Cramer was bearish on the stock and believes the rally is over.
Spectra Energy (SE: 30.75 0.00%) dropped 1.2% – Cramer was positive on this stock due to their high 5.1% dividend yield.
Dana Holdings (DAN: 15.79 0.00%) fell 3.1% – Cramer warned investors not to buy until the stock pulls back further.
Philip Morris International (PM: 76.85 0.00%) dropped 1.1% – Cramer believes investors have already missed the move in this stock and is now bearish on PM.