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These stocks galloping along with the llama drama

Jim Cramer really, really wants to be negative about the market right now. But as hard as he tries, he just can't do it. There are too many good indicators swirling around to bring him down. The llamas can run around Sun City all they want—because Cramer sees plenty of stocks running wild along with them.

"I loved that Monster quarter. I told you I thought it was going to be a good one, but I didn't think it was going to be this good. MNST goes higher!"

Cramer's wild mood started first thing in the morning. As soon as he looked at the news on Thursday morning, he was greeted by fabulous bond rates in Europe. The Spanish 10-year bond rate was at 1.38 percent, and the Italian 10-year was at 1.42 percent—record lows for this region.

So what the heck do European bond rates have to do with the U.S. economy, and why is this important?

When Cramer saw these low interest rates, he was automatically taken back to just three years ago when these same bonds were yielding 7 percent. Both countries were in a liquidity crisis and were desperately trying to raise cash.

The banks were on the brink of collapse, and investors all over the globe speculated that Italy, Spain, Portugal and Ireland would default.

As a result, the U.S. markets were crushed, when the Dow dropped 900 points from 12,000, with a one-day decline of 400 points on the day that Italy's bonds hit 7 percent.

"So, we have a situation that's the polar opposite of something that caused our markets to get crushed. Isn't it a simple deduction to conclude that Europe should now be pushing our stocks higher?" the "Mad Money" host said.

Read More Cramer: 'I'm a happy camper'—thanks Europe!

Jim Cramer on set of Mad Money
CNBC

One stock that is galloping higher, is Clean Harbors. Some may only think of hazardous waste when they think of this company, but in Cramer's mind, the stock is far from being disposable.

Clean Harbors is the largest hazardous waste disposal company in North America. Historically, the company played a large role in disaster relief, as well as helping dirty industries such as oil and gas maintain clean environments to meet regulatory requirements.

The stock took a hit in 2014 but has gotten its mojo back this year when management announced that it will spin off its oil and gas services business and its energy-focused lodging business into a separate, publicly traded company.

Clean Harbor also plans to increase focus on the recycled oil business that it acquired from Safety-Kleen a few years ago. And to boot, the company announced an awesome quarter when it reported earnings on Wednesday morning.

Could a struggling oil industry impact the stock this year? Cramer spoke with Clean Harbor CEO Alan McKim to gain further insight.

"Certainly, the country is doing better, but we have done a really good job of penetrating some of those oil and gas plays out there that have been pretty strong. Even with some of the recent laydowns of some of the drill rigs, we saw nice volume," McKim said.

Even with oil, Cramer sees good things in store so far. He keeps waiting for the greasy hammer to drop on oil, and has been nervously waiting for the oil renaissance to end and bring the economy to its knees.

"I figure it is only a matter of time before the over-levered, eyes-too-big-for-their-bank-account oil men go belly up, taking tens of thousands of jobs off the table with their recklessness and rendering boom cities into ghost towns," the "Mad Money" host said.

But it just hasn't happened. Texas hasn't fallen apart and taken down the banking system, and oil producers are still pumping. Cramer has a feeling that this oil crash is different from the others. Six months into the oil crash, and the economy hasn't crumpled.

Cramer suspects that the ripple effects just haven't been that visible in the U.S. economy. He outlined a few data points that clearly mark a difference in what was expected and what actually happened.

Considering that most thought an oil crash would cause the market to collapse, Cramer just hasn't seen the pain yet. There are just too many hedges, strong balance sheets and large loan capacities to allow for any real worry. Many companies seem to easily cut back, for now.

Maybe we won't endure the oil apocalypse?

"Maybe, just maybe, we won't, at least compared to the stunning positives that the price cut at the pump is giving individuals and businesses nationwide."

Read More Cramer: Worst yet to come for the oil patch?

Pipette in test tube
iStock | Getty Images Plus

Cramer has found one speculative biopharmaceutical company that has already quadrupled and isn't done rewarding your portfolio, yet.

Receptos is a biopharmaceutical company that is focused on therapeutics for immune disorders. The stock took off in 2014, thanks to its clinical trial data for a drug called Ozanimod, which treats multiple sclerosis. Cramer sees enormous potential with this drug, which could even be worth billions.

Ozanimod is currently in Phase 3 trials as an oral treatment, and thus far, the data has indicated it is better than the competition oral treatment drug for MS.

Additionally, there are studies underway that have strong data indicating it could also treat ulcerative colitis and Crohn's disease, and in the long-term it could work for diseases like lupus or psoriasis, as well.

Could the healthy outlook translate into hefty investor profits? To find out, Cramer spoke with Receptos CEO Faheem Hasnain.

"Our efficacy data looks every bit as good, and, importantly, our safety profile seems to be a real improvement for patients with this disease," Hasnain said.

Read More Cramer: This spec pharma will reward you handomely

In the Lightning Round, Cramer gave his take on a few caller favorite stocks:

Arrowhead Research Corp: "Here's my problem with nanotechnology; it's always a bridesmaid never a bride. We are going to stick with the tried and true semis that we like...Cypress Semi."

Restoration Hardware: "I think Restoration is a long-term play. We are not going to play this quarter to quarter because it's lumpy. You just want to own it, and stay with the guys, they know what they're doing. I might even buy it later tonight."

Read More Lightning Round: This is back in renaissance mode