Everywhere Jim Cramer goes, investors ask him if it is too late to participate in the stock market's incredible rally.
"If you want to understand how this market has been able to run so much since the election … you have to stop thinking of the stock market as some kind of unified whole, and start viewing it as a market of stocks," the "Mad Money" host said.
The stocks leading the charge higher are a lot less vulnerable than many investors think, Cramer said. In fact, stocks that have led the Dow Jones industrial average to the brink of 20,000 are entirely justified to be at these levels.
More importantly, Cramer thinks the run could be sustainable because of overhead resistance. This refers to the amount of stock for sale. One thing Cramer noticed is that a large portion of the gains in the Dow are from the stocks that up more than 10 percent since the election, and don't have a lot of overhead supply.
Cramer also used data to do a sanity check and make sure the market isn't moving too far, too fast based on the promises from Trump.
"Promises that need to come true, or else we are in for a serious correction during the first quarter of 2017," Cramer said.
Looking at existing home sales and the fact that Home Depot's stock didn't take off from the strong home sales, Cramer determined that Home Depot's stock needs to be put on the radar screen as the Dow bounces around 20,000.
Cramer was also pleasantly surprised by the commentary on Darden and Carnival's conference calls. The lone dark spot in the market for Cramer was athletic wear, after Nike reported mixed numbers and Finish Line disappointed with a miss.
With the landscape changing for pipeline operators recently, Cramer made a bold call for investors to circle back to these stocks.
"With oil prices back in the $50s and U.S. production set to rise dramatically next year, it is time to circle back to the pipeline plays, and right now my favorite one is Magellan Midstream Partners," Cramer said.
For ages, Cramer has advised investors to stay on the sidelines for pipelines, which act as a toll road for oil and gas transportation. When energy prices fell, many players encountered less use, a loss of pricing power and eventually many companies had to cut their dividends, which eliminated the exact yield that make many master limited partnerships (MLPs) so attractive to investors.
Suddenly, the playing field has changed for MLPs. First, Donald Trump won the election, and it looks to Cramer that the president-elect will be very pro-petroleum and pro-pipeline.
"Needless to say, this is a tectonic shift versus the Obama administration, which has been a lot more focused on fighting climate change and protecting the environment," Cramer said.
Cramer also recommended the two largest payroll processors in America, ADP and Paychex, as quintessential Trump stocks. Both companies could benefit from Trump's policies that could ignite hiring and they both benefit from higher interest rates.
Paychex reported earnings on Wednesday, and while it delivered a penny earnings beat with slightly weaker than expected revenues and maintained guidance for 2017, the stock quickly sold off, and rebounded by the end of the day.
This was an indication to Cramer that big buyers are looking to own the stock. He spoke with Paychex CEO Marty Mucci, who confirmed that while some regulation will always be there, he expects large change in the next two years.
"When there is change, especially the amount of change I think we are going to see under the Trump administration, clients are going to need someone like Paychex … to help them through what is changing and when is it happening and what do they need to do," Mucci said.
While Costco has been a solid long-term performer, Cramer couldn't deny that until recently, 2016 was a terrible year for the stock. However, since the election the stock has been on fire, rallying nearly $20, and Cramer thinks the rally is just getting started.
"Costco seems poised for a major turnaround in its same-store sales, and when you throw in the potential for higher membership fees and a possible special dividend, this stock gets too attractive to ignore," Cramer said.
In the Lightning Round, Cramer gave his take on a few stocks from callers:
AK Steel: "AK Steel has had a big move. The only steel company we are recommending is Nucor because Nucor has great fundamentals. Already preannounced the downside keeps going higher."
CST Brands: "CST is being acquired by Couche-Tard, so you're not going to be able to make any money on that. May I suggest Marathon Petroleum, MPC."