Euphoria swept the Street on Thursday with the Dow Jones Industrial Average surging 323 and the S&P 500 gaining 36. Largely buyers raced into the market when chatter suggested lawmakers were nearing a compromise.
Happy days are here again, no?
Cramer isn't so sure.
"Earnings season is upon us," reminded Cramer, "and I have to tell you I don't think the euphoria of the moment will last after the Street starts hearing conference calls."
That is, once the rhetoric dies down, the market will likely turn attention to fundamentals and earnings aren't likely to wow crowds anytime soon.
"Take the two biggest sectors in the market," said Cramer. "First there's tech. I struggle to find an area of this sector that I am not worried about. PC sales aren't going well. That's bad for Intel, Microsoft and all of the parts makers."