While there was bullish sentiment in the form of positive news in the market on Thursday, Jim Cramer thinks it just wasn't enough to bounce the averages back to the green, even as crude threatens to go higher on the unrest in the Middle East.
"After the market's hideous performance this week, let me remind you that comebacks from deep selloffs don't just happen. They need to be crafted. Sometimes it takes a village to turn things around," the "Mad Money" host said.
So how did Thursday manage to pull off a rebound?
First, a few pieces of economic data helped a bit. Recent data coming from the U.S. include things like durable goods orders, housing starts and weak aggregate retail sales. However, it was the European numbers that helped the cause on Thursday. Data released indicated that there was a large amount of growth in borrowing for the first time in a long time—a positive step forward to recovery in Europe.
Then it was all about earnings as SanDisk, yet again, had a gloomy pre-announcement. Cramer added that "in the interest of honesty and intense braggadocio, I'd like to point out that I've been a serial basher of SanDisk and the sycophantic analysts who recommend it, just blasting the heck out of them."
Well, finally some of these analysts had the sense kicked into them, hence the 18 percent decline in the stock. And while that is certainly bad news for stockholders, it allowed the money to flow into Apple as it traded higher.
However, that doesn't mean that Cramer thinks investors can kick up their feet and relax.
"You're never out of the woods in this market. I'm old fashioned, and as I told you earlier in the week, I like to see the transports rally before I get really excited. Not happening," Cramer said.