Cramer pointed out that there were a number of strong earnings releases, such as Procter and Gamble. He said that it "would not be a stretch" to see the stock in the $80 range, and he sees P&G with the potential to be the best in the Dow.
However, many stocks are going up with only mildly positive earnings and little top line growth, he said, including names like Honeywell, which only narrowly beat earnings. He also pointed out that Salesforce.com was up substantially on a 4:1 stock split that was "nothing substantive."
With all the "positivity" in the market right now, Cramer sees stocks entering a "virtuous cycle" saying that "this is a different kind of market than we've had for the past several years. No matter what you say to the negative, people want to grasp the positive."
"The buybacks are endless," he said. "When the big money comes in, there is just no stock," suggesting that the corporate appetite for stock is helping to drive up prices in the wake of increased investor bullishness.
"You have all these different bull markets happening at once," he said.
— By CNBC's Paul Toscano.
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