Some big investors, such as Sam Zell, think a bubble-like euphoria is developing, and although Cramer won't dismiss this as a possibility, he sees little evidence of over-exuberance in the market.
(Read More: Stock Market Feels Like Housing in 2006: Sam Zell)
"I think there are two kinds of stocks here," Cramer said. "There are the kinds that fit the parameters of what Zell is talking about" but "the pharmaceuticalsare not all overvalued. The techs—Microsoft, Intel, Oracle, Cisco—are all clustered around 11 times earnings. Is that wildly exuberant? No."
Cramer said other parts of the market are too expensive, including General Mills and Clorox, although he added that he likes their balance sheets and dividend yields. Still, he said, the idea that the market as a whole is overvalued "doesn't hold up as an analysis."
"Microsoft versus General Mills, which one is really cheaper? The answer is Microsoft," he said.
(Related: Cramer: Bulls Just Can't Be Stopped)
Cramer also sees some encouraging trends, including highly subscribed secondary offerings as well as large private equity exits, which are both considered gauges of healthy market conditions.
"One of the most important things in this market is the liquidation of private equity stakes," Cramer said. One major private equity exit this week was Taylor Morrison Home, which is trading above its IPO price since hitting the market Wednesday morning.
—By CNBC's Paul Toscano. Follow him on Twitter and get the latest stories from "Squawk on the Street" @ToscanoPaul