Cramer: Can Bull Survive Without Bernanke?

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If the Fed begins to slow the bond buying program, is a down draft imminent?

That seems to be the prevailing question on Wall Street after both the Dow Jones and S&P fell on Wednesday with the sell-off accelerating in late afternoon trade. Largely the skepticism was triggered byminutes from the latest Fed meeting that showed some officials were open to tapering large-scale asset purchases as early as at the June meeting.

If the mere suggestion of a decline in QE sent the market into a tizzy, skeptics argue that when the Fed actually does step back, the bears will run wild.

That is, there will be no reason to buy.

Cramer, however, believes there are other catalysts in the market that are very powerful; he thinks they can sustain the advance as well as drive the next leg.

Adam Jeffery | CNBC

First Cramer said the latest round of earnings confirm that business profitability has improved dramatically. In turn, that's become an important tailwind behind the rally – and Cramer sees no reason for that to change. "Low rates have allowed companies to refinance," he said. That brings more profit down to the bottom line."

Also Cramer said the substantial number of buybacks underway in the market has led to a developing stock shortage, a phenomenon that should drive prices higher. "As money pours into the market there simply aren't enough shares to go around. Think about how many shares have been taken out of the market. It's extraordinary," he said.

Cramer also believes that an uptick in employment will drive the bull. "As meager as it might be, we are hiring in this country," he said.

In addition, the Mad Money host believes a renaissance in housing will drive future gains. "There's a tremendous amount of pent up demand out there," he said. "We built about as many houses in 1960, when we had slightly more than half as many people living in this country, than we built from 2009, 2010 and 2011 combined. That's just insane."

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And Cramer believes a surge in auto sales is also coming. "The average age of a car is more than ten years old," Cramer said. "People need new cars."

On top of all that Europe isn't getting worse, which Cramer believes is enough to drive gains in aerospace and industrials.

"I know the Fed's working its magic," Cramer said. "But there are plenty of other forces working their magic, too. And they aren't about to end, not anytime soon."

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