What just amazed, awed & astounded Cramer?

(Click for video linked to a searchable transcript of this Mad Money segment)

"This is an amazing development," said Cramer. It hasn't happened for over 10 years.

Although the Dow Jones Industrial Average and S&P 500 both closed modestly lower, ten percent of the S&P 500 stocks hit a new 52 week highs and 32 of those traded at all-time highs.

"That's astounding," Cramer said.

"I stand in awe of what's happening here because it sure is unlike any market we've had for the last 14 years. That's the last time I remember the breadth of gains, the incredible unison with which so many sectors are trading at once!"

That is, gains in the market are occurring across a wide range of sectors that typically don't rally in tandem.

Cramer cited a slew of examples:

First, he said oil and gas producers like Pioneer Natural Resources, EOG, and Noble all rallied at the same time as the plane builders. "That would otherwise seem counter-intuitive to me. Plane orders typically come from airlines which are usually losing money when oil's this high."

Adam Jeffery | CNBC

And he added Starbucks, Chipotle and Whole Foods rallied at the same time as McKesson,Cardinal Health and Humana. That too is unusual. "Typically when pros feel bullish enough on the economy to bet on an $8 burrito or a $5 coffee they tend not to want to hide in stocks that do well when the economy's slowing."

"It gets better," said Cramer. "Cummins, Emerson and Walgreen are all on the 52 week high list. That's a truck maker, and an engineering service company roaring at the same time as a drug store chain. That can't really be happening can it?"

Also all these stocks rallied in the face of concerning news from the Middle East.

"At 4:05 a.m. Israel reported that Damascus fired two missiles at the Golan Heights. Another market would have taken a look at that story and sold down. This market didn't even seem to notice it."

All told, Cramer calls these and similar developments 'amazing.' And if you have money in the market Cramer says developments demand serious attention.

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"This is what I used to see in the 1980s when the great bull market began. It's also somewhat like the 1990s when the Dow took that amazing run from 2600 to 11,800."

In other words, these kinds of developments can signal the start of a great bull run. However, Cramer added they also happen with the market gets irrationally exuberant.

That is, it could be a sign of froth in the market. But any way you slice it, Cramer says we're in an extraordinary moment.

"Sectors that have been antithetical to each other for years are trading in unison. When that happens, I think it's prudent to take profits and wait for developments to play out. Still I have to say, I'm impressed."

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