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Cramer: 12 reasons market remains afloat

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

The ability of this market to remain within a stone's throw of its all time high despite so many headwinds has astounded many investors. Not Cramer.

"When you get this kind of relative resilience in the face of what could be the worst Washington showdown of the Obama administration yet, you have to ask yourself where it is coming from. You have to try to figure out how the market can keep rolling higher."

Here's what Cramer thinks may be behind the buoyancy:

Yuri Arcurs | Photographer's Choice RF | Getty Images

1. Showdown is political theater. "Maybe there are forces at work that we don't know about which would will make the whole debt ceiling episode more benign than the skeptics, including me, realize. Maybe something's in the bag?"

2. Compromise is inevitable. Because shutting down the government ahead of an election could be political suicide for the party considered at fault, perhaps investors are assuming it won't last long.

3. Rates are down. "We got a one-two positive punch from the Fed," Cramer said. "No Larry Summers who was widely perceived as a hawk and then the decision not to taper."

4. Housing to rebound. "The market may be thinking that lower mortgage rates will reignite home sales," Cramer said.

5. Foreign markets are improving. "China appears strong, there's a turnaround in Europe and the ECB is saying they will stay accommodative because the recovery is so fragile."

6. Companies are unlocking shareholder value. Whether it's an acquisition that generates synergies or a spin-off that's strategic, Cramer said managements are acting aggressively to boost value.

7. Oil is coming down. Rhetoric has died down in the Middle East and when tensions fade, typically the price of oil fades too.

8. Auto sales appear strong. "Carmax, the gigantic used car seller reported outstanding sales and earnings today. That's a terrific sign. The auto market has been a huge engine of the economy," Cramer said.

9. President Obama was forceful in his foreign policy speech. "Remember, the market likes resolve and it doesn't like indecision. There was nothing indecisive about him today at the United Nations," Cramer noted.

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10. Growth stocks are thriving. "Nothing gets the juices going for the long only momentum managers than these kinds of rallies," Cramer explained.

11. Hedge funds are very negative. "So many funds are betting that a shutdown will be terrible that they keep shorting the market endlessly. Perhaps the short side has become too crowded?"

12. Transports are strong. "When transports rally, I have to believe that commerce is picking up."

Cramer was quick to add that the reasons listed above are purely speculative. Nonetheless, he can't help but wonder if some or all of them are at play.

"Given the shutdown event is five sessions away, I have to think something is going on," Cramer said, "otherwise we'd be a lot lower."

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

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