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Cramer: Twitter IPO, proverbial bell at the top?

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

Have you noticed an overwhelming sense in the market that the party's over? Cramer has.

After Twitter surged 73 percent surge on its first day of trade there appears to be concern that the market has grown irrational. "Two weeks ago, Twitter would have been worth $14 billion," Cramer noted. "After the buying stampede, it's worth more than twice that."

Sometimes developments such as these turn out to be seminal moments in the stock market; something pros call 'the top.'

"It's a justifiable argument," Cramer said. "The Twitter IPO demonstrated that there's an insanity in the market. Why not cash out?"

You can even make the case that 'the top' was confirmed by the 'cult stocks', a Cramer term for stocks that are so loved they trade at extreme premiums. "Tesla and Solar City as well as Netflix and Amazon were wacked hard today," Cramer added.

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Looking at the price action, it would be perfectly reasonable to conclude that pros are starting to cash out believing the market can rally no further.

But Cramer doesn't see it that way - not at all.

"Bonds are tame and interest rates seem to have stopped going higher," Cramer said.

But, more important, in a surprise move, the European Central Bank cut its benchmark interest rate to a record low Thursday, moving more quickly than expected to stimulate the euro zone economy.

That, Cramer says, can not be ignored.

Not only is Europe a massive influence on global markets but he believes the rate cut signals that overseas leaders will do whatever is necessary to make certain the economies of Europe don't contract.

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That's not to say that Cramer doesn't think stocks can't sell-off more. They can.

But at the end of the day, Cramer doesn't think the weakness is a sign of serious trouble.

"Of course, when the bears make a big move it always feel like the end of the world," Cramer added. But it's not. "In my experience this kind of sell-off lasts 3-4 days. I think this was day 2."

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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