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Could Fed send stocks tumbling?

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

Jim Cramer can't help but notice a pronounced undercurrent in the market

It seems as if rally skeptics are anticipating big headwinds later in the week after the Fed releases its statement. "They think the Fed is going to change tone. They think the Fed is going to signal tapering," Cramer explained.

In turn those pros believe the Fed will effectively pull the rug out from underneath the bulls and bring the massive rally to a sudden end.

Guido Mieth | Flickr | Getty Images

Although it's entirely possible, it's hardly a foregone conclusion.

Considering unemployment rate is current around 7% and the Fed's target is closer to 6%, the issue of tapering may be moot.

However, even if the Fed's statement suggests that the historic bond buying program will soon begin to wind down, Cramer believes other metrics are quite strong.

"We've had several terrific analyst meetings and presentations that suggest to me the environment continues to improve in banking and in retail," Cramer said.

"And there isn't just one takeover in the air, but two," Cramer added. According to published reports, Charter Communications is preparing to make an offer for Time Warner Cable. Also, according to other reports, Sprint is mulling a possible bid for rival T-Mobile.

On top of that, Cramer added in recent conversations he's had with the CEOs of Home Depot, Macy's and PVH, all the executives have noticed incremental improvements in business.

"And lawmakers appear to have taken a big headwind off the table," Cramer reminded. It looks like Dems and the GOP have found common ground on the budget.

Those kinds of developments suggest to Cramer that, if anything, buying is warranted not selling. He thinks they're signs that the economy and the stock market can both stand up on their own merits.

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But none of that seems to matter to skeptics who point to one thing, Fed tapering.

"If it weren't for this week's Fed meeting is there any doubt in your mind that we wouldn't be appreciably higher?" Cramer mused.

"I will go one step further, if the Fed signals tapering and the market doesn't take at least a 4-5% hit on the beginning of a taper then we have spent a serious amount of time discussing something that's not materially important."

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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