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Cramer: Did market just glimpse its future?

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

If you're wondering what next year will look like, Cramer thinks we just got a little glimpse today.

After months of speculation about what might happen to stocks when the Fed slowed its bond buying program, today so-called tapering became a reality.

On Wednesday, at the end of Ben Bernanke's last meeting as Fed chairman, the US central bank announced plans to trim its historic stimulus program.

For months, skeptics had insisted that these developments would send the stock market into a tailspin. They argued that tapering would send rates higher, which in turn would damage the prospects of many companies and in turn their stocks.

Vallarie Enriquez | E+ | Getty Images

However, on Wednesday, after the Fed announced tapering, the market rallied.

And it rallied hard.

Stocks began to climb within minutes of the Fed move and they kept rallying until both the Dow and S&P 500 closed at new all-time highs.

Cramer thinks that's significant.

"I think we saw a glimpse into the future, of what will happen as the Fed steps back from trying to prop up the bond market. Stock investors will cheer because they know it means the economy is now strong enough that the Fed doesn't need to keep holding it up."

And if the market can rally today, when its worst fears were realized, what can it do tomorrow, when it gets used to the idea of tapering?

Cramer thinks the potential may be enormous. Absolutely enormous.

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"With this rally today in the face of a common sense decision to cut back on asset purchases given the new found strength in the economy, we have rid ourselves of the principal reason not to own stocks, that one day the Fed will begin to slow down its bond buying. That day has arrived, and it was fabulous."

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