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Cramer: Palpable foreboding pervades market

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

There's a real sense that something foreboding may be lurking just around the corner, said Jim Cramer.

And the "Mad Money" host isn't surprised. He says that since there have been so many conflicting cross currents, investors just don't know which end is up.

For example:

1. Treasurys. "Interest rates are plummeting," Cramer said. "The Fed tells us business is improving, and jobless claims suggest the economy is getting better, yet the yield on Treasurys implies a slowdown or worse."

2. Mineral and mining stocks. "This group usually rallies when rates are moving higher. Typically, lower rates are the kiss of death for this group. Yet mineral and mining stocks are doing very well."

3. Oil. Oil stocks have been rallying, and Cramer doesn't see why. "Is there about to be some sort of embargo somewhere? These stocks have been relentlessly rallying on absolutely nothing that we know of."

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4. Consumer packaged good. "With commodities ripping, the strength in the consumer packaged goods stocks makes no sense at all. Higher commodities increase their input costs."

5. GE. Although Cramer believes the company is well run, the recent rally in GE doesn't quite make sense to him. "They have a billion-dollar business in Russia. What's to keep the Russians from expropriating it if our sanctions bite?"

All told, Cramer find these as well as some other developments baffling.

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"There are too many things that don't make sense," Cramer said, "and it's led to a real sense of foreboding."

That is, investors worry the confounding price action is a sign that something unexpected is about to happen. And they have no intention of sticking around to find out what it may be.

Of course, that doesn't mean the market can't rally, it can.

"This market could resolve itself tomorrow," Cramer said. "But for the time being, we're in the dark and investors don't like uncertainty. I'd look for anxious investors to sell into any rip."

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