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Cramer shakes the chill settling over Wall Street

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

In his conversations with investors, Jim Cramer is hearing a view that he fears is becoming more and more prevalent.

That is, at a recent fundraiser, Cramer was asked how the market can still go up when it has lost its leadership.

"The gentleman with whom I was speaking felt that the decline in biotechs and tech stocks (former leaders) would trigger a bigger market decline," Cramer said.

According to the theory, fear of additional declines would beget more selling as investors raised cash. From there, negative sentiment would spread across the broad market with the Dow Jones industrial average and S&P 500 ultimately declining sharply.

"In fact, this gentleman felt it was almost inevitable," Cramer said.

Vince Penman | Vetta | Getty Images

Cramer understands the sentiment. But rather than seeing a chill settling over Wall Street, the "Mad Money" host thinks the declines may be a sign that the market is about to heat up.

First, he says, Wall Street has faced similar circumstances in the past. "There have been many times where the leadership of the market has changed coloration and it didn't lead to an overall annihilation."

But more important, Cramer notes that other stocks are attracting money as biotech and tech sell off.

"Witness the terrific moves in quality stocks like Caterpillar and United Technologies or United Rentals and Timken leading up to today's selloff. Or consider how Alcoa and Intel or Dow and PPG and Dupont all hung in."

In other words, Cramer thinks declines in the market are not a referendum on the state of business, but rather a sign that a rotation is underway, from growth into value.

Ultimately, Cramer sees it as a bullish referendum on global growth with investors moving money into stocks that stand to benefit as economies of the world start to percolate.

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Of course, that doesn't mean stocks can't decline any further. Cramer notes that developments in Ukraine present a serious wildcard. Nonetheless, he can't shake the feeling that deep inside the market, something positive is developing, not something negative.

"I have no doubt there's more damage to come from the overvalued sectors like tech and biotech," Cramer said. "But I don't believe that money's is leaving the market. It's just finding a better home in value. Frankly, I find the shift both healthy and much needed."

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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