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Dow 17,000 could draw out bears: Jim Cramer

Dow 17,000. Kind of has a ring to it, doesn't it?

As the stock market grinds higher, the Dow Jones industrial average seems poised to soon reach that key level of 17,000. And that's important because it will be a record high for blue chips and it's a nice, round number that makes for a good headline and could bring more buyers into the market.

Read MoreWhy the Dow's gains are trailing the S&P 500

CNBC's Jim Cramer.
Adam Jeffery | CNBC
CNBC's Jim Cramer.

To Jim Cramer, though, Dow 17,000 might actually attract stock market bears and sellers alike.

"I think these numbers don't encourage people. They discourage people ... it does bring out sellers and again, I want to caution people. It's been a great run," Cramer said on "Squawk on the Street."

Still, Cramer likes the market long term. He noted the Dow's slow march to 17,000 has been nothing less than "an unexciting rally" and that's a good thing.

"I wish more people were involved because this is the kind of rally that makes you feel like, you know what, I can sleep at night. I can own good quality companies, and people aren't [in the market]. ... We know that from those outflow numbers," he said. "Pretty shocking."

So what's the trade?

Cramer recommended stocks of underlying companies that are aggressively buying back shares. Such stocks have held up "really well" in recent selloffs, he said. Cramer didn't list any examples, though.

By CNBC's Drew Sandholm

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