Jim Cramer had a hard time believing that all it took to turn this market around on Wednesday was a little chit chat between Germany and Greece.
But that seems to be what happened as the better tone between the two countries gave some sense to investors that this issue could soon be over, and the market roared in response.
"That's a little too simplistic. The truth is, there are things happening underneath that are showing positive signs, even if those signs may not necessarily lead to all the good things they seem to be pointing to down the road," the "Mad Money" host said. (Tweet This)
So, what were some of the positive signs that played a big role in Wednesday's trading?
First was the role that Greece played. For months now Cramer has been waiting for someone to blink on this standoff. Then Wednesday investors learned that German Chancellor Angela Merkel might have agreed to a stretch-out of payments, which could solve the issue for now.
That is important because it provides the sense of certainty, and the market hates uncertainty. Cramer thinks getting this issue out of the media will make investing much easier going forward.
The second positive was the dramatic boost in interest rates for the German 10-year bond. Normally, Cramer would consider a huge increase to be a bad thing. But in this case, the rates were so insanely low that it was frightening. At least now they are out of the fear range, which is a sign of Germany's improving economic health.
This is good news, because Europe's strength has finally relieved pressure of a strong dollar.
Finally, on Wednesday the euro broke out into the upside, which caused the stocks of U.S. companies that do business overseas to roar. Cramer considers the rebounding euro to be a huge upside to 27 of the 30 companies in the Dow Jones industrial average, so this is good news.
Across the ocean, in Asia, there were also two pieces of positive news. First was the Japanese Central Bank's admission that the yen is about as low as the government will allow it to be. This means that a weaker yen will no longer allow Japanese exporters to take market share from the U.S.
The other piece of news came from China, where there were signs that the weakness of the Chinese economy could almost be over. There was a substantial increase in the Baltic Freight Index, which Cramer uses as a key measure for global commerce. Then the Brazilian mineral company Vale advised that China will be making less iron ore and buying more. That means China might be accelerating.
Or how about oil? On Tuesday, investors learned that the U.S. is currently pumping more oil than it has in the past 40 years. Yet, despite the increase in supply, crude still rallied to $61.15.
"That can only mean one thing: there is growing demand for oil. Again, this is a sign that business is picking up, something that could ameliorate any slowdown caused by the recent run in our interest rates," Cramer said.
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Cramer is also very suspicious of how quiet the Fed has been recently. It has totally gone silent. This is one of the longest stretches that Cramer can ever recall of someone grabbing the mic and blabbing about a rate hike.
"Don't underestimate how important it is that the Fed heads shut up. They create more uncertainty on a daily basis than pretty much everyone else," he added. (Tweet This)
So, while it was certainly good news that the market was stronger on Wednesday, Cramer is still skeptical. If there is one consistent theme in 2015, it is that there is never any follow through. That means we are not out of the woods, yet, he said. Maybe just a pretty meadow with a few flowers.
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