The markets may have rallied big-time today, but don't think it's all thanks to Fed minutes and economic data, Jim Cramer said Wednesday on CNBC's "Mad Money."
It was a winner of a day on
But while investors bask in the glory of Wednesday's growth, Cramer said too many have been infected by what he calls the "hedge fund media complex." He said we should not be tying this strength to the U.S. Federal Reserve's announcement that it would maintain low interest rates until 2014, and we should stop praying for further easing.
When the Fed talks, the market listens, he said. "Every utterance, every word, every nuance gets parsed and traded on."
He also said investors have become "consumed and blinded" by economic data like weak
In other words, as things get better, the Fed will get less and less accommodative and the stock market will go down — a line of thinking that Cramer called "bogus and twisted."