However, the typical bull market doesn't last this long. According to financial planner Kent Thune, over the past 80 years the average bull market has lasted 3.8 years.
We're above average right now. Should you cash out and run for cover?
Before you head into the nearest bunker, Cramer suggests looking at critical elements that make up a bull market:
1. A bull market has a legion of skeptics who fight it all the way. "That is, negativity must surface regularly, it's an integral part of a market going higher," Cramer said.
Otherwise there are too many people on one side and it creates irrational exuberance.
Looking at this bull, Cramer is still seeing plenty of naysayers. "I saw it in spades yesterday, and I heard it last week when someone was saying to me, that this tech wreck happening right now and its killing me," Cramer said.
2. Bull markets are stoked by a compliant Fed that often wants the stock market higher to build up the wealth effect. Although the Fed may introduce tapering, its current initiatives should generate modest inflation, an important part of the wealth effect.
Remember modest inflation is positive. "Inflation creates higher existing home sale prices which is excellent news for a string of home improvement retailers, appliance makers, paint sellers and more," Cramer explained.