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With the S&P 500 edging back on Tuesday after failing to break above Monday's intraday record high of 1,858.71, Jim Cramer digs deep into the market to decipher what's going on.
And after parsing through all the sectors of the S&P, he's found at least 4 developments that he doesn't like.
But chances are they're not what you think!
For example, they're not the lackluster results posted by and .
"I'm ok with those. They were supposed to be lackluster. The winter's been bad," Cramer said.
"I don't have a lot of concerns about the multi-year demand for aircraft and Starbucks CEO Howard Schultz and his terrific team have dealt with the wild ride of coffee prices for decades."
In fact, Cramer likes the preceding price action, even though it's negative, because it's also rational. Cramer loves a rational market.
Ironically, the price action that Cramer doesn't like involves gains. They follow:
1. "Netflix has jumped 120 points in only 5 weeks on some good subscriber numbers, " Cramer said. "I don't like that."
2. "LinkedIn has rallied almost ten points after announcing its initiative into China. It wasn't the least bit unexpected and yet the stock rallied," Cramer added. (He doesn't like that either.)
4. Cramer doesn't care for the . "I like the business model. I figure it should be up 5 points. But 16? Sure, over time, but not over six hours. That's too aggressive."
4. The advance in worries Cramer too, however he's even more concerned by a recent price target boost. "Morgan Stanley doubled its price target from $153 to $320. That's got me worried because that's the kind of activity that we saw 14 years ago at the top of the Dotcom Bubble."
All told Cramer sees these gains as a sign that the market is irrational. And Cramer does not like an irrational market.
Read More from Mad Money with Jim Cramer
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Now make no mistake, Cramer isn't bearish on the market.
"I am not telling you we have a crowded theatre here and there's steam coming off the curtains. Not at all. I am simply saying that we need more rational price action to feel good about an advance. I want to see stocks go up when they beat the expectations and go down when they don't.'
Until then, Cramer intends to be a strategic skeptic.
Call Cramer: 1-800-743-CNBC
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