The S&P 500 (.SPX) closed higher on Friday, rallying back above a key technical level, one day after sharp declines triggered talk of a correction. The day's gains were broad with all 10 primary S&P 500 sectors ending higher on the day. What gives?
"I'm telling you, it didn't get a lot of attention, but this Russia Ukraine nat gas pact is what made the market go up," Cramer said.
According to a New York Times report, "European officials said they had brokered a deal between Russia and Ukraine aimed at ensuring gas flows to keep factories running and homes warm over the coming six months, despite a dispute between Moscow and Kiev over the size of Ukraine's outstanding bills."
"Because Russia Ukraine is what drove the market down. Peace could send the market back up, but we have to see if we really get it," Cramer added.
Despite these developments, the week ahead could still be rather unpredictable, after an unexpected event left many pros stunned and wondering what happens now.
Specifically, famed fund manager Bill Gross announced plans to leave Pimco, the company he helped launch over 40 years ago. And he's wasting no time getting right back to work. Gross is joining Janus Capital Group (JNS), effective Sept. 29.
"Normally I wouldn't give a hoot about some bond manager leaving a firm, but Bill is Pimco, or was Pimco, and I have to believe that his exodus will create an exodus of capital in the bond market. This matters because Pimco is so big, with $2 trillion in assets under management."
However, just because an event is unexpected doesn't necessarily make it negative for investors. What would Cramer do?