Cramer: Was the big rally a one-hit wonder?

Gains in the market on Wednesday relieved many worried investors, as the Federal Reserve confirmed that it will not hike interest rates until Fed officials decide that the economy can handle it. Major indices posted their biggest one-day jump of 2014 and all 10 primary sectors of the S&P ended higher—only one closed with a gain of less than 1 percent.

So, we are in the clear, right?

Not so fast, Jim Cramer says. The relief rally will now depend on companies' earnings to drive this upward trend.

Just like Milli Vanilli's one-hit wonder in the 80's, Cramer thinks Wednesday's rally could have more rain to blame in the future. He put on his dirty gloves and dug into the reason why the stock market could see pain ahead.

"The problems many companies are facing right now are beyond the purview of the Fed," Cramer said. To start, commodities are still on the ropes, especially the huge burn Wednesday with oil and gas stocks that are in the S&P 500. Cramer thinks this could have been created by the power of the hedge fund managers who were shorting the S&P aggressively and are suddenly covering positions.

Graph pointing up over market data
Hermann Liesenfeld | Getty Images

As a result, companies that specialize in travel and leisure cannot control the price of oil, just as the Fed cannot. Stocks that have been going down because of global fears, such as Ebola, cannot be controlled either.

Another problem that Cramer pointed to involved the banks, even though they rallied on Wednesday.

"I don't think I heard anything different (from the Fed minutes) that's going to help them there," Cramer said.

Normally, when rates go lower, there is a pick-up in residential lending to help the regional banks. However, when the regional banks created all of these snazzy deals to attract lenders, the packages targeted borrowers who have FICO scores above 700 or are able to prove without a shadow of a doubt that they don't need a penny of the money. No wonder housing remains at historic recession levels, Cramer added.

Read more from Mad Money with Jim Cramer
Oil decline obscured important discovery
Time to pluck babies from the bathwater
Are Saudis up to something?

International companies that are based in the United States and sell their goods overseas are also suffering.

Cramer says this "Ford Motor Syndrome" is a new market disease. In the beginning of the year, everyone wanted Ford. Now everything has changed as Europe is going back to a recession and dragging Ford down with it.

"Tomorrow we'll go back to worrying about earnings, and for the first time in a very long time, I believe there will be more Fords than we thought and more companies that are doing worse than we expected," he said.

Furthermore, the only bond market equivalents that are working are those where the dividend has little chance of being adjusted down, like consumer packaged goods and utilities, the "Mad Money" host noted.

All told, Cramer says Wednesday's rally is a good sign, because it shows that when the market gets oversold the buyers do come back. But the buyers may not be able to defeat the hedge fund managers who have a hand in the pot and are stirring things up—not to mention the persistent global turmoil that is out of everyone's control.

Call Cramer: 1-800-743-CNBC

Questions for Cramer?

Questions, comments, suggestions for the "Mad Money" website?