The market was hammered for a second straight day on Wednesday, becoming a battlefield shrouded in smoke. Especially Bob Evans, which Jim Cramer considers to be the biggest disappointment of the year. Yet, he still suspects that the market is just waiting on any piece of good news to catapult higher Thursday.
What makes the "Mad Money" host think it will head higher? Because of the way that random stocks are reacting to news lately, and the way that other stocks associated to them are also reacting.
"Let me give you some real life battlefield commentary, right from the trenches, so you know why I think the bias is to the upside here, even as the bears seemed to take the day," he added.
For instance, there was the eclectic furniture maker Wayfair. It came public in October at $29 and immediately ran up to $37. The stock was sliced in half in December when frustrated investors wanted to know why it wasn't doing better right away.
Then on Wednesday it reported a monstrous 55 percent growth, and the stock shot through the roof, jumping 13 percent in one day.
But it was the pin action that impressed Cramer the most. Based on this fabulous news, Restoration Hardware also picked up gains on Wednesday just because of the fact that both Restoration and Wayfair are both catalog retailers of home goods. That cannot be ignored.