The market is not out of the woods, yet

Cramer: Victory for the bulls

While there was bullish sentiment in the form of positive news in the market on Thursday, Jim Cramer thinks it just wasn't enough to bounce the averages back to the green.

"After the market's hideous performance this week, let me remind you that comebacks from deep selloffs don't just happen. They need to be crafted. Sometimes it takes a village to turn things around," the "Mad Money" host said.

So how did Thursday manage to pull off a rebound?

First, a few pieces of economic data helped a bit. Recent data coming from the U.S. include things like durable goods orders, housing starts and weak aggregate retail sales. However, it was the European numbers that helped the cause on Thursday. Data released indicated that there was a large amount of growth in borrowing for the first time in a long time—a positive step forward to recovery in Europe.

A Lululemon Athletica store is shown in Pasadena, Calif.
Getty Images

Then it was all about earnings as SanDisk, yet again, had a gloomy pre-announcement. Cramer added that "in the interest of honesty and intense braggadocio, I'd like to point out that I've been a serial basher of SanDisk and the sycophantic analysts who recommend it, just blasting the heck out of them."

Well, finally some of these analysts had the sense kicked into them, hence the 18 percent decline in the stock. And while that is certainly bad news for stockholders, it allowed the money to flow into Apple as it traded higher.

Then some of the bashers of Lululemon were bashed right back, when it reported better than expected numbers for the quarter and a strong forecast.

All of this good news will ultimately prompt the market to move in the right direction. Kraft rallied again on the Heinz merger, and Facebook had positive news when it announced new products, and even Twitter has now surpassed Yahoo as a media outlet for advertising. Even the banks were able to rally on Thursday.

However, that doesn't mean that Cramer thinks investors can kick up their feet and relax.

"You're never out of the woods in this market. I'm old fashioned, and as I told you earlier in the week, I like to see the transports rally before I get really excited. Not happening," Cramer said.

Read more from Mad Money with Jim Cramer
Cramer Remix: Selloff was made for this
Cramer—Ouch! Market is too hot to handle right now
Cramer: Missed Kraft? Don't sweat it

Cramer is still worried about the airlines, as there seems to be weaker traffic in March due to a slower travel environment. Speculative biotechs that were previously getting hammered finally rallied over the stability of larger biotechs, but Cramer still doesn't trust the group.

So the big question on Thursday shouldn't have been to ask why the market didn't rally higher. It should have been "Why didn't we sell off even more?"

Cramer thinks that is simply because there wasn't enough good news in the market to cause a comeback. It will take a village to bring it back, and we just aren't there yet.

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