Jim Cramer was surprised to learn on Thursday that after all the fear swirling in the market that the Fed would raise rates back in September; it wasn't even close to happening!
The minutes of the Sept. 16-17 Federal Reserve meeting were released on Thursday and showed that the Fed was actually pretty darned worried about faltering global growth and its impact on the U.S. As soon as the market heard the minutes, the averages screamed higher.
"That clarity, the knowledge that the Fed has our back and isn't about to shoot us in the head with a rate hike, emboldened investors to come off the sidelines and pretty much buy whatever merchandise was down," the "Mad Money" host said. (Tweet this)
The new darling stocks of the fourth quarter were scooped up, as heavy industry stocks, transports, oils, retailers and packaged good stocks all rallied.
Cramer thought the session on Thursday was absolutely amazing for various reasons.
First, oil just won't stop as some of the best oil companies confirmed that there will not be a restart in production until oil goes back up to $65. WTI is only around $50 right now, so that gives the bulls plenty of room to run.
"In other words, the bear market in oil has vanished into thin air, making us wonder if there might have been a huge blow up in some oil related funds, and that blow up resulted in massive redemptions for the whole category, redemptions that simply ended the moment third quarter closed," Cramer said.
But this market was strange to Cramer, because companies that benefit from lower commodity prices roared higher, too. Consumer packaged-goods stocks were on fire, along with retailers as the consumers are starting to spend more money at stores and restaurants.
While many people thought that a rate hike would somehow be good for the markets, the action in the market on Thursday proved that to be wrong.
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So, where the heck is all of this money coming from that fueled the rally?
High growth stocks, as money is bleeding out of them right now. Google and Apple somehow managed to go down, even though they both had positive news on Thursday.
"I want to strap a GoPro on to the stock of GoPro to watch its incredible ongoing crash," Cramer said.
At the end of the day, for Cramer, the rally all boiled down to the fact that investors are in one of those nirvana moments where the Fed is on hold and they are free to become increasingly bullish about the state of the world with Europe and China.
"That's a recipe to do some serious buying for all but the companies that don't need a healthier worldwide economy to beat the numbers, and it's how this market managed to put together its best five-day winning streak of 2015," Cramer said.