Jim Cramer saw investors reaching to growth where ever they could find it on Thursday. And sometimes when the market gets desperate for growth, stocks that one would least expect to make a comeback will rally.
However, based on the action happening around the globe recently, Cramer wasn't surprised that investors reached for growth. First the Fed decided not to raise rates, then China produced weak numbers, major industrials confirmed slowing business, housing weakened and job creation in energy came to a stop.
The coup de grace came on Wednesday when Wal-Mart, the world's largest retailer, announced disappointing sales and earnings forecast.
"You put all these together and you get something that we have seen happen time and again in periods of economic softness: buyers cut loose from the industrials and they go for the gusto, they return to growth," the "Mad Money" host said.
The first place Cramer saw investors look was in biotech. Somehow this sector seemed to turn from a bull to a bear overnight. This included rallies in Gilead, Celgene and BioMarin. Cramer's charitable trust even began buying Biogen to attempt to catch a bottom in the stock.
Cloud stocks were also once an intense area of growth and have been shunned lately. Red Hat, Adobe and Salesforce all came roaring back.
"With the hunt for growth back on, though, now it's cloudy with a chance of profits! The stocks are finally getting their due," Cramer said.
Cramer also had a stern wake-up call when Goldman Sachs disappointed in earnings, but the stock went up anyway. Citibank also blew its numbers away.
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"Remember how these rotations work, though. You can't get too comfortable," Cramer added.
Considering that Cramer thinks the market is overbought currently, he speculated that buyers simply reverted to the most ridiculously oversold groups in the market — high growth and banks.
In Cramer's point of view, these stock rotations tend to be short lived. So, he said to enjoy it while it lasts.