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It was just 10 days ago when it seemed to Jim Cramer that the world was falling apart, and there was intense pressure to sell everything and buy Treasurys. Now, that panic seems to have faded away with Monday's production of a terrific rally.
So what the heck happened that made things better?
While the primary catalyst in Cramer's opinion was oil and futures, there was another factor that he thinks is being overlooked by everyone.
"Bernie Sanders looks like a paper tiger. I swear the media made this guy seem like a bona fide candidate for the Democratic nomination, but suddenly with a small loss in Nevada he is buried alive, " the "Mad Money " host said.
Cramer thinks perhaps the media kept Sanders in the spotlight because it wanted a horse race, but now that Hillary Clinton has won a large number of super-delegates — that might be mathematically impossible.
This change created clarity in the presidential race, which was good news for the stock market.
"Knocking out Sanders … allows Hillary to go back to her roots as a moderate who is actually friendly, or at least takes the money of Wall Street," Cramer said.
Read more from Mad Money with Jim Cramer
Additionally, Cramer noted that the media is trying to keep the narrative alive for Marco Rubio. This has created the possibility of a pro-business Democrat versus a pro-business Republican.
It is true that Donald Trump has not had great things to say about banks. But Cramer thinks that as long as Sanders was a strong competitor in the presidential race, people could expect a steady stream of negativity against the banks and drug companies.
Meanwhile, Clinton has spent a lot of time with people from Wall Street both from hedge funds and investment banks. It doesn't mean she is owned by them, but Cramer does think it means that there is more dialogue than both Sanders and President Obama offered.
Wall Street is aware of Clinton's more moderate stance, and Cramer attributed the dramatically changed presidential landscape to the reason why so many drug and bank stocks were soaring on Monday.
It was also confirmed that Honeywell was in talks to purchase United Technologies, to dominate the aerospace and climate control space. While Cramer thinks this idea is brilliant, he did not know if the deal could ever be compensated because of antitrust issues.
However Cramer did speculate that Honeywell's discussions could reveal that the big capitalization cyclicals are dramatically undervalued in the market.
So even if both presidential candidates claim not to be a friend on Wall Street, Cramer interpreted the combination of two pro-business candidates emerging, oil rising, earnings forgiveness, a Chinese story that hasn't become more negative and increased M&A activity as the reason for stocks suddenly turning around.
"It is a stunning turn and it cannot be dismissed out of hand, even as it may not reflect anything but short-term considerations," Cramer said.