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Tuesday scored a clear market win for the bulls. Jim Cramer saw the perfect confluence of events that allowed stocks to soar higher.
The first event that took place hinged on two pieces of data that came out of China. Investors learned that things were even worse than many thought when manufacturing numbers matched the lowest level in seven years.
"The governing council of China, its parliament, meets Saturday, and you know the stars may be aligned for the biggest stimulus package yet," the "Mad Money " host said.
Investors who believe China can turn around helped drive the market shift on Tuesday, Cramer said.
More importantly, the shockingly dovish speech from New York Fed President Bill Dudley made the bulls happy. Dudley was previously instrumental in a recent sell-off with his commentary that indicated he did not believe the economy had become weaker since the December rate hike.
Read more from Mad Money with Jim Cramer
Dudley's tune changed when he gave a speech in China that said he was less confident about the economy than he was before and that a tightening on the financial markets could indeed impact the U.S. economy negatively.
"All I can say is, hallelujah. I cannot stress enough just how important this speech was," Cramer said.
When Cramer factored in the statements from former hawkish St. Louis Fed President James Bullard, he was almost certain that there will be no rate hike this month.
It was also significant that this commentary occurred shortly before the release of the Labor Department's big jobs report on Friday. The presumption Cramer made was that Dudley knows it will be a soft report, and that is what boosted stocks at the open. A weak employment number could mean that the Fed won't feel compelled to act.
In addition to the Fed commentary and Chinese data, Cramer pointed to another event acting as a catalyst for stocks.
The U.S. manufacturing number was stronger than expected, and a small business survey from Paychex showed improvement in hiring. Additionally, Ford released excellent numbers that showed a pick up in sales, which calmed many fears that autos could be peaking.
This prompted a rotation out of the ultra-low risk Treasurys, and put money to work in stocks.
Additionally, the price of crude rallied Tuesday and Marathon Oil filed an equity offering to ensure there would be no balance sheet problems. Investors greeted the equity offering positively, and it seemed less likely that oil companies could default to their lenders.
"The map played perfectly out for the bulls today, as the plethora of needle-threading news came together in a single session," Cramer said.
And now that investors know what was behind the rally, they know what makes the bulls happy.