Jim Cramer is officially calling the recent run in crude the "great Goldman Sachs oil rally."
On Friday, Goldman raised the low end of its predictive range for oil to $25 from $20, which signaled to Cramer that the credit crunch could finally be over.
"When the biggest — and most correct — bear says that perhaps the bottom has been put in, that is good enough to spark a rally that makes it so the largest real worry out there gets taken off the table," the "Mad Money" host said.
Goldman's call made sense to Cramer because of the combination of oil companies accessing equity markets for cash, rising demand for gasoline and cancellation of oil projects were great signals.
Bank of America, JPMorgan and Wells Fargo became the target of short-sellers when they revealed that they had considerable exposure to the oil page. As a result, financial and oil stock weakness were enough to take down stocks last month.
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And no matter how much some companies benefit from lower oil prices, the idea of a big increase in bad loans from these three banks and the Fed not raising rates because of a prospective oil related credit crunch was too much for the market to overcome.
"That is why today's rally has more staying power, as opposed to the phony intra-day rally we had yesterday based on a false carry over from Europe," Cramer said.
Now that Goldman took those worries off the table and stocks can rally again, Cramer was ready to take action with oils. His charitable trust has being buying Schlumberger and Occidental. He liked Schlumberger because it was already doing well despite the price of oil, and Occidental because the dividend is safer in this environment,
"Those are only for real risk-takers," Cramer said.
Ultimately, Goldman lifted a great weight from Cramer's shoulders and sparked a real rally. It was a recipe for higher stock prices, until oil gets so expensive that numbers need to be cut for those companies using too much of it.