In the morning, he expected the worst from JPMorgan Chase's earnings. Bank earnings have been under pressure due to a combination of new restrictions, a slowdown in trading and investment banking and the belief that the world is too slow for banks to benefit from rate hikes that expand margins. Instead, JPMorgan hit a home run and the stock popped.
"That is classic bull market behavior, in that it didn't sucker people in and gave them an added benefit," Cramer said.
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The lift in JPMorgan promoted many other financials to suddenly catch fire, such as Goldman Sachs and Bank of America. Those banks are due to report this week, and Cramer is doubtful that they will do as well as JPMorgan.
CSX also reported a number that was down big year over year, yet the stock rallied and had one of the biggest days in years. This caused transports to find a reason to rally. Metal stocks, which have struggled, also rebounded.
What made these moves happen? Cramer boiled it down to three reasons:
1) There was tremendous negativity.
2) The Federal Reserve is finally subdued.
3) Economies overseas have started to turn around. China reported an 11 percent increase in exports, and Europe is getting better.
Additionally, oil has been strong, which led many investors to believe they should be less cautious about growth. And while that could reverse with the OPEC meeting this weekend, and JPMorgan could soon be a distant memory, Cramer still thinks there could be many other sectors for the bull to run to.