It might seem hard to imagine, but Jim Cramer wouldn't be surprised if the bears declare the "end of the world" on Friday if Janet Yellen takes a hawkish tone when she speaks.
"If she even mentions putting a rate hike on the table in September, it is entirely possible we will be talking about how ugly next Monday will be, not unlike the down 1,000 point Monday a year ago," the "Mad Money" host said.
During this week last year, fear of a meltdown sent the Dow 2,000 points lower over the span of five days. It was a record-breaking event that had not occurred since the dark days of the Great Recession of 2008. Ultimately, the market bounced back within three months and the dip proved to be a buying opportunity.
It seemed to Cramer that investors are once again acting as if the world is about to end.
On Tuesday, new home sales data showed the strongest levels since 2007. The second-quarter earnings were remarkably good. The Nasdaq composite recently hit all-time highs, and many stocks continue to rise.
"It's almost like no one believes the move is real, even as the methodical, resilient way that this market has advanced is textbook bullish," Cramer said. "I offer no apologies about that judgment. In fact, I feel like if I don't point it out, nobody will."