Jim Cramer thought the vicious linkage between oil and the market had finally ended. That theory went down the tube on Wednesday when a sharp decline in crude and worried money managers took down stocks.
It could have been a lot worse, though.
"This whole day could have been a lot worse, and it was for most of the session. But I saw many of the same buyers who had marked up stocks earlier in the week back in there supporting them after they got hit," the "Mad Money" host said.
Cramer noticed a pattern surrounding "marking up." This happens when money managers bid up their own stock at the end of the month to make it look as if their fund has performed better than it actually has. The SEC monitors the last day of trading in a given month to ensure that no money manager inflates performance, Cramer explained.
"I have noticed another pattern creeping into this racket: instead of doing it on the last day, the mark-up happens three days before the end of the month," Cramer said.
However, given the hammering that Salesforce stock took after-hours Wednesday and the expectation of lower oil prices in the future, Cramer anticipated that the selling will continue into Thursday.