Cramer heard over and over again previously about the massive glut in oil. It seemed to him that no one saw the reduction in inventory coming, and that they were resigned to the thought that the price of crude would keep falling.
Thus, many investors interpreted the inventory number as meaning that reports of the glut were greatly exaggerated and bought oil stocks again. Chesapeake Energy was the winner, followed by Diamond Offshore Drilling. While Cramer likes the management at Chesapeake, he noted that he does not like the stock because of the company's hideous balance sheet.
Murphy, Southwestern, Marathon and Apache also enjoyed a pop.
But the market's one-track mind creates a problem. It tends to favor one group, then punish the others.
"Lots of companies and sectors are laying down on the tracks, so to speak, almost in order to facilitate the smooth train ride for the oils," Cramer said.
Apple, for example, declined almost 3 percent Thursday. The company unveiled its new iPhone on Wednesday, which Cramer considers the "manna from heaven for millennials." The stock was hit with a downgrade.
Cramer suspects that Apple really fell because it announced it would no longer report weekend sales for the iPhone 7. Many investors had grown used to receiving that information since the first rollout.
The market also took down anything retail, with weak numbers from Pier 1 and Tractor Supply leading the way.
Ultimately, Cramer sees a one-track mind market as a treacherous one. After all, the market could be totally irrational, as it has been so many times before.