Stocks mostly soared on Thursday as the news of President-elect Donald Trump settled into the market, but Jim Cramer was suspicious of how quickly things changed in the last 48 hours.
"I think this rally could be getting out of hand. There is no way that the velocity of these moves, both up and down, can last beyond a few days past the election," the "Mad Money" host said.
It seemed as if the same pessimists on Wall Street have now turned into cockeyed optimists that think things have really changed. The meanest election in history has suddenly embraced the Land of Lincoln, Cramer said.
Trump's election victory prompted a massive rotation of stocks, with financials and metal benders the new leaders of the market. However, Cramer was suspicious of how quickly the technology, soft goods and bond market equivalent plays feel out of favor with investors.
"I think the better bargains might lie in today's trash bin," Cramer said
It was the companies that make tangible goods that had their stocks soar on Thursday. So did the stocks of companies that cater to people that feel optimistic enough to go out and eat and shop, rather than sitting at home or playing video games.
Suddenly the companies that were weighed down by regulation, like the banks, have led the charge to all-time highs, too.
These rotations told Cramer that the investors putting their money to work in the market were betting that the country is about to grow at a much faster pace. And while Cramer was skeptical of the fast rotation, similar moves in the past have had staying power.
"I think it's possible that they are being a little too hopeful … but nevertheless, we need to accept that cynicism has been knocked for a loop here and cautious optimism has descended upon Wall Street in a way I haven't seen since Ronald Reagan won the White House 36 years ago," Cramer said.