As the Dow Jones industrial average approached a historical new high Tuesday, Jim Cramer knew exactly what was happening behind the scenes at trading desks around the country.
It's a mad scramble to buy a big capitalization stock, especially one in the Dow like IBM that hasn't had much action.
"This environment is starting to remind me of all the great bull markets of yore, what I can clearly call my youth, when we would study the tape looking for stocks to buy that were way behind both their peers and the market," the "Mad Money" host said.
Back in those days, he would bet that the stocks would climb simply because once they were in motion, they would stay in motion. When Cramer ran his hedge fund though, he used a catalyst driven approach and looked for good news or any cue that would send a stock higher.
A round number like 20,000 also didn't matter back then.