Cramer has watched shares of high-quality companies like Celgene and Regeneron skyrocket, with Celgene climbing from $114 to $132 in just three weeks and Regeneron zooming from $370 to $522 in two months, both on very little news.
Even pharmaceutical manufacturer Johnson & Johnson vaulted from $122 to almost $135 over the same two months, showing that the rally is not only in biotech.
"I think the main driver here is the rotation into the stocks of companies that do well when the economy's weak or when there's deflation — and boy, is there deflation — along with the fact that Trump isn't gunning for the pharmaceutical industry," Cramer said. "It doesn't hurt that JNJ is also the ultimate stock to buy when the dollar gets weak, and it's been getting a little weak."
Cramer then turned to tech, where other names have overtaken FANG in their seemingly endless run higher, with Adobe reporting better-than-expected earnings on Tuesday, Oracle blowing away its earnings numbers after Wednesday's bell, and other cloud-based players like Workday, ServiceNow and Red Hat riding that winning wave.
"In other words, it almost doesn't matter which growth stock you buy, because they all seem to go higher. I've got a new one for you, it's called 'Buy in May and go away.' It's been an extraordinary watchword for growth, even if it sounds less poetic than the usual 'sell in May and go away' nonsense," Cramer said.
But as growth stocks climb, value names get battered, with oil slipping to a 10-month low, most retailers continuously struggling and anything auto-related getting pushed lower daily.
"It's no country for old value," Cramer said. "Growth reigns supreme. Valuation parameters are ignored. And cheap? Seemingly cheap stocks just get cheaper and more painful to own every day. Value may make a comeback someday, maybe we will get mergers, but right now, this market worships at the altar of growth, and growth alone."
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