"This kind of rally seems unbelievable. The world's been starved of growth for ages; we simply haven't seen anything like it for so long that we have a hard time grasping this move and therefore it makes the move feel phony," the "Mad Money" host said.
But since the 2008 financial crisis, things have slowly improved, culminating in earnings beats across industries in the latest season of quarterly reports.
That said, Cramer acknowledged how easy it was to throw cold water on the rally.
"Of course, not everything's a winner," he said, citing the struggling stock of Under Armour, which has taken a 50 percent hit so far in 2017. "I bet you [CEO] Kevin Plank gets it together, though. I bet you he stops that whiskey-and-rye thing that he's doing and just focus[es], bearing down. That's his style. Do I want to buy the stock at $11? Maybe. There's too much inventory, though, in keeping with a general retail malaise that's crushed the stocks of Macy's and Kohl's."