Cramer: Boeing Is a Bear's Worst Nightmare

After stocks ended sharply higher Thursday, with the S&P 500 index at its best level in more than five years, Jim Cramer questioned why any investor would bet against any stock.

To illustrate his point, Cramer referred to airplane maker Boeing. Airlines scrambled on Thursday to rearrange flights as regulators around the world joined the United States in grounding its popular 787 Dreamliner passenger jets while battery-related problems are investigated.

The Federal Aviation Administration grounded all Boeing 787 planes until the aircraft are proven to be safe to fly following a string of issues in recent weeks. Japan's All Nippon Airways, which currently has 17 Dreamliners, said it will cancel a total of 30 domestic and international flights Friday, affecting nearly 5,000 passengers.

In light of these events, Boeing shares started the session in red, yet amazingly managed to close the session sharply higher. The stock is just shy of its 52-week high.

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"It's a bear's worst nightmare, which is, of course, the single best possible dream for a bull," Cramer said.

How did Boeing's stock manage to rally on the same day the FAA grounded its jets? Cramer said investors may have realized that because all of its planes are grounded, there will be no more new images of smoking planes or people sliding down emergency chutes. In fact, he thinks investors probably were also happy that Boeing has a new battery source that it's ready to retrofit. It seems Boeing's problem, then, is likely baked into the stock, Cramer suggested.

"And that's the story of this market right now. The bullish facts are getting in the way of a bearish story," Cramer said. "Now, I will tell you, on any given day we are capable of a serious swoon and we are sure due for one, but this feels like one of those moments like the mid-1980s, where the bulls are just taking control a la Boeing today."

To Cramer, the bullish feel of the market should make investors cautiously optimistic.

"If Boeing didn't go down on what amounts to the biggest product recall in history, you have to be fearful of betting against any stock," he said.

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— and Reuters contributed to this report