(Click for video linked to a searchable transcript of this Mad Money topic)
Cramer believes dynamics in the market are shifting. And the impact could be substantial.
Largely the changes involve the way in which the two dominant types of investors view the market. Here's the breakdown:
Hiders: "This is the group of investors who are looking for weaker economic data to keep the Federal Reserve bond buying program intact," Cramer said. "These investors have put money to work in the stock market because the Fed's QE program has made the bond market an impossibility.
"These investors fear higher interest rates and are largely invested in defensive dividend yielders such as Coca-Cola or Kellogg's. They are investors seeking yield among relative safety."
Seekers: "These are investors who buy stocks on the belief that as the economy improves, the profits generated by these companies will improve, too," Cramer said. "They believe that well-run companies that trade at inexpensive valuations are the best places to put money to work."
Cramer said these investors are "cheered by strong Ford and GM sales." These investors look to earnings momentum as a reason to buy.
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"For the longest time, these two groups co-existed," Cramer said. Hiders, or investors focused on the Fed, were satisfied that the economy was too weak for QE to wind down. Interest rates were so low that stocks with 3% yields were attractive.
Meanwhile Seekers, or earnings investors, could bet that on the economy getting better down the line. "They enjoyed prospect of improvement and rewarded stocks that participated in the recovery."
However, over the past 10 days everything changed.
