Something big has happened in the market. And Cramer thinks there's a good chance you haven't heard about it.
The S&P upgraded the outlook for U.S. debtfrom negative to stable, saying that the downside risks to the AA ratings on the U.S. "have receded to the point that the likelihood that we will lower the rating in the near term is less than one in three." The S&P also said "we do not see material risks to our favorable view of the flexibility and efficacy of U.S. monetary policy."
Cramer believes the development is huge because it quells lingering fears about another downgrade somewhere in the future.
And he also doesn't think most individual investors have heard about the upgrade because it doesn't make for a dramatic story on TV or an exciting headline in print.
"But relegating this development to the back page or bumping it from the newscast is wrong; very wrong," Cramer said.
"Two years ago S&P downgraded the U.S. debtfrom AAA to AAplus, and the stock market got crushed. It lost 15%," Cramer said. "The downgrade shook the country to the core." And fear of additional downgrades rippled across the stock market.
In light of developments, it's fairly safe to say, no other S&P downgrades of the US debt are coming. That means a serious headwind has died down.