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Cramer: This Market Isn't Complacent

As stocks continue to climb, some worry the market is in danger of becoming complacent. After all, the averages have trended upward despite a long list of negative economic news.

"That kind of bearish conventional wisdom dominates the short-selling media complex, but I think they've got it backwards," Cramer said. "Right now it's the bears who are complacent. It's the perpetual pessimists who are shrugging off important good news."

The bullish news came from chemical company PPG Industries , for example, which reported first-quarter earnings are expected to come in between $1.30 and $1.35 a share. Its estimate was 16 to 20 cents higher than the $1.12 the average analyst expected and even topped the Street high of $1.22. PPG makes everything from coatings to packaging, cars, airplanes and ships to commodity chemicals, so Cramer said its estimate bodes well for the greater market and economies around the world.

In M&A news, Valeant Pharmaceuticals made a $5.7 billion hostile bid for Cephalon to be financed with debt. The deal made many realize biotechs have more money than most people think, Cramer said. There is value in the biotech space and people are going to pay up for it.

Oil prices fell slightly as the fighting in Libya continues, and as traders weighed high U.S. inventories. On Wednesday, the Department of Energy said crude oil inventories rose by 2.95 million barrels. President Barack Obama, meanwhile, announced a goal of cutting U.S. oil imports by a third on Wednesday.

"The market's witnessing oil stabilize at a level that makes no sense if things are really all that bad because then crude should be much higher, so it makes you wonder if we aren't on the precipice of a decline in price," Cramer said. "Libya's not as big as the Canadian oil sands that are coming on line and the president is now making noises about the need for energy self-sufficiency."

These and other events lead Cramer to believe the market isn't complacent. It's not shrugging off bad news either. He said the market has its "eyes wide open and it likes what it sees."

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