New York Yankees shortstop Derek Jeter passed 3,000 hits in his career on Saturday to become the 28th Major League Baseball player and first Yankee to reach the milestone.
A few months ago, however, several critics complained Jeter's best days had passed him by, Cramer noted. Not too long ago, the newspapers wrote him off. Jeter deserved better, though, and he showed that this weekend. With stocks having closed sharply lower Monday, Cramer said the market has been slighted, just as Jeter had been before hitting 3,000 hits.
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"We take a weak employment number from Friday, an impasse, however temporary, on budget talks, an accelerated inflation number in China and now worries about the Italian debt situation and we write off this entire market," Cramer said. "Just as the papers and the summer soldier, sunshine patriot fans wrote off Jeter."
The "Mad Money" host doesn't think the market deserved to closer higher Monday. He does, however, think it's worth looking at the big picture.
First, Cramer noted there has been a huge number of 52-week highs in a short amount of time. During the past year, Amazon.com's stock has climbed by 80 percent while Deckers'stock posted a 96 percent gain, for example. The gains are noteworthy because they are happening despite periods of Chinese inflation, Greece's debt collapse, U.S. budget woes and the Japanese earthquake.
Second, the Dow Jones industrial average recently put together a 7 percent run, Cramer said. Some of those gains will be lost because President Barack Obama and Congressional leaders have failed to agree on a budget while the European debt crisis worsens. Cramer doesn't think all 7 percentage points will be lost on account of those issues, though.
Finally, the market has rallied on account of strong earnings reports, Cramer said. As earnings season kicks off yet again, Cramer worries stocks may have rallied too much. He's glad some real fear came into the market at the right time and is knocking stocks back down again.
"Even though our companies have demonstrated the ability to make scads of money even as oil prices soared, budget deficits loomed, European bonds vaporized, and much of the developing world hit the brakes to control inflation, they just don't get much credit for their next at bat," Cramer complained, adding it's possible the market could continue to fall.
"When you're hitting close to .1000 for the last few weeks, then you can be forgiven for getting hammered at the plate, for a three or four game home stand. That's acceptable loss, not panic time."
—Reuters contributed to this report
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