We're Not Done Going Up

Another amazing week. Another week where it just seems that everything is falling into place.

Yet all I hear is caution. I keep getting the feeling from people that this market is simply too hot and overvalued, given the fundamentals.

I don't see it that way. It is confusing to people, for certain, that bad companies rally on bad news. The homebuilders are still strong despite nothing to make them strong. The tech companies that reported OK news are now nicely higher.

And when companies shade down -- NutriSystem (NTRI - commentary - Cramer's Take), Norfolk Southern (NSC - commentary - Cramer's Take), Black & Decker (BDK - commentary - Cramer's Take), Nucor (NUE - commentary - Cramer's Take) -- they shade right back up next quarter to trap the shorts.

Plus, sometimes you need to suspend your belief and buy. Deere's (DE - commentary - Cramer's Take) numbers actually weren't that spectacular, but the thesis is too good to check out.

That kind of bullish unreality freaks people out.

Still, when Microsoft (MSFT - commentary - Cramer's Take) said negative things last night, it was like the roof caved in. I got a dozen negative emails instantly.

It was a sign that underneath, lurking, is the bear inside of us who doesn't want to believe and wants to get out now but just feels dragged along.

Of course, that's the key to this whole move: The non-believers keep jumping off, and there are many more non-believers than believers.

Which is why we are not done going up!

Random musings: Congratz to Chris Edmonds for nailing that Compass Bancshares (CBSS - commentary - Cramer's Take) deal ahead of time. Deluged by the ETFs? The Rev's got your back...

At the time of publication, Cramer had no positions in the stocks mentioned.

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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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