"I think what people have to recognize is that there are a lot of common stock holders that don't want to be common stock holders after an expiration, particularly one where there was a big lift right at the bell," Cramer said. "So these people are then going to jettison their common, which is why you have a hangover.
"For a while with the private-equity guys and the possibility of takeovers, it was very dangerous to go into the weekend short," he continued. "Then suddenly you lost all that, so it became a free fire zone to be short, and I saw a lot of people, now that the short uptick rule is gone, just banging stocks down." This, Cramer said, was "quite effective" and caused a lot of fear on Fridays. "People started selling Thursday because they were worried about Friday."
But then the Federal Reserve blinked on Friday and thus created a situation in which market players don't necessarily want to be short on Fridays because of the thought that the Fed might take action on Monday. "I think that's changed the equation," Cramer said. "I don't think the shorts have any edge or the longs have any edge."
However, as Sept. 15 approaches, the longs will soon have an edge as the market will continue to see a push on Fridays as opposed to a sharp decline. "It won't be like the old days with private equity, where you have a ramp every Friday, but I do believe it's made it so that there is more of a balance on Fridays," he said.