Cramer's 'Mad Money' Recap: Bye, Bye Bears

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"I'm sticking my neck out and calling the bottom," Jim Cramer told viewers of his "Mad Money" TV show on Wednesday.

With earnings coming in strong across the board, except in the financial sector, Cramer said the markets may finally be leaving the bears behind.

He said the negativity in the market is striking. He cited an investor intelligence survey, which indicated that only 30% of investors are bullish, while 50% are bullish on the markets. "It's always darkest just before the dawn," he said.

According to Cramer, Merrill Lynch's (MER Quote) blueprint for jettisoning much of the company's bad debt is one positive sign that the markets may be turning upward. "We've been waiting for a blueprint, and that's exactly what they gave us," he said, noting that shares of the company rose 10.6% on the news.

Cramer also noted strength in such diverse companies as Clorox (CL Quote), Cummins (CMI Quote), Avon (AVN Quote) and US Steel (X Quote) as further evidence that the market is beginning to turn.

Furthermore, Cramer said with oil prices falling from $148 to $121 a barrel will continue to bode well for the markets. He predicted oil could continue to fall as low at $110 a barrel before finally stabilizing. With other commodities, like gold, also following suit, Cramer said many industries could continue to provide the market with upside surprises.

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