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NEW YORK ( TheStreet) -- Today's rally rebuffed all the market's objections in spectacular fashion, Jim Cramer told "Mad Money" viewers Wednesday, showing just how wrong the bears were during the market selloff seven days ago.
Cramer said that just a week ago the markets were worried about a slowing U.S. economy, but today saw a good durable goods number along with price increases in both containerboard and steel, two very economically sensitive commodities.
He said the transports confirmed the data by rallying hard on the news, so much so that Cramer even recommended all three major airlines -- United Continental (UAL), Delta Air Lines (DAL) and US Airways (LCC).The markets were also worried about Italy, noted Cramer, but JPMorgan Chase (JPM), the large international bank, shrugged off those fears. Meanwhile, Joy Global (JOY) told investors that demand is not slowing in China, another fear last week. The list of worries included a weak U.S. consumer, but that was rebuffed by just about all of retail heading higher Wednesday. Even the restaurants were strong, noted Cramer. Housing continues to be strong, as Toll Brothers (TOL) was able to make up lost ground from last week as well. Finally, there were worries over the Federal Reserve and the massive government budget cuts known as sequestration. Cramer said Ben Bernanke put the Fed fears to rest, while the defense stocks are soaring in the face of looming budget cuts. Add it all together and Cramer said the bears couldn't have been more wrong when they were in the midst of their panic selling last week.