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NEW YORK (TheStreet) -- For the first time this millennium, we have a true bull market, Jim Cramer declared on "Mad Money" Friday. After completing the best week in over five months, Cramer said there's a lot more brewing in the markets than just a Santa Claus rally.
Cramer called 2013 a pivotal year for the markets, one where a switch was made from just making up lost ground to one that's truly making forward progress. There are still many cynics, and many investors may not even remember the last true bull markets in the 1980s and 1990s. But the signs are all around us.
Every bull market needs five things:
1. Issues Resolved Positively -- Despite all the worry, the big issues from Washington to Cyprus all seem to be working out OK after all.
2. Bountiful Profits -- Profits are the cornerstone of every bull market, and companies are making money hand over fist.
3. Companies Creating Value -- Mergers, acquisitions, spinoffs, breakups, dividends: Companies are doing all they can to unlock value.
4. Improving Job Market -- More economic activity leads to more spending, which leads to more jobs.
5. No Inflation -- Skeptics may be worried about inflation, but so far there's none to be found.