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Jim Cramer's 'Mad Money' Recap: The Bulls Have Their Day

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NEW YORK (TheStreet) -- "I'm tired of hearing that the bulls are way too smug," Jim Cramer said on Mad Money Wednesday.

The S&P 500 closed at another record high on Wednesday, for the 20th time so far in 2014, Cramer said, so its not a mistake for the bulls to be complacent -- if they happen to be right.

Short-selling ahead of Fed Chair Janet Yellen's comments Wednesday proved shortsighted. They lost money as the market exploded during her press conference, Cramer said, particularly when she said that inflation is peaking.

Cramer was worried about two companies' earnings going into Wednesday trading: Adobe (ADBE) and FedEx (FDX). Abode is a "big cloud play" now, but how natural would it be to disappoint? The company closed up 8.2% Wednesday.

As for FedEx, there were concerns about the consumer and global commerce in the marketplace, Cramer said. The stock closed up nearly 6.2% Wednesday. The real problem in the market, Cramer said, was a surfeit of skepticism.

Cramer's bottom line: It's possible the optimism isn't misplaced and that it's the "ultra-skeptics" that are wrong. The skepticism has cost you more than the optimism. The optimism isn't based in complacency, Cramer said, but based on the facts.

Energy Revolution

Cramer thinks it's time to pay attention to the oil and gas revolution currently taking the country by storm. The energy boom feels like it's happening too fast, and Cramer sees profits to be made or lost on paying attention to these changes.

North Dakota's oil production has tripled in the last three years, exceeding optimistic expectations, Cramer said, and leaving California and Alaska in the rear-view mirror.  The only problem is, North Dakota's energy production is lessened by infrastructural deficiencies -- the oil is shipped by railcars rather than pipelines, costing thousands of dollars and countless hours of time from workers.

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