On Wednesday there were "rather radical" changes in the S&P 500 that might have caused the market's afternoon volatility and sparked a bounce at the end of the day, Jim Cramer said on TheStreet.com TV's Wall Street Confidential video Thursday.

As BellSouth was bought out, a lot of money had to come out of the S&P 500 very quickly, which may have caused some futures selling, he told Aaron Task, the host of Wall Street Confidential. But now that the BellSouth deal has been completed, the positive could be that the technicals of the market will reverse and the money will flow right back though, Cramer said.

Further, the comeback at the end of the day Wednesday and the "incredible lift in futures" was not because of buying, but rather may have been related to the end of futures selling, he said.

However, Cramer considered Wednesday's market action "bad" because he was disappointed to see the companies he considers less consumer-sensitive to be the only ones left standing. Instead he said he would have loved to see the Caterpillars ( CAT) be left standing and see Phelps Dodge ( PD) higher.

"None of the offensive stocks or the manufacturing stocks did well and I don't want to see that," Cramer said. "I want to see that the earnings decline in housing and the earnings decline in retail can be contained so that other areas don't get hurt."

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