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NEW YORK ( TheStreet) -- "Enjoy it while it lasts," Jim Cramer said on Mad Money Thursday about the current bull market. It may not last forever but while it's here, good things seem to be happening every day.
That was certainly the case for Vale Resorts (MTN) , Eastman Chemical (EMN) and Conversant (CNVR) , the former two making acquisitions while Conversant itself was taken over, send shares up a quick 33%.
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But it's not just the Federal Reserve that's helping to keep rates low. Cramer said the continued weakness overseas is also helping, along with falling prices for oil and food.
Europe's pain is our gain, Cramer continued, which is why he'd be mad if companies weren't taking advantage of all this cheap money to spur growth and take out their competition.
Handbags Back in Fashion?
Is it too soon to invest in the handbag stocks again? Cramer said he thinks so because stocks like Michael Kors (KORS) and Kate Spade (KATE) , once stocks that could do no wrong, have still not found a bottom.
Cramer recalled how Coach (COH) used to be the handbag, and the stock, to beat. But two years ago, Coach hit a wall and has since lost half its value. Are the same fates in store for Kors and Spade?
After peaking at $100 a share earlier this year, Michael Kors has seen its shares fall to just $75. When the company last reported, its same-store sales were up but its gross margins declined, with management forecasting more margin pressure to come. After using the dreaded word "markdowns" on the conference call, investors started fleeing for the exits.
A similar pattern happened for Kate Spade. That once-$40 stock now trades just above $30 a share after the company reported declining margins in August.
But while Spade shares were priced for perfection at 47 times earnings, Kors' shares trade at just 15.7 times earnings, less than the average stock in the S&P 500.
But Cramer cautioned that it's still too soon to jump back into even Kors because the stock could follow Coach if it has a second bad quarter in a row. He said investors need to hear what the company says this quarter before making a decision.