Jim Cramer says the market made major strides during last week’s rally

CNBC’s Jim Cramer on Monday said last week’s rally may not be a temporary change to the market.

“I simply can’t dismiss the best week of the year, where major strides were made in broadening the rally to everything from the financials, to recent e-commerce stocks, to the usual semiconductor and semiconductor and semiconductor equipment suspects,” he said. “I’m not going to throw cold water on the reversal in the bond market that lowered long-term yields dramatically and repulsed the selling hoard at the five and change level on the thirty-year.”

Like many rallies, Cramer said last week’s market gains were “hard-fought victories” for the bulls that were not expected to occur in an over-sold market where the “gloom was palpable.”

After last week’s Federal Reserve meeting, where rates held steady, Cramer suggested it’s possible there may not be any more rate hikes in the next few months. However, he admitted that the thesis is contingent on whether any major component in inflation, like real estate prices, accelerates.

Cramer also noted the market’s attitude towards businesses with significant exposure to China has changed, with Apple and Starbucks reporting optimistic sales results last week.

But can these moves last? To Cramer, the fear of missing out may cause money managers to be “less complacent” in where they put their cash, and bond short sellers may become nervous that it seems there will no longer be a glut. He also suggested many may want to buy shares of Nvidia, but told investors they should wait for a pullback before buying.

“We don’t want to go against our discipline, even as this consolidation is a referendum on last week and — as I see it — it looks very good indeed, much better than the bears think,” Cramer said.

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

Disclaimer The CNBC Investing Club Charitable Trust holds shares of Nvidia, Apple and Starbucks.