'I'm not saying this market's done going down. There's always the possibility that we get more sell-offs,' the 'Mad Money' host said.
In unprecedented fashion, crude prices collapsed to negative $37 about a month ago. The oil market has since bounced back to $32.50 per barrel as of Tuesday evening. That means oil producers will be able to pay bills, removing a lot of pressure on the banks that they borrow from, Cramer said., and the Treasury Department's move to step in and help those in the airline industry gave a lifeline to hard-hit businesses, he added.
Fed Chairman Jerome Powell told CBS' "60 Minutes" over the weekend that the central bank is "not out of ammunition by a long shot" to support the beleaguered economy. "Anything that makes a depression less likely causes stocks to explode higher, and that's what yesterday's rally was really about, even as we gave up some of those gains today," Cramer said.
Cramer's comments echoed those of the Fed chief, who also predicted that the U.S. economy could contract by 30% in the current quarter but"That doesn't mean there's no more downside, but it does mean we likely won't be revisiting the March lows," Cramer said.
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