Cramer: Signs a massive global expansion is happening
After the monster run that the stock market has had recently, Jim Cramer estimates that the average stock in the now sells at an expensive 20 times earnings. However, he is still seeing signals that there is no major correction in sight.

There are only two ways to get out of the overheated position the market is in right now, Cramer said. First, the market comes down to make it cheaper. Or, companies in the S&P start earning more than Wall Street expects because things are actually getting better than they expect.

"I believe the latter is happening, that the S&P will turn out to be cheaper than we thought and thus valuations will turn out to be less expensive, allowing us to get out of this period without a major correction to lower levels," the "Mad Money" host said.

Microsoft , Illinois Tool Works and Cintas all skyrocketed higher on Wednesday after reporting better-than-expected numbers. Those numbers signaled more robust growth than anticipated.