Jim Cramer says Wall Street is in denial about the market

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Wall Street is in denial about the market’s strength, Jim Cramer said, arguing that investors are dismissing falling oil prices and what he calls the “presidential put.”

“When in doubt in this market, check the direction of oil. Ignore those who scoff at every word out of the president’s mouth,” said Cramer Wednesday on “Mad Money,” noting that President Donald Trump has often been able to talk the market out of a rut.

According to Cramer, the street chose to focus on the doom and gloom of rising oil prices, disregarding Wednesday’s pullback.