Jim Cramer is calling out what he sees as unwarranted negativity on Wall Street. 

On CNBC's Mad Money Wednesday evening, the veteran host said investors are missing the true signal in the market—falling oil prices—and overlooking the power of the "Trump Put," a reference to the president's willingness to prop up confidence when markets wobble.

Doom Bobs And Naysayers

Cramer took aim at what he labeled the "doom Bobs," pessimistic observers who insist oil will stay elevated even if the Middle East conflict cools and that high prices will condemn the global economy to stagnation. 

"That's just wrong," Cramer said, arguing that traders are stuck in denial about how quickly sentiment can change when President Donald Trump's rhetoric and diplomacy is in play. 

"When in doubt in this market, check the direction of oil. Ignore those who scoff at every word out of the president's mouth," Cramer said.  

The ‘Trump Put'

Oil prices slipped midweek on hopes of a U.S.-Iran ceasefire deal. 

Brent crude fell over 2% to close near $102 a barrel on Wednesday, while West Texas Intermediate dropped to $90 and the United States Oil Fund (NYSE:USO) was down roughly 0.6% on the day. 

The moves followed reports that Iran had received a 15-point U.S. peace proposal—a sign of possible de-escalation—and commentary from the president that Iran was "begging" for a deal to end the conflict.  

Stocks responded positively, with the Dow Jones Industrial Average climbing nearly 300 points and the S&P 500 and Nasdaq finishing modestly higher, though both indexes closed off from intraday highs. 

Cramer credits what he sees as the outsized influence of President Trump's commentary on markets. 

"Whoever is selling at that moment has to stop because the presidential put has spoken," said Cramer.  "The president likes to keep the market in the air and knows the words people want to hear."

That communication style, combined with an instinct to stabilize markets, forms what Cramer calls the "Trump Put"—an implied guarantee that the administration won't let equities free-fall. 

To Cramer, traders who continue to dismiss this dynamic are in denial, saying that, "Denial is a river on Wall Street. 

He believes a combination of lower oil prices, improving diplomatic tones and the political will to keep markets humming could fuel the next leg up. 

The message, in classic Cramer fashion: don't bet against momentum—or against a president determined to keep it alive.

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