Ubiquitous market commentator Jim “Mad Money” Cramer of TheStreet.com observes in a Rocky Mountain News column this morning how irrationally the market is behaving of late, in light of rumblings of the bear market and a pronounced recession.

“Where’d that bear go?” Cramer asks. “Vanished. Last week, only oil moved up, and everything else was awful.”

Characterizing the upward direction of the market like the heady days of the 1990s bull run when every Monday was “Mutual Fund Monday,” with the money pouring in, Cramer says investors’ buy mode is “amazing” and “bizarre ... given that we had terrible numbers from FedEx and MBIA."

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