Jim Cramer thinks a lot of people on Wall Street are getting the story wrong. On his CNBC show Mad Money Wednesday, the veteran host called out what he sees as unwarranted negativity, arguing investors are missing the real signal flashing in the market: falling oil prices. They're also, he says, completely overlooking the power of what he calls the "Trump Put."

That's his term for President Donald Trump's perceived willingness to step in with rhetoric or action to prop up confidence whenever markets start to wobble.

The 'Doom Bobs' Are Wrong, Says Cramer

Cramer took direct aim at the pessimists, whom he labeled the "doom Bobs." These are the observers who insist oil prices will stay elevated even if Middle East tensions ease, and that those high prices will doom the global economy to stagnation.

"That's just wrong," Cramer said. He argued that traders are stuck in denial about how quickly market sentiment can shift when the president's rhetoric and diplomacy come into 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," he advised.

How the 'Trump Put' Played Out Midweek

The theory got a real-time test. Oil prices slipped in the middle of the week on rising hopes for a U.S.-Iran ceasefire deal. Brent crude fell over 2% to close near $102 a barrel on Wednesday. West Texas Intermediate dropped to $90. The United States Oil Fund (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 President Trump that Iran was "begging" for a deal to end the conflict.

Stocks responded positively. The Dow Jones Industrial Average climbed nearly 300 points. The S&P 500 and Nasdaq finished modestly higher, though both indexes closed off their intraday highs.

Cramer credits this market reaction to the outsized influence of the president's commentary. "Whoever is selling at that moment has to stop because the presidential put has spoken," Cramer said. "The president likes to keep the market in the air and knows the words people want to hear."

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

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

He believes a combination of lower oil prices, improving diplomatic tones, and the political will to keep markets humming could very well fuel the next leg up for stocks. The message, delivered in classic Cramer fashion, is clear: don't bet against the current momentum—or against a president he sees as determined to keep it alive.