[video] Jim Cramer's Quick Take: Wait for the Fed
"We have pretty good retail sales," Cramer said. "We've got very good auto sales. We've got good housing sales. We have some good manufacturing numbers."
At the same time, he said, the Fed is in a "honeymoon stage" because of the incoming chairman, Janet Yellen. "Why should the Fed say anything this year?" Cramer said. "Let stocks go up a little bit more. They do care about the stock market."
Cramer noted that for 35% of the increase in the S&P 500, investors have been "waiting for this taper comment."
"Those who have kept you out of the market, are they going to be rewarded with a 5% decline if the Fed says, 'Listen, we have to taper'?" Cramer said. "I don't think so, because you're in. So actually if you wanted to have a good time and do it and not worry, you say something about taper, the market goes down and then the institutions buy to preserve their gains."
Because that is a likely scenario, he said, he's waiting until after the meeting to put more money to work.
-- Written by Carla Baranauckas in New York.