Here's why Jim Cramer sees reason for optimism in Wednesday's market

That market saw what Cramer called an"intraday bounce," where the major indexes started the day worse off and then came back, cutting their losses. However, Cramer said it is possible for the market to fall further due to another spike in bond yields or a surge in oil prices.

"Did today's intraday bounce mean a lot?" he asked."Well, yeah, it kind of did. Here's the bottom line: Because, for once in the last four weeks, the bears, who have been having a jolly good time of it, finally had something to fear. And that, alone, means there could be a rally, at least as long as nothing whatsoever happens to the bond market or oil tomorrow."

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