"I saw a hammered market, a market where the buyers have gotten drunk as a proverbial skunk, buying the worst of the worst," he said.
But as the mini banking crisis receded, the market broadened out and investors "collectively got a nice buzz going," Cramer said.
They looked towards other sectors with strong potential, buying shares of artificial intelligence companies, cybersecurity outfits and weight loss drug manufacturers, he said.
But some overindulged, he said, and now the "hammered investors have taken over."
"For those who're slamming them down now and buying stocks under the influence?
CNBC's Jim Cramer, Cramer, Estee Lauder
Wall, Moderna, Pfizer