“We are right smack at the beginning of a brand-new aerospace cycle,” Cramer said Wednesday, “one that could last for as long as seven years.”

How does he know? Well, first there was Alcoa this week telling us that it sees the airlines turning a corner , with aerospace demand stronger than expected and airplane orders up big. Then AAR, a leading supplier of parts and services to the aerospace business, yesterday reported a slight earnings miss but without any negative incremental news for the quarter. In other words, Cramer said, the aerospace industry has stopped its downward trajectory, which is a big change from not that long ago.

Also, the Journal today reported that FedEx plans to grow its fleet of long-range Boeing 777s by six over the next 12 months as a result of increased shipping demand overseas.

“We’re now in a world where air traffic is recovering, airplane orders are coming in better than expected, cancellation rates have declines, and production is on the rise,” Cramer said, “something which, incidentally, should create a lot of new jobs.”

SPR News & Analysis

 German stocks - Factors to watch on May 7 - 07 May 2013 EDT

 RESEARCH ALERT-Spirit Aerosystems: JP Morgan raises target price - 03 May 2013 EDT

 RESEARCH ALERT-Spirit Aerosystems: RBC raises price target - 03 May 2013 EDT

 RESEARCH ALERT-Spirit Aerosystems: Jefferies raises price target - 03 May 2013 EDT

 UPDATE 3-Plane supplier Spirit AeroSystems posts higher profit - 02 May 2013 EDT

 More SPR News