The Dow Jones industrial average and S&P 500 index finished near flat on Wednesday, as the Nasdaq slid. Cramer said the mixed results left many investors wondering whether the U.S. economy could fall into another recession.
"Everyone buying here has to be wondering, are we going into a recession, in which case stocks are too high and the outrageous price moves aren’t worth suffering," the "Mad Money" host noted. "Or are we just going to muddle through with slow growth, which could make you a fortune if you buy stocks into intra-day weakness."
Wednesday's 200-point swing came from people trying to figure out what's going on with the economy, Cramer said. It's been tough to gauge lately, as the data points have been mixed. Some show strength while others show weakness, he noted. Further complicating matters, individual companies are taking different views. Some company executives are expressing concern while others are saying everything is fine.
In the technology space, Dell delivered strong quarterly results after Tuesday's close. It guided revenue down, however, because of a lack of confidence. Many investors took the company at its word and sold, Cramer said. Few asked whether the company is really losing share to rival Apple .
Executives from retailers Saks and Dick's Sporting Goods both expressed concern. Saks CEO Steve Sadove said Tuesday the declining stock market might make consumers more cautious. Dick's Sporting Goods CEO Ed Stack on Wednesday said Washington's shenanigans has made the consumer "kind of cautious."
Target executives, on the other hand, said back-to-school looks strong and credit card delinquencies are rapidly shrinking. TJX Companies also takes a bullish view and reported lean inventories.
So who are homegamers to believe?
"We heard an earful today from the right executives that things are pretty much unchanged, cloudy with a small chance of recession," Cramer said. "Me? I am going with them, not the complainers. At least until we get the next big piece of news, jobless claims, which come out tomorrow."