The market is in event driven mode right now. That means when there is a negative headline, the market tanks. And when there is an absence of negative news, the market bounces, just like it did on Thursday when it recouped much of the 206-point deficit in the Dow (.DJI).
Jim Cramer is not sounding the all clear bell just yet.
In perspective of the "Mad Money" host, the market bounced because it was oversold and the hedge funds gone wild have been margined out of the picture now. He thinks perhaps a better term for Thursday's market is complacency.
Some may think that all is well again, but that is why Cramer has his checklist. He is looking for a market with an investable bottom, not a tradable bottom. Until the items on his checklist are completed, problems are not resolved.
Though there were a few boxes checked—when oil found its footing, and a few key speculative stocks like Netflix lost their ground, and Goldman Sachs and United Healthcare reported a good quarter—there are still boxes to be checked off. Problems like Ebola, ISIS, Russia and China still persist.
Read MoreCramer: We are not in the clear, yet
According to Cramer, the wrong federal agency has been getting blamed for the decline in the stock market.
So if it's not the Federal Reserve in the kitchen with the lead pipe, who was it?
According to Cramer, it is the Center for Disease Control. By giving false assurances about Ebola it created a lack of preparedness. Their inability to get ahead of what is happening is the reason why the death of one person in a country of 317 million people could send the stock market into a tailspin.
Read MoreCramer: Blame the CDC, not the Fed
Many investors are left scratching their heads on Thursday, as they watched Netflix (NFLX) tumble 19% after reporting a subpar quarter on Wednesday night.
Netflix has been called a "cult stock" by Cramer—that is, stocks such as Amazon (AMZN), Netflix and Tesla (TSLA) that have captured America's heart with their exciting press releases and don't have to show earnings when they report.
Essentially, too-high expectations on a high flying stock where subscribers were already aggravated over price hikes led to an anatomy of disaster for Netflix. And to add insult to injury, the competition has taken a bite out of their earnings with Amazon Prime, Hulu, HBO Go and now CBS
Cramer added that the stock needs to go lower before anyone should think about buying into weakness, and it's not too late to sell Netflix. So for now, it looks like a beloved cult stock has lost its charm.
Read MoreNetflix: Anatomy of a disaster