J M Smucker delivered a fantastic earnings report thanks to strong K-cup sales and the acquisition of Big Heart pet food. The stock roared 8 percent in response, as analysts were stunned by the results.
Then there was Restoration Hardware that delivered a negative quarter that sent the stock plunging 21 percent. The stock is now down 64 percent year-to-date. It was as bad as JM Smucker was good. Traders took down Williams-Sonoma simply because they associated it to Restoration.
"Believe me when I say that nothing has changed at Williams-Sonoma in the last few weeks," Cramer said.
As for oil, it maintained its level around $50 a barrel. On Friday, Baker Hughes will release its rig count and Cramer wants investors to see oil to go even lower if more rigs come online.
"Oil is the most important gauge of this market and an oil decline pretty much eliminates any upside," Cramer said.
Finally, there was Apple. Despite slumping mall traffic, it seemed to Cramer this was the only store that still remains crowded, hence the reason the stock was up almost 1 percent.
"I learned early on 'never short a dull market.' Since this may be the dullest market I have seen in ages, what can I say? The thing is resting, working off all that bullishness. And nothing more, or less for that matter," Cramer said.