Jim Cramer panicked when he read the news on Monday morning and saw it was filled with scary reports of earnings.

The fright began when he read The Wall Street Journal's cover story entitled 'Corporate Profits set to Shrink for Fourth Consecutive Quarter' that detailed collapsing oil prices, a weak merger market and saturated phone market. The story made him feel like everything was terrible.

In reality, earnings season is not that bad, Cramer said. It started with several top and bottom line beats from companies like PepsiCo and Alcoa.

"If that is as bad as it gets, then the Journal is going to have to rethink its premature obituary for earnings season … I think it's fair to ask, what is there to be gloomy about?" the "Mad Money" host asked.

Even Seagate — in the hated category of personal computers — managed to report a substantial earnings boost. Cramer was blown away when he saw Seagate's forecast, which made him wonder if there could be something better at work for the company.

Cramer noted railroad stocks have been horrendous in the past year. But this time, CSX reported a nice beat with commentary that indicated almost every major cargo was looking up.

Cramer has also considered the airlines to be the "single most gloomy sector," but they managed to surprise with news that business was improving. If it was just one company that reported good news, Cramer would have chalked it up to management. But with both Delta and United Continental confirming that they were flying high, Cramer was shocked.

"That is remarkable and totally out of step with the previous years' worth of numbers, which is why a major departure from the negative narrative that the Journal claims we are going through," Cramer said.

The only real downers so far have been Netflix and Hasbro. Netflix was hurt once again from slower subscriber growth.

"Twice in a row. Not a good sign," Cramer said.

Those negatives were balanced out by the earnings beat from IBM and a strong quarter from VMware. Ultimately, Cramer found that the Journal may have exaggerated how bad earnings season is. Especially when companies from aerospace, metals, airlines and food are telling a different story.

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