Second, when it comes to determining a stock's reaction to its earnings report, some people are more powerful than the company itself.
When IBM reported earnings, Cramer liked the quarter. However, Sanford Bernstein analyst Toni Sacconaghi said that IBM's businesses are decelerating and it could have a difficult time making the numbers for the second half.
"Toni Sacconaghi's name might mean nothing to you, but at this particular moment he is every bit as important as IBM's CFO," Cramer said.
The next piece of advice offered by Cramer was to remember that earnings are all relative. Goldman Sachs reported a strong quarter in absolute terms, but it simply wasn't as good as JPMorgan's. Citigroup did not do as well as Goldman, but the fact is that so little was expected by Citi and so much was expected from Goldman.
"Right now I think that Citigroup is the buy given how far it has come out, but I simply don't believe that Goldman Sachs is bad, either. It's just that it's not quite good enough," Cramer said.
Fourth, Cramer reminded investors that when it is bad, it is really bad. Netflix flunked with the stock down 13 percent on Tuesday. When a stock is down that hard, there will be multiple institutions that try to get out of it. They cannot do it one day because they own too large of a position, so the sell-off can continue for multiple days.
However, when it is good, it is so good there is simply no price investors won't pay for the stock. Johnson & Johnson's earnings were that good, Cramer said.
The last takeaway was to remember that headlines can be a fake-out. The most compelling headlines for Cramer were those surrounding UnitedHealth. However, when Cramer listened to the conference call, he heard another side of the story, and he found out the quarter wasn't as perfect as it seemed.
"At this point in earnings season, the market is in non-stop grading mode," Cramer said.