A number of technical and anecdotal signs will tell investors that the stock market has seen its true bottom after its brutal October swings, CNBC's Jim Cramer said Thursday as stocks seemed to recover.
Some of the technical signs already seem to indicate a bottom already, the "Mad Money" host said. The Cboe Volatility Index, also known as the market's fear index, has hit its peak and made a lower high in the last few weeks, meaning the worst of the pain could be over, he said.
Moreover, the S&P oscillator Cramer follows to know when there's too much selling pressure indicates that the market is oversold, even as Cramer saw some room for more selling.
But based on the anecdotal signs, the "Mad Money" host wasn't sure the negativity had peaked. He pointed to his Twitter feed — not as negative as he would like — and the front page of the New York Times.
"The New York Times has an article about the market's losses on the front page, but it's only a one-column piece and it's stuck on the left-hand side, buried, not the right-hand top where your eye naturally goes," he said. "Normally, the pain tends to stop only when the newspapers start giving it wall-to-wall coverage."
So, until there's more mainstream media coverage of the losses on Wall Street and satellite trucks broadcasting live from the New York Stock Exchange, Cramer is loathe to call a bottom to the October selling.
"We haven't reached the extremes of negativity that I'd like to see, but on the other hand, our best chartists say the bottom might be here," he said. "My gut says you can like this market for a trade, but unless something fundamental changes with the White House or the Federal Reserve, it's only a trade, because the carnage could resurface at any moment."
If Cramer wants investors to learn one thing from the stock market's recent volatility, it's that this is not a repeat of the months leading up to the 2008 financial crisis.
"[People are] missing the point. Nobody's talking about a recession," Cramer said as stocks recovered from their Wednesday drop. "This is not the end of the world, which ... you would think it was when you looked at yesterday's action. There's no systemic risk. The economy might go from really good to really mediocre."
Cramer chalked up the prior day's dramatic slide to two things: the idea that Wall Street is too bullish on companies' 2019 earnings, which could be crimped by rate hikes, and President trade tiff with China.
For Cramer's full analysis, click here.
Cryptocurrencies do not pose a threat to in the near term, but the credit card giant is prepared to implement crypto-friendly systems if the digital currencies become more established, Visa CEO Al Kelly told CNBC on Thursday.
"I think there has to be some market that it becomes somewhat like a fiat currency in order for us to be comfortable," Kelly said in an exclusive interview with Cramer, adding that crypto was "certainly" not a threat in the short to medium term "in any way."
Fiat currencies are issued and backed by governments, like the U.S. dollar and the euro, as opposed to currencies that are backed by physical commodities like gold or silver. Some cryptocurrencies are backed by precious metals; others are seen as having inherent value.
Kelly said Visa would consider entering the business of cryptocurrencies "if we actually think that crypto starts moving from being more of a commodity to actually really being a payment instrument."
Click here to watch and read more about his full interview.
President 25 percent were supposed to be a boon for steelmakers. But now that they're starting to take effect in a tangible way, they're not exactly working, Cramer said Thursday.
"The tariffs aren't helping the steel industry; in fact, they may be hurting the steel industry," the "Mad Money" host said.
"The steel stocks have been slaughtered since the tariffs went into effect," he continued. "Just look at the stock of , the best steelmaker in America and the chief proponent of the 25-percent duty on steel imports. ... Nucor's down about $10 bucks since the tariffs were announced."
Click here for more on why Cramer thinks the steelmakers are struggling.
Regardless of which party wins Congress in the upcoming midterm elections, Michael Neidorff, the CEO of government-sponsored health insurer Centene, wants some balance in Washington.
"I'm an individual that believes that one of the three branches, when it's the other party, we get better government," he told Cramer on Thursday, insisting that he was being "bipartisan."
"I believe that if that happens, we'll see some negotiations and we'll end up with a lot of things better and our program will be that much stronger as well because there will be solid discussions about what it should be and not the political," the CEO said.
To watch Neidorff's full interview and find out why he thinks people need to view his $60 billion company differently, click here.
In Cramer's lightning round, he sped through his take on callers' favorite stocks:
: "I'll tell you, [CEO] Jim Whitehurst didn't do 'em any favors. That last quarter, he didn't really explain it that well. But I've got to tell you, I think the next one's going to be better. I would be a buyer of Red Hat down here, a cloud king. Now, remember, the cloud's going down tonight because of and . Everybody hates them all over again."
: "OK, Take-Two Interactive got some incredible reviews for 'Red Dead Redemption .' The stock's up big. [CEO] Strauss Zelnick may have another huge hit on his hands and we do like the stock."
Disclosure: Cramer's charitable trust owns shares of Amazon and Alphabet.