Cramer's 'Mad Money' Recap: No Day of Reckoning

Cramer said he was struck by last week's interview with Joy Global (JOY) , who noted that China's demand for electricity is beginning to stabilize. This news correlates with a recent rise in the Baltic freight index, a measure of Chinese exports and a rebound in the price of copper and iron ore.

Cramer said he still has tremendous respect for those bearish on China, but with everyone in agreement on that sentiment, perhaps it's time to stop being as negative as we once were.

Any stabilization in China would be a pleasant global surprise, said Cramer, but he's still not yet ready to recommend any Chinese stocks.

In Closing...

In his closing comments, Cramer noted that Bed Bath and Beyond (BBBY) did not report the numbers everyone was expecting and it shares will likely go sharply lower.

He also said Norfolk Southern (NSC) also disappointed, and he expects shares to fall by around $5 or $6 a share before the buyers swoop in to save it.

--Written by Scott Rutt in Washington, D.C.

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To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.