Cramer's 'Mad Money' Recap: Bogus Revelations (Final)

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NEW YORK (TheStreet) -- "Don't lose your head," Jim Cramer said on his "Mad Money" TV show Thursday.

Cramer said the same litany of negative news that drove the markets lower Wednesday was present today, but the market's reaction was markedly different now when Dow is at lower levels.

Whether it's worries about home equity loans not being repaid, or a lack or new small business loans, or fears of lower demand for commodities, Cramer said the bears will continue to spew their negativity. He said the markets, though, simply give them less credence at lower levels.

At Dow 10,500, Cramer said the glass appears half empty, but at Dow 10,000, and especially at Dow 9,500, the glass is decidedly half full. He said the markets are clearly range bound, and how it responds to negative news will depend on where it is in that range.

At the high end of the range, Cisco's (CSCO) bad quarter was a huge negative, but at lower levels it may have been tempered by positive news from Macy's (M) and Walt Disney (DIS).

Cramer said this phenomenon should only come as a shock to those who don't understand how the game it played. Viewers of "Mad Money," however, should be able to see these moves coming, he said.