Cramer's 'Mad Money' Recap: Who's Bluffing in the Market?

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"The market is a big game of poker," Jim Cramer said on his "Mad Money" TV show Wednesday. Just like the way players bluff in poker, the way a stock acts doesn't necessarily accurately represent the company behind the stock , he said.

If Wall Street is a game of poker, then the managements behind different companies are the players, Cramer explained. They know the hand their companies have been dealt.

Standing on the sidelines are the analysts, who are always trying to figure out the cards the companies have, he said. They are always trying to read managements' faces.

Then there's the Federal Reserve, Cramer said. The Fed doesn't have any cards itself, but it gets to see everyone else's cards and make judgments. The Fed is the casino, and chair Ben Bernanke can change the rules of the game at will and at any time, Cramer said.

"I like to remember all the past hands and how the players played them," he said. "I like to know who has a good poker face and who doesn't" -- and who is and isn't bluffing. A CEO who has never bluffed is Cisco's (CSCO Quote) John Chambers, Cramer said.

Recently, Chambers gave an interview to the Financial Times and said this was the greatest time ever for the networking companies. Plus, the CEO announced a big buyback when there were five days left for the end of the quarter.