Cramer's 'Mad Money': Job Data No Surprise

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"Not all news is surprising," Jim Cramer told viewers of his "Mad Money" TV show Friday.

He said that when analyzing why the market only dropped 143 points after such a horrible unemployment number, he concluded that the market simply saw this bad number coming, and that the bad news was already baked into the Dow.

"We've finally reached the moment where everyone is convinced that everything bad is already priced into the market," said Cramer.

Why did stocks like Alcoa (AA Quote) and Intel (INTC Quote), both of which reported horrible quarters, only fall slightly before rebounding? Cramer said it's because Alcoa was already down 65% from its highs, and Intel was already down 38%.

Cramer continued to say that while much of the bad news is now behind us, that does not mean that there's good news ahead.

He predicted the markets will likely be range-bound as the recession unfolds. "Don't expect much from the market when the economy does nothing more, or nothing less, than what's expected," he said.

Cramer: Forget Jobs Data -- It's a Technical Market

Going Back to School

Is there a company that actually makes money when more people lose their jobs?

Cramer said there is, and that company is American Public Education , which he highlighted for his "Speculation Friday" segment.

American Public Education owns and operates both American Military University and American Public University, two primarily online schools offering substantially reduced tuitions to its students. Tuition for undergrads is typically 60% lower than traditional state schools and 90% lower for graduate programs.