Cramer's 'Mad Money' Recap: Has the Market Gone Mad? (Final)

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NEW YORK (TheStreet) -- "We can't downplay the jobs number," an upbeat Jim Cramer told the viewers of his "Mad Money" TV show Friday. "Not when it's painting a much better-than-expected picture."

Cramer said he's been asking himself a lot recently whether the market's have gotten too high. And his answer to himself is always "yes, and no," he said. On one hand, yes, this rally is nuts if things are getting worse. But on the other hand, he said, if things are indeed getting better, then the rally is completely justified.

So which is it? According to Cramer, there's only one way to tell, and that's to look at today's jobs report. When it comes to statistics on the health of the economy, all reports are not created equal, he said.

He said that today's jobs report provides definitive proof that the economy is slowly moving from "less bad" toward "a little better."

Cramer thinks the tough job cuts have already been made, with some companies even wondering if they've cut too much. He said with the cessation of firing comes growth, and that makes the market's rallies the real deal and something to be trusted.

Cramer said the bottom line is that if investors think the jobs report is for real and things are indeed getting better, then they have to believe the market's rally is justified.