Cramer's 'Mad Money' Recap: Trading on Data Points (Final)

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NEW YORK (TheStreet) -- "The economy's not great, the economy's not horrible," Jim Cramer told the viewers of his "Mad Money" TV show Thursday, as he tried to convey what trading in a mixed market is really all about.

Cramer said he really doesn't care what Friday's GDP number brings, nor did he care about the housing numbers from earlier this week. He said he's not surprised by any of the daily economic data that's being released. Why? Because the market is mixed, and that means its darn near impossible to make sense of just about anything.

Cramer said the obsession with whether we're entering the dreaded "double- dip" recession is comical, as there's clearly not enough data to know. The markets are trading on every little data point, he said, yet you can make a bull and bear argument for every one of them.

Cramer said in retail, some stores like Urban Outfitters (URBN) are doing well, while others, like Guess (GES), aren't. Sectors like aerospace is on fire, he said, while others, like medical equipment, are not. Price earnings multiples are low compared to earnings, but with a lower GDP the multiples seem too high.

Sometimes there's nothing actionable to trade on, said Cramer, even though everything may sound like it is.