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NEW YORK (
) -- The bears may control the game but they don't control the market, Jim Cramer told
Cramer said the stocks that are getting hit the hardest,
, are already behind the market since they are among the companies that blame a slowing global economy for lower earnings and expectations.
Cramer said the power of positive thinking and the belief these companies will do better next year are behind the cushion keeping them from falling further. Money managers and hedge fund managers who are 90% behind the averages now need to make up that difference.
Lately, the reaction to bad news has been benign, Cramer said. The markets should have fallen a lot further than they did -- but the end-of-quarter phenomenon and managers trying not to lose their shirts helped keep stocks from dropping as far as expected.
In the "Executive Decision" segment, Cramer spoke with Martin Mucci, chief executive of
(PAYX - Get Report)
about analysts' concerns.
The company's first quarter was down from a year earlier, and Mucci said that was due to timing of payroll volume and frequency. Checks per payroll were up 2%, Mucci said, his clients are hiring and he sees positive signs in the "macro environment."
Cramer said the bears are concerned the payroll market is mature and saturated and that's why Paychex is expanding to insurance, investments and other areas.
Mucci said that once his company has a client they can be sold other products. He said that half of the company's sales come from new businesses. Even in a bad year, 750,000 new businesses are started.
Client retention is getting better, Mucci said. Fewer clients are going out of business and fewer are jumping ship. The client base is also improving. "We're also seeing clients picking up 401(k) and health insurance," he said.
Cramer said the analysts who downgraded the company "keep moving the goal posts" and raising the stakes.
Off the Charts
In his "Off the Charts" segment, Cramer spoke with
colleague Scott Redler, the chief strategic officer of T3 Live, about
(AAPL - Get Report)
, a stock that's part of Cramer's charitable trust,
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