Even big down days in the stock market are valuable, Jim Cramer told his Mad Money viewers Thursday. That's because when the market plunges, a handful of winning stocks will buck the downward trend and show you their true strength.

That was the case today, when the markets surfaced three cloud stocks, ServiceNow (NOW - Get Report) , Workday (WDAY - Get Report) and Splunk (SPLK - Get Report) . Cramer said none of these three companies has anything to do with China, trade, or Uber, yet all are fast growers which the market will love after this week's trade talks and Uber IPO have passed.

Streaming media company Roku (ROKU - Get Report) also ended the day strong, up $18 a share, after reporting very strong earnings that surprised Wall Street. With every new streaming service that gets announced, it only seems to validate Roku as a major player, Cramer noted.

Finally, Cramer highlighted T-Mobile (TMUS - Get Report) as another standout from the pack. T-Mobile also ended the day higher, when all of its rivals didn't. That's why Cramer said investors need to pay attention on big down days, as they do a lot of your homework for you and show you which are the resilient stocks and which ones aren't. 

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Trump's Trade Troubles 

How should investors look at the daily ups and downs of the trade war with China? Cramer said it pays to look at the key players, mainly President Trump.

Cramer said in Trump's eyes, China must be dealt with at all costs. He prepared our economy by passing tax breaks that helped bolster U.S. companies, then he began imposing tariffs to inflict maximum pain on China. Trump doesn't care about companies that sell into China, and he wants those who manufacture there to bring their operations back home to the U.S. In the end, Trump really doesn't care if we stop trading with China altogether, Cramer said. Most Americans have already made up their minds on whether they like or don't like Trump.

Trump may have a surreal vision that China pays for the tariffs he imposes. But in reality, Americans pay for them, Cramer reminded viewers. However in this environment, that fact doesn't seem to matter. 

Off the Charts: S&P 500

In the "Off The Charts" segment, Cramer checked in with colleague Carolyn Boroden to find out where the markets might be headed next. According to Boroden's technical analysis, the market's next move is likely lower.

Boroden first used a weekly chart of the S&P 500, noting the market has seen 32-week cycles, many of which are coming due in the month of May. She next turned to a daily chart of the S&P, calling out how the 5-day moving average has crossed below the 13-day moving average, another sign that a deeper correction is possible.

Boroden also called attention to the average's symmetry. Most of the recent declines have lasted between two and four trading days. Our current decline is already in its sixth day, breaking the pattern.

Adding these points together made Boroden urge caution, as a deeper correction may soon be at hand. 

Executive Decision: Etsy 

For his "Executive Decision" segment, Cramer sat down with Josh Silverman, CEO of Etsy (ETSY - Get Report) , the online marketplace with shares that dropped 10.7% today after reporting a less-than-perfect quarter that included the company's first revenue miss since 2017. Overall, shares of Etsy are up 588% since Cramer first got behind the company three years ago.

Silverman admitted is was a slow start to the year, but the company is performing well and he's happy with its progress. He explained that in a world where automation is changing the way products are made, Etsy stands apart from the pack, because creativity cannot be automated.

Etsy enables entrepreneurship, Silverman said. Some 87% of the company's sellers are women and most work out of their homes making personalized goods. Buyers get a unique experience, one where they can talk directly to the craftsperson making their item.

Etsy is also promoting a carbon-free planet. Not only is the company carbon neutral for their offices and data centers, but they're now offsetting the carbon created in shipping items from sellers to buyers. Silverman said it costs less than you might think, just a penny per order, to help clean up the environment.

On Real Money, Cramer Cramer explains more about why he thinks Etsy (ETSY - Get Report) is ridiculously undervalued. Get more of his insights with a free trial subscription to Real Money.

Executive Decision: Bausch Health

In his second "Executive Decision" segment, Cramer sat down with Joe Papa, chairman and CEO of Bausch Health (BHC - Get Report) , which just reported a 17-cents-a-share earnings beat that included 5% organic growth.

Papa started off by stating that it's the first anniversary of Lumify, Bausch's newest treatment for red eyes, and already the product is among the most recommended by doctors and is selling at a $50 million annual run rate. Lumify is just one of many new products that Bausch is developing.

Papa noted that Bausch's strength comes from its diversification. The company operates in over 100 countries around the globe and makes medical devices, contact lenses, surgical products, prescription drugs and consumer products.

Shares of Bausch are up 41% for the year. 

Lightning Round

In the Lightning Round, Cramer was bullish on Zebra Technologies (ZBRA - Get Report) , Exelixis (EXEL - Get Report) , The Trade Desk (TTD - Get Report) and Cisco Systems (CSCO - Get Report) .

Cramer was bearish on EQT Midstream Partners (EQM - Get Report) and Sunrun (RUN - Get Report) .

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At the time of publication, Cramer's Action Alerts PLUS had a position in CSCO.