Is there a recession on the horizon or have markets just gotten too negative?

It's been a constant flip-flop on Wall Street as investors search for direction in a market dominated by bonds and trade headlines. Negativity was in full force Wednesday with the Dow closing down 3.1%, the S&P 500 down 2.9% and Nasdaq down 3%.

Thursday told a different story with markets volatile, but slightly positive after the open.

"There's no fire here," Jim Cramer said during TheStreet's Daily Facebook Live Show.

Cramer said he's taking cues from stocks and bonds and we're looking at a "mixed picture."

While he sees a lot of good in the employment rates and recent earnings from Walmart (WMT - Get Report) , recent guidance from Cisco (CSCO - Get Report) isn't so pretty.

"It's mixed, but it's not horrible...Dial back the hysteria," Cramer said.

Catch his full take on the markets in the video above.

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