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The stock market is littered with confusion and conundrums, Jim Cramer told his Mad Money viewers Thursday. "I cannot blame a soul for being frustrated with this market" and sitting on the sidelines, he added.
How can housing and non-residential construction be so wrong but today we learn that manufacturing is weaker than expected? How can the railroad stocks be so hot but the airlines trade at deep discounts? These are just some of the questions weighing on the markets, Cramer said.
Then there's the Federal Reserve. Chairwoman Janet Yellen told the markets that perhaps only one interest rate hike would be needed this year. But then, just hours later, Vice Chairman Stanley Fisher put the possibility of two rate hikes back on the table.
And what should investors make of oil? As oil plunges back towards $39 a barrel, talks of production cuts around the world permeate. But if those cuts happen, the void will most certainly be filled once again by renewed U.S. drilling.
Add to all of this the confusion overseas. Is China weak or strong? Is Europe really on the mend? Cramer said he has no answers.
So whether investors want tech stocks or retail, consumer packaged goods or transportation, there just seems to be no sectors that make sense, Cramer concluded. That's no way to make investment decisions.
Cramer Backs Salesforce
When a CEO with a proven track record says he screwed up, you take his word for it. That was Cramer's advice after speaking to Salesforce.com (CRM) - Get Report CEO Mark Benioff on Wednesday night's Mad Money. Shares of Salesforce fell 4.4% Thursday after the company admitted weakness in its business, but Cramer said that's the signal to buy, not sell.
Cramer said Salesforce simply didn't close all of the business it would've liked this quarter, something Benioff admitted. The competition is likely to take credit for Salesforce's miss, but Cramer said he's not convinced that's the case.
While Salesforce's recent acquisitions may have been a distraction in the short term, the long-term value of the deals is not in question, Cramer said. He feels shares will begin to rebound in October when the company unveils the first of its artificial intelligence initiatives.
Is Golf Good Again?
After years of grinding lower, is the golf business finally on the upswing? Cramer took a closer look to find out.
It has been no secret that participation in golf has been winding down for years, with far fewer young people taking an interest in the sport. These fears were made worse after both Nike (NKE) - Get Report and Adidas announced they were exiting the golf equipment business.
But Cramer noted the number of golf rounds played posted the first increase since 2012 this year and expectations may finally be low enough to make some money.
The only true golf play is Callaway Golf (ELY) - Get Report , which is seeing sales begin to rise with improving gross margins. Calloway owns a 15% stake in TopGolf, a new golf entertainment concept that's proven to be very popular. Shares of Callaway are up a quick 22% so far this year.
Then there's Dick's Sporting Goods (DKS) - Get Report , which is not only a big retailer of golf equipment but is also benefitting from the demise of Sports Authority. Shares of Dick's are up 65% in 2016 and trade at 16 times earnings.
Finally, Cramer told viewers to watch for the coming IPO of Acushnet Holdings, which own the Titleist brand. He said at the right price Acushnet could be right for this market.
'Ground Zero Rising'
In a special tribute, Cramer took a few moments to tout his new documentary, Ground Zero Rising, which airs tonight at 10 p.m. EDT on CNBC. He said the film highlights the rebirth of One World Trade Center from the ashes of the 9/11 attack.
While some thought rebuilding on the hallowed ground was an impossible goal, today stands a wondrous and secure tower that stands as a symbol of both defiance and resilience. Cramer said after visiting the site he found it both a thoughtful memorial and center of commerce.
Ground Zero is rising in its own unique way, Cramer concluded, and he's proud to be able to share it with viewers.
In the Lightning Round, Cramer was bullish on American Electric Power (AEP) - Get Report , Dominion Resources (D) - Get Report , Consolidated Edison (ED) - Get Report , Delta Air Lines (DAL) - Get Report , Southwest Airlines (LUV) - Get Report , Altria (MO) - Get Report , Ellie Mae (ELLI) , Occidental Petroleum (OXY) - Get Report , Magna International (MGA) - Get Report and J.C. Penney (JCP) - Get Report .
In his "Homework" segment, Cramer followed up on a few stocks that stumped him during earlier shows. He said GCP Applied Technologies (GCP) - Get Report , which specializes in construction chemicals, has an intriguing business but also a horrible balance sheet that includes $825 million in debt. After a 75% rally, Cramer said he wouldn't chase this stock higher, especially at 18 times earnings.
Cramer said Puma Biotechnology (PBYI) - Get Report is a high-risk, high-reward company with only one drug for breast cancer in development. After trading as high as $280 a share in 2014, shares plummeted to just $58 after disappointing clinical trial data. Cramer said investing might be worth it at current levels, but only with money that investors are willing to lose if this one drug doesn't pan out.
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At the time of publication, Cramer's Action Alerts PLUS had a position in AEP and OXY.