The market is now in a phase where traders believe the Federal Reserve is on their side, and what that means, simply, is that good news is good news, and bad news is bad news, Jim Cramer said on CNBC's "Stop Trading!" segment Friday. For months, economic data showing strength in the U.S. economy has often meant a selloff in the stock market. That's because traders figured anything signaling robust growth would inspire the Fed to continue raising rates. However, stocks sank after the June employment report showed fewer jobs were created than expected, even though ordinarily the number would be interpreted as lessening the chance of another hike. Instead, investors took the data as an opportunity to fret about an economic slowdown, or as Cramer put it, they're viewing the glass as half empty, rather than half full, at least for the time being. "It's a total freak-out," he said. As for the stocks on his radar, Cramer pointed out that Vonage ( VG) was dropping to a 52-week low, the latest hit for a company that has had a rough ride in its brief time as a publicly held enterprise. Having taken to referring to the company as "Vonage the Dog," Cramer suggested it might be time to "put the darn thing down." Elsewhere, he said it wouldn't be a bad idea to switch holdings out of Costco ( COST) and into TJX ( TJX), and of 3M's ( MMM) weak estimates, optimism might have been too high, he indicated. "You've got to be flexible in this game," he said.