After a brutal opening on Wall Street, the bulls fought back by the close, Jim Cramer told his Mad Money viewers Wednesday.

But now the question is, which market is the real one?

As Cramer noted on Tuesday night's show, the resignation of Gary Cohn, chief economic adviser to the president, is not the end of the world, especially if President Trump is willing to offer a compromise on trade for Canada and Mexico. That notion now seems to be a real possibility. Many bears also fear that Trump won't stop at just steel and aluminum, but Cramer said that won't be a problem. Trump wanted to send a message and that message has now been sent.

Friday's non-farm payroll report is another concern -- the same report that derailed the markets last month. Cramer said the labor market is tightening, but reactions like we saw today in Dollar Tree (DLTR) , down 15% in a single day, is "totally nuts."

Finally, Cramer said that when so few stocks lead the market, investors tend to get spooked. The red-hot tech sector simply isn't enough to carry the entire market higher. For that reason, Cramer cannot say that there's nothing to worry about, but he reiterated that the sky isn't falling.

Cramer and the AAP team say that they'd like a bigger bite of Goldman Sachs (GS) and JPMorgan Chase (JPM) . Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Executive Decision: Polaris Industries 

For his "Executive Decision" segment, Cramer sat down with Scott Wine, chairman and CEO of all-terrain vehicle and motorcycle maker Polaris Industries (PII) , a stock that's up 40% over the past year.

Wine said that Polaris is dealing with a lot of challenges at the moment, but they're not complaining and are ready to deal with the adversity. He noted that the recent steel tariffs will add about 1% to their costs, but it's nothing they can't handle. Polaris doesn't want to see a trade war, but they do advocate for fair trade and are ready to compete on a level playing field.

As for those recent corporate tax breaks, Wine said they just gave $90 million in bonuses and options to their employees and are looking to invest even more in their people and their business.

While the weather has not been in their favor recently, Wine said that innovation sells in competitive markets like theirs and they are well differentiated from their peers.

Viewers Call In 

In his "Voice of Cramerica" segment, Cramer took calls from viewers to hear what's on their mind. The first caller was recently retired and was getting scared to have all of their savings in a volatile market. Cramer suggested moving 10% to 20% to cash for some peace of mind, leaving the rest in the market.

When asked whether it's time to start investing in General Electric (GE) , Cramer said he needs to see a few good quarters and some other positive news from the company before he warms up to this beleaguered stock.

Another caller asked whether they should swap out of Blackstone (BX) and into JPMorgan Chase. Cramer said he would endorse that move.

Finally, when asked for ideas to invest in electric cars, Cramer said he'd go with the utilities like ConEd (ED) and American Electric Power (AEP) .

What's Ahead for Nordstrom? 

When a stock heads higher on bad news, investors need to stand up and take notice, Cramer reminded viewers. That's been the case with Nordstrom (JWN) , the Action Alerts PLUS holding that reported disappointing earnings last week, only to see its shares rally 11% off their lows.

Cramer explained that's its no secret the Nordstrom family would like to take its namesake company private. It tried and failed last year, but now that the company is making a comeback, the Nordstrom family tried again to buy the company, this time for $50 a share -- a price that was rejected.

But Cramer said a takeover deal would be the icing on the cake for Nordstrom, as the company is in the middle of a turnaround, posting higher revenues and a 2.6% increase in same store sales. Cramer was not the only one to notice the change in fortunes at Nordstrom, technical analyst Bob Lang noted in Tuesday's "Off The Charts" segment that Nordstrom shares are seeing buyers step in on weakness.

Beyond the technicals, Cramer said, Nordstrom the company is at an inflection point, as their capital expenditures will begin decreasing as the results of their investments begin to pay off.

No-Huddle Offense: Cohn's Departure

In his "No-Huddle Offense" segment, Cramer asked whether the markets deserved to fall more than 300 points over the resignation of Gary Cohn, who also served as director of the National Economic Council. He is, after all, just one guy.

But that one guy was your portfolio's best friend, Cramer said, a dedicated public servant that didn't join this administration for the fame or the glory, he joined because it was the right thing to do.

Cohn would never take credit for the tax cuts, Cramer said, but he was instrumental in making them happen. He was also a voice of calm and reason at an otherwise turbulent time for our country. For those reasons, Gary Cohn should be commended for a job well done.

Over on Real Money, Cramer says Cohn carried the water for the president's tax reform agenda in what can only be considered a spectacular way. Get more of Cramer's insights with a free trial subscription to Real Money.  

Lightning Round

In the Lightning Round, Cramer was bullish on Royal Caribbean Cruises (RCL) , Carnival Corp.  (CCL) , Microsoft (MSFT) , Shopify (SHOP) and Etsy (ETSY) .

Cramer was bearish on CONSOL Energy (CNX) , Energy Transfer Partners (ETP) , National Grid (NGG) and Ventas (VTR) .

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At the time of publication, Cramer's Action Alerts PLUS had a position in GS, JPM, JWN, MSFT.

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