Jim Cramer: There Is A Lot Of 'Negativity' And 'Suboptimal' News In The Market

"There is just a lot of what I would regard as being suboptimal news out there at a time when I think people were kind of hoping this period would be the beginning of a good feeling given the fact that I thought earnings would start out OK — they are not," Cramer said.

First, Wells Fargo & Co WFC's decision to appoint Tim Sloan as John Stumpf's replacement as CEO is notable because he comes from a "different side of the bank." However, it is not certain if the U.S. Congress "will understand those subtleties."

Cramer continued that "everyone hates the banks," and at a certain point, the Street won't be talking about Wells Fargo's scandal. However, he noted that Senator Elizabeth Warren will continue, because it is a "terrific story" and "easy to understand."

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Moving on, Cramer isn't yet convinced that encouraging results from CSX Corporation CSX and Delta Air Lines, Inc. DAL are signs that it isn't all doom and gloom in the market.

Cramer argued that the railroads have "been on fire" and the company "didn't give any reason to be able to hate them." He added that Delta's earnings were more of the "same old bad," and the stock is still lower by around 22 percent for the year.

On the other hand, Cramer highlighted Ulta Salon, Cosmetics & Fragrance, Inc. ULTA's positive update to its guidance and this is one of the few companies performing well in the retail sector.

"There really isn't that much that is exciting," Cramer emphasized.

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