263,000 jobs, that caused the averages to roar higher for most of the day. But then the Federal Reserve threw cold water on the whole market. Yep, when the fed minutes from a month ago were released, we saw that they talked not about the economy being strong, but about stocks being too strong, it was almost as if the fed was saying that the stocks had gotten ahead of themselves so they had to take away the punch bowl with some stock bad mouthing. Paul ryan came out and said that tax reform will take longer than health care. Whats longer than never . Put it all together and the averages only went into a tail spin, erasing our earlier gain, causing the dow to close down 41 points while s p lost. 31 and the nasdaq sank. 58 . The fed signaled that maybe things arent as great as the bulls may think, which sent markets plummeting. Thats why i have to stress displadi discipline. At 1 59 at the top of the session, it went on for about five minutes, it looked pretty frosty. Since we have got the labor departments employment number coming up on friday, and if that number is as strong as the jobs number, we could have another things could be a lot worse and maybe we need to take the possibility of bad news seriously. The thing you need to understand is that the market has a very different attitude than it did six months ago. These days we want a strong economy, rate hikes and a low fed. Most investors were actually rooting for bad news. Why . They feared if we got some decent economic data, the fed might raise Interest Rates and in those days, rate hikes could send us into a deep recession. We need to see employment stall, we actually rooted for lower wage growth. Oh, man, were just negatives. We wanted to see slack in the economy so the fed would stay on hold, really buy more tooks that would give us more income than bonds, those trade trusts, utilities, those Consumer Products stories. Classic good news became toxic, bad news was beautiful. Go back to 2016, when the fed first raised rates a quarter percent. China looked like it was in trouble, time to raise rates, commodities were getting clobbered, not a time to raise rates. Threatening everything from emerging markets to energy producers, both large and small, so even the largest banks up to the gills and potentially spoiled oil and gas loans, in other words the fed had moved too soon. We spent years saying that the fed was going to tight on at the wrong time. After that fiasco, as we knew that as long as the fed remained week, the market could stay on hold. Parting with ventas and clorox and kimberly clark, then as 2015 went on, the market started to rally. Maybe one day soon, we would actually be able to handle a rate hike. This is when most prognosticators like hillary for president. Out of nowhere, donald j. Trump, possibly the most pro business president in history get s elected. Trump ran on lower taxes, more repatriation, all the things that were on wall streets wish list, suddenly the market went full swoop. Money poured from safety, although stocks i just talked about poured into the banks as investors thought they had to go higher. Lower Corporate Tax rates. So when the sfed raised rates again last december, the bulls cheered. Unlike 2013, bulls were confidence that rate hikes couldnt do damages. Suddenly the climate was business friendly and the rest of the world was actually getting stronger, no crisis to worry about this time. In fact things became so good that we began to crave multiple rate hikes, to make the banks more money so they would be more ready to invest. The momentum increased confidence continued right through february, allowing the fed to tighten in march. Then we got the health care debate, and then we got the partisan can error, and the possibility that tax reform could take longer than we thought. And repatriation seemed a faulty agenda entirely. At the same time we started to get some bad economic news, double digit declines in mall traffic. Bankers are seeing some inventory ballooning through the system. And all of a sudden we hear about ticking firearm bombs, ticking time bombs of student debt. And the chatter grew to a yell, as the president and his mignons made it clear that they would sacrifice trading with our partners to protect american jobs. Finally we got bad news, auto sales, plainly awful. Just ter rim. Of course the oh, so wise bond market picked up on all of this, Interest Rates plummeted. Rates fell from 2. 6 to 2. 3. There goes the rate hike theory. The banks needed at least two rate hikes, the Industrial Orders must be slower. That was the sentiment coming into this very morning, when we got good numbers from sarks dp. We dont need to apply for safety. But the adp data was just one good number in a range of good ones. When the fed released their members, and some of the february members talked about that stocks had gotten too high. And paul ryan had a tax reform plan in the house. Neither the senate nor the white house has one, which he suggestses its going to take a long time to get anything done. His statement really crushed things, we know that his statements are the kiss of death for the Industrial Financial poll. Today was just a test run before the big jobs numbers on friday. If that farm labor number is weak, you can see the market get stressed again. If its strong, maybe the average starts climbing again, maybe we start doing some buying tomorrow. In a market that can be it pays to be a little cautious, if you let the euphoria get the better of you this morning you paid for it when you saw the selloff the afternoon. Guy in georgia, guy . Caller hi, jim. Guy. Caller i want to thank you for all the great advice over the years, i want to know about ban coe san ander. I have to tell you. I have done a lot of work on san stander is a great way to play in european, because i think that spain is ahead of the turn, not as good as germany, but we may have to default to some etfs that can play the banks, but as a spec, i really like it, im glad you mentioned it. Lets go to dave from illinois. Caller jim cramer, from the home of chicago ohare airport, thank you for taking my call. Jim, it is widely known that your favorites in the Airline Space are southwest and dwell that. Today i would like at American Airlines, American Airlines is the largest carrier, not surprisingly, chinas market share of International Air traffic has been growing squeezing out carriers such as quantum pacific. While american maintains a share in chinas southern airlines. So, jim, can you stretch your glide path and spread your wings for aal . Well, you know, im not lets put it this way, im in wheels down mode on that one. I happen to think that the problem with american air is that its got to go down to probably around 34, 35, before i would feel like its as inexpensive as the one that i like, which is luv, which always seems to catch the ones beneath it. I think you have horse sense, dave, the ware yy your laid out story. Les go to djalil in t texas. What is your take on southwest energy. These are companies that would have been fabulous had it not been one of the warmest winters on record. Now what you have to hope for, because weather is determiner on natural gas, you have to hope for a real hot summer. You say well, jim, what kind of thing is that to hang your hat on . What can i do . Thats what they trade on, if you want to be in natural gas, it trades on the weather, thats the bigge egest use sometimes g news is actually good news. We got good news in the morning and then paul ryan and the fed. Taser becomes axon and announces some major news. Find out if the big give away will pay dividends when i talk to the ceo exclusively. They came and they conquered. Wall of name, youre not going to miss that. Are the gains sustainable . Believe me, if the product does work, they are. Do not miss my interview with ceo of tCara Therapeutics. Will your business be ready when growth presents itself . American express open cards can help you take on a new job, or fill a big order or expand your office and take on whatever comes next. Find out how American Express cards and services can help prepare you for growth at open. Com. Whatever your views about policing with the use of force in Law Enforcement. This is one area where the Trump Justice Department is just as bad as the obama Law Enforcement. There are plenty of businesses that could be impacted if the freshman government has a more easy going use of force in the Police Departments all over america. Jeff sessions made a big deal about it last week. Along with Evidence Management Software and Computer Vision technology. Last year taser stock was on fire. This year down 9 year to date. When the company delivered a stop and bottom line beef, managements forecast for the next quarter was a little light. Some have suggested that investments in the business could weigh on their earnings today taser rebranded itself as axon, and i think its some pretty astonishing news, who offered to provide free body cameras for every Police Officer in the country. The cofounder of taser international, mr. Smith, welcome back to mad money, good to see you in person. So youre offering free cameras. Show me what a Police Officer would get. This is the axon body 2 camera. So you can record everything a Police Officer does and then we provide all the gear to support this. Oneyear guarantee . One year of unlimited. Unlimited. Everything, you could run for a full area and not spend any money, we want to take all the risk off the table. Lets say im a business person and im already negotiating with you to try to get you into our police force, why dont i just stop the negotiations, call you back a month from now, and say listen, we want a threefer. We had some orders where were already talking to these agencies, and procurement, once you get through it to a certain point, you dont want to restart. Especially with our larger agencies, we make sure they all get just as good a deal so nobody got hurt by going early. While anyone say no to this . Thats a great question, and were hoping they all say yes, we have taken all the risk out. Try it for a year and you dont have to pay a penny. Any answering the call . The mecklenburg in south carolina. Let me ask you, this does not look like an inexpensive piece of equipment, you are going to have to take some upfront cost. Theres a 151 return on investment to let customers try this. Because this is a network play. Skypor facebook is not very good alone. Were building a community, this is just an enabler. This is a razor blade model, its also a Software Service model. Thats why its better to call your company axon than taser . When you think about taser, you think about stun guns and tasers. But axon is all about this creation of a network. You dont have to have Police Officers typing reports all day. If i record this in high deaf video, why should i have to write about it . It is true that the Obama Administration forced a different kind of Law Enforcement. A lot of people would say that they made it so that the Law Enforcement had to be more careful, so to speak, not that they were less careful. What happens if the sessions attorney general says im going to let local police police, they know more than i do. What we have seen in the past couple of years, shifting into where police were a little bit nervous about this. But i just met with baltimore pd, they have had three Police Shootings where they have been able to prevent a city from going into requiiots. If you have to use lethal force, you want to be able to show the world why you did it. Do you wants grass roots, do you want officers to contact their superiors and say we want this, or sit that the superiors are watching this and saying we want this for our people. Top to bottom, bottom to top, every officer who has a gun should have a camera. This is justice talking, your experience, Police Department experience when you tape, its better for police, right . It works out, because for the vast majority its not something theyre not doing anything wrong. Absolutely, its a hard job, and they take more verbal abuse than anyone. Its hard to be a cop, and what they found when they have got a camera, it protects them from all the crazy allegations. Your previous guidance, you did mention there could be some spend, is this the spend or do you have to give new guidance that says wait a second, we have to take a big up front cost but it will be great in 2018. There wont be a huge upfront cost. Were building the base to do this, so wire offset and ready to go. It will be amortized selling experience over the trials, so youre not going to see a big one timer. I dont know what Police Department wouldnt take you up on this officer. This is the ceo and founder of axon, not taser. Coming up, cramer tells us who takes a spot on mad moneys wall of fame. Nec. Your Insurance Company wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong Insurance Company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. And if you have more than one Liberty Mutual policy, you qualify for a multipolicy discount, saving you money on your car and home coverage. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. Sometimes they just drop in. Always obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. There are a couple of ceos who belong on the wall of fame, not of shame. Ron shake who just sold panera bread for a monster 315 per share, both deserve to have their numbers retired. These guys could give a place of respect for other ceos to aspire to. Hence the wall of fame. What did these two execs do . Cody took honey well, which had been one of the most poorly run conglomerates out there. They had 2 1 2 times better gains than other stocks during the same period. But if anything, those numberings kind of undersell what kody achieved. Cody took advantage of it. Planting seeds, picking up cheap companies to add to his fleet. He developed world class Climate Controls that are the envy of the industry. And he did it all in a quiet, self effacing manner, stressing integrity and a Customer First ethose that many would do well to emulate. And ron shake, who like cody has been on mad money so often in good and bad times as he shepherd shepherded shake had originally made his name in the business with au bon pen and decided to focus on the small panera Bread Division well, lets let ron tell the story. Our stock has been up 80 fold, we have been the best performer in stocks in the last three years, doubled starbucks performance, better than chipotle, you name it, we have been better than them. We have been up twofold, we doubled the stock, this is a statement of our success and this is frankly an opportunity to do even better work. Let me go further, doubled the stock of many of the other restaurant chains that you know fell by the wayside. Ron openly confessed that he hadnt figured out how to fix the problems that come from mobile ordering, especially the problem that comes from the pickup area. Talk about a call to buy, though, ron vowed to concur the mosh pit and created panera 2. 0 that actually turned panera into two of thing double triple digit growers that have truly struggled as of late. Where are amazon has done well, why arent they on the wall of fame . Why arent they on the wall . We cant afford them. We have to wait until active retirement. So to dave cody and ron shake, congratulations for everything you have accomplished for your shareholders. Welcome to the mad money hall of fame. Harry in new york, harry . Caller hey, jim, booyah. Thanks for taking my call and for all you do for us small guys. Thats what its about. Caller first time long time. Jim, im a long time investor that likes to add a position now and thrown my portfolio. A good growth stock with all the penn ownership out there. But with the pe in the upper 60s, i want to know how much a pi ratio above i think of idxx labs, my answer to that is that i think you should buy some and then you got to wait until it comes down. Because this is the hottest, maybe be among the hottest stocks on the market. Buy some but let the rest come down, been you pull the trigger. Janet in california. Janet . Caller jim cramer, how are you . Im good, how are you . Caller im good. I got a question for you, i believe youre not in love with retailers. You got that right. I followed it ive gone from a huge plus to a minus 7 . Its kind of like a raytheon debt, its kind of like one of those sour books. I dont know what it lives for, i think it can come back, but if it goes back up at all, its a sell on any strength. Target, glad we knew you. The mad money wall of fame welcomes two new members. Kudos gentlemen, thanks for everything you did for shareholders. Its estimated between 26 million and 36 Million People abuse opiods worldwide. And then major tech shakeup announce the middle of 2016. Should you be buying sharings of the new Hp Enterprise or Dxc Technology or both. Thats coming up in tonights edition of the lightning round. Stick with cramer. Various shouting heigh ho its off to work we go