Cramer says market volatility reflects back and forth public sentiment

CNBC’s Jim Cramer said Thursday that the recent volatility in the market is a reflection of public sentiment swinging between hope and fear.

“The bottom line is, we have a schizophrenic market, where each local wave of hope is stifled by the next national or international fear, giving way to another round of hope. Sometimes all in one day,” he said.

Cramer pointed to his interview with Jamie Dimon, CEO of JPMorgan Chase, which gave plenty of cause for concern in uncertain macro factors such as Russia, Ukraine, oil, gas, migration, trade and China. Part of the interview first aired on CNBC’s “Halftime Report,” while the rest aired on CNBC’s “Mad Money.”

But there are also reasons for optimism.

Sectors such as agriculture, oil and gas offer bright spots, Cramer said. He also pointed to technology company Nvidia, which saw its share rise 14% after a positive quarter and an optimistic view on artificial intelligence.

Cramer also felt hopeful after visiting with Dimon a new Chase branch opening in an underserved Philadelphia neighborhood. He came away from the visit feeling optimistic about the area’s future.

“If Chase can help lift an underserved neighborhood, we may be in a much better place than Wall Street would like to believe,” he said.