Thursday was a ridiculously "glass half empty" day. Take Disney (NYSE: DIS) (Cramer's Take). A small comment about advertising had this company in a total tizzy even though it was clear from CBS (NYSE: CBS) (Cramer's Take) that advertising is holding up well and it isn't like CBS is any different.

Meanwhile, we got an amazing number from theme parks, which was last week's worry. Again, we can develop worries anywhere and they sure did with Disney.

I continue to believe that housing, oil and employment are the issues here. Housing is in the process of stabilizing courtesy of the "Bank of America (NYSE: BAC) (Cramer's Take) relief act" (don't forget that BAC wrote the Countrywide mortgages down to 30% and can now write them back up by flipping them to the FHA for 80%.)

That legislation continues to be overlooked, and the encouraging sales in former housing bad boy Stockton, CA, remind me of the bottom in Bradenton, FL, earlier this year.

Oil? Next stop $110. It will be hard to get below that just because we have seen such a dramatic decline in oil that is pumped this year from major companies like ExxonMobil and major countries like Norway, Britain and Mexico.

Still, it started the year at under $100, and if you plot the trajectory of XOM, it is showing that we could take out that price. Given that energy is a key part of what is wrong with the economy, a big decline has to be bullish.

Which leaves us with the wildcard of employment. I suspect, given the bears' motivations at the end of Thursday, that no matter what the number, they will try to crack it. That's what they do.

So today's summer session could get a little nutty. All that said, we are getting two out of three themes that are better, and they caused the weakness in the third.

Remember, we don't need to see housing go up. We just need to see the rate of foreclosures go down.

If you look at the bulge of the mortgages that were bad -- in the third quarter of 2006 -- and note that they are two and 20, with the two being the teaser, you should expect to see the maximum foreclosures this quarter and then some trending down. With the housing bill, that better trend should be accelerated.

All in all, remember when the bears try to trash it today, that there are giant macro themes that have been against this market for the year since I allegedly went nuts, but actually went clairvoyant, and that should play a role in any buying.

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RELATED LINKS:
All You Need to Know About Oil
U.S. Housing Prices: When's the Bottom?
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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer had no positions in the stocks mentioned.