If there is a catalyst looming in the distance that could send markets spiraling into a selling frenzy, it's got to be Europe.
That is, if new developments surface that suggest the fortunes of the euro zone are about to take another turn for the worse, pros will likely sell first and ask questions later.
And rally skeptics contend that early signs of trouble are starting to surface.
On Monday, French finance minister Pierre Moscovici told CNBC that France was facing serious economic challenges. "We are also now in a recession, or a stagnation in our country," he said.
The comments come days after the International Monetary Fund warned that turbulence in global markets could deepen and growth could be lower than expected due to stagnation in the euro zone.
"Global economic conditions remain challenging, growth is too weak, unemployment is too high and the recovery is too fragile," managing director Christine Lagarde told reporters.
These headlines suggest there's every reason to fear.
But before you run away from stocks, Jim Cramer wants you to know something - he thinks these headlines obscured other developments involving Europe.
These 'other' developments were mostly generated by comments made during earnings calls and Cramer thinks the only thing to fear in the market, is missing these big positives. They follow:
"GE CEO Jeff Immelt, perhaps one of the gloomiest souls toward Europe said many times on his earnings call that Europe has, and I quote, 'stabilized,' Cramer said.
The Mad Money host said that "Honeywell Dave Cote was a tad more circumspect on his call, but he was nonetheless encouraged by developments in his company's European business.
"Chuck Bunch, the CEO of PPG, on the other hand, was effusive when he looked at what caused a better than expected quarter at PPG, namely a turn in Europe," Cramer added.
In addition, Cramer said that Ingersoll-Rand attributed much of the strength in the quarter to surprising growth in Europe. And, he said, VF Corp cited strength in Germany, Poland, Austria and Switzerland.
"But perhaps the best tale of the turn came from Manpower, the temporary employment company with 64% of its business in Europe. This was an amazing European quarter for the company and I quote "Revenues exceeded expectations due to modestly improving trends in France, Italy and Spain," Cramer said.
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All told, Cramer is convinced that a handful of negative headlines have obscured all the positives.
"As far as I can tell, the big story this earnings season is the turn in Europe, and it's simply not being reported," Cramer said. It shocks me."
The Mad Money host believes investors who don't weigh these CEO comments when making investment decisions will probably regret their moves.
"Don't forget that many companies have had their earnings crimped by Europe," Cramer said. "The CEO commentary suggests to me that might not be happening anymore."
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