Could Europe actually drive the next leg of the bull? When PIIGS fly!
And the Mad Money host believes PIIGS are flying right now. (That's Portugal, Italy, Ireland, Greece and Spain).
"All of those markets are up double digits since the S&P's two month low in June," Cramer said.
The Mad Money host believes the advance confirms something that he has been saying for quite some time – the worst is over for Europe.
In fact, not only does Cramer believe the worst over, he thinks improvement may be underway at a somewhat rapid clip.
"The turn in Europe's happening so swiftly that U.S. companies that just reported only began to see the strength in the mid-quarter," Cramer said.
Cramer believes a European rebound could be the beginning of something big.
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How much do I believe in this turn? My charitable trust has been building up an outsized position in the VGK, the ETF that invests in the largest European equities," Cramer revealed..
"The trust has also bought a ton of eBay, which is the U.S. company that complained the loudest about European weakness."
The Mad Money host thinks these tailwinds couldn't have developed at a better time. With domestic catalysts starting to stall, earlier in the week he questioned whether the US market was about to enter no-man's land.
At the time he said, markets needed a catalyst powerful enough to drive stocks beyond their all-time highs. If Cramer's right about Europe, he may have discovered one extremely powerful catalyst
If you think Cramer is onto something, he also says other stocks stand to benefit significantly.
"Europe's huge for Google," he noted. "The company could experience an important breakout quarter because of a turn."
Also Cramer said to consider Apple. "It's got a gigantic business on the continent and the stock is cheap."
In addition, Cramer suggested European banks.
"I see them as speculative plays off this turn," Cramer said. "UBS and Barclays could be off to the race, however, my two favorites are BBVA a huge Spanish bank that was supposed to be at death's door, and RBS, a ward of the British state."
Cramer also believes a turn in Europe could ripple across other markets.
"It would be terrific news for China, which ships 25% of its goods to Europe," Cramer said. "A turn in Europe should arrest the decline in Chinese growth and I believe take a so-called hard landing off the table."
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