(Click for video linked to a searchable transcript of this Mad Money segment)
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.
"It's taking companies by surprise most are in disbelief, especially auto companies such as Ford and General Motors. Both cut to the bone; they were not anticipating this quick a turnaround."
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