Sometimes there are forces at work in the market that override almost everything else.
That's what Jim Cramer thinks is happening right now.
Specifically the "Mad Money" host believes the broad weakness that dragged down the Dow Jones Industrial Average by triple digits on Wednesday is mostly due to woes surfacing in emerging markets.
And Cramer fully expects overseas developments to trump fundamental catalysts such as earnings in the days ahead.
The emerging markets issue is somewhat complex, but at its core is the concern that currencies of some emerging nations such as Turkey and South Africa are devaluing so rapidly that their already fragile economies may run into unforeseen trouble.
In turn, pros are moving to the sidelines, unsure how a ripple will impact their holdings.
As investors step aside and evaluate, Cramer thinks US markets could be facing a 5-6% decline, no matter how strong earnings may be.