Cramer on Tuesday went “Off the Charts” to get a read on the FXE, a currency exchange-traded fund that speaks to the strength of the euro versus the U.S. dollar .
“The FXE is the key to this market because the euro is the one thing that connects all the troubled institutions of Europe from the countries that are struggling to pay their debts, to the banks that have lent way too much money to those countries,” Cramer explained.
“If you own U.S. stocks you need the FXE to go up, which shows the Germans are united with their weaker compadres in the desire to avoid the financial apocalypse. The higher it goes, the less risk to owning equities.”
To take a closer look at the FXE, Cramer sought the help of Tim Collins, a highly regarded technician on Wall Street. Check out the video to see the full report.
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