Mad Money

Cramer: Europe woes compromising US health?

Cramer: What's pushing stocks higher

It used to be when the U.S. sneezed the world caught cold. But what happens when the E.U. sneezes?

Jim Cramer is hearing a slew of negatives about this market after the with a raft of stimulative measures including cuts in interest rates and asset purchases, presumably to prevent the E.U. from sinking into economic stagnation.

"ECB chief make the dollar too strong for our exporters to stay competitive was one common refrain I kept hearing," Cramer said.

Skeptics also said that with the market at all-time highs, , and , were just too much for stocks to do anything but tumble.

Cramer, however, doesn't see it. "Sorry, I take the other side of the trade," he said.

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Although Cramer thinks the environment may be challenging for multinational companies, especially those that derive a large portion of their profits from Europe, he doesn't think the market broadly is in trouble.

"We're seeing some decent job growth, a growing manufacturing base, and some very strong retail sales figures such as the data presented by the PVH CEO on "Mad Money" earlier this week," Cramer said. Those are signs that the domestic economy has been chugging along, despite woes overseas.

In addition, food prices are on the decline. "An amazing and abundant harvest has brought down the price of the basic building block of our food chain," Cramer said. That benefits consumers and many companies.

"We're also hearing automobile numbers that are outrageously positive, 17.5 million units," Cramer said.

And, as Cramer has said so many times, prices at the pump have been coming down steadily, with gas prices Labor Day weekend the cheapest they've been since 2010. In turn, Cramer says consumers feel a little richer.

On top of all that, Cramer also said there's no reason to believe rates will rise anytime soon. Not only is money flowing into Treasurys, keeping rates low, but "Fed chief Janet Yellen has said the inflation we were seeing was merely noisy, meaning it was short-term in duration."

When you put all those catalysts together, Cramer said you get an environment that's good for business.

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Of course, given the magnitude of some headwinds, Cramer isn't necessarily looking for the market to march sharply higher. "But our nation isn't faltering," Cramer added. "That seems clear to me."

Therefore, despite the skepticism generated by Europe and the bearish sentiment triggered by Draghi, Cramer doesn't think U.S stocks are overvalued and about to tumble. "In fact, looking at the rest of the globe, I believe U.S. stocks remain, by far, the most rational place to invest."

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