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The market needs medication for its drastic mood swings. It's up one day and down the next, which has now managed to create more than $2 trillion in losses in just two weeks. In Jim Cramer's perspective, investors have two options—run for cover, or figure out what's behind it.
"It's difficult to separate the emotions of the losses from the cold, hard precipitating facts. But that's what you have to do if you want to be a good investor," the "Mad Money" host said.
So what caused the rally on Thursday?
Some could say it was the rise in oil, the decline in the dollar, a strong back-up in European interest rates, or even the possibility of the Fed raising rates soon because of inflation or job growth. There are so many options!
But what really changed the game comes down to one thing for Cramer—Europe is getting better. And he doesn't just mean Germany, but also Spain, Portugal, Italy, France and all of those other countries.
Europe is getting better because the European central bankers created a situation where investors did not want to own bonds because they paid too little. Instead, investors fled into anything else that had greater value.
"The moves by the European Central Bank may have been unorthodox, desperate even, but they're working. Europe's gigantic economy is humming," Cramer added.
When an economy improves, that means the currency will get stronger, and that is exactly what is happening with the euro versus the dollar. Sales go up, people go to work, profits grow, and lending gets back into action and bad debt goes down. All good things!
So, based on this knowledge that Europe is back in action, what are the stocks that could be the winners?
Read more from Mad Money with Jim Cramer
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Cramer cited PPG, which is the largest lucrative coating company in the world. It reported what appeared to be a miserable quarter. But that was simply due to its exposure to Europe, which could all change. Cramer expects PPG to show a dramatic year-over-year earnings growth going forward, thanks to Europe.
This is one stock that has been going lower for all the wrong reasons, which is exactly why Cramer is salivating over it.
"The action in PPG lately is why investing is so hard, but it's also why investing is worthwhile because when this currency induced smoke clears, as it did today, PPG will be much more profitable company."