Another bullish sign for China: it is increasing spending on internal demand is with increased spending on health care. The Chinese increased healthcare spending for General Electric, as big machines were up 14 percent.
Honeywell CEO Dave Cote also noted strong Chinese orders coming in for automated controls. Chinese aircraft sales and service increased double digits because of strong flight hours.
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Even General Motors reported and confirmed that its numbers from China were up year over year for the first quarter.
In the oil patch, Schlumberger said that while it expects market conditions to worsen further in the second quarter, it will need to cut production, which could prompt an upward movement in oil price.
And while Schlumberger did not make a prediction that Saudi Arabia would make up for a shortfall in production from the U.S., Cramer thinks it is safe to say that the price of oil is done going down.
"In many ways, these are the signs that explain so many of the moves in the industrial and oil stocks and the banks, which are now held to be proxies of oil," Cramer said.
It is clear to Cramer that things are getting better around the globe. Therefore, the shift away from consumer product stocks and into industrials is only just beginning.
"The rest of the world is strengthening with commodity prices being the ultimate tell that the global economy's accelerating, and that's a very good sign," Cramer added.