Without growth, stocks will plummet. It is a pattern that Jim Cramer has witnessed over and over, and with the primary gauges of growth flashing red, Wednesday was just a continuation of what has happened all week.
"Oil remains the single most important input for this market. When oil goes down, everything can go down," the "Mad Money" host said.
Oil last week looked like it was about to break out but then suddenly nosedived again. As U.S. inventories showed a big build up, the price of crude plummeted again Wednesday. Investors no longer care whether companies or consumers actually benefit from the low price of oil.
"While it shouldn't be a shocker that Donald Trump is going to be the Republican nominee for president, I think it's dawning on people that he is a rock-hard protectionist," Cramer said.
Many international companies now recognize that business will be tougher if trade wars are launched by Trump. At the same time, Cramer suspects Bernie Sanders' decision to stay in the race is preventing Hillary Clinton from taking a pro-business stance, at least until the convention.
So, on the surface, neither party seems hospitable to business. And it seems the surface is all that matters to investors.
"If you believe all the major themes that propelled us up from the February lows are still intact and this is simply a minor chord reversal, then this is not the time to panic," Cramer said.