Some investors may be sick of hearing about the Federal Reserve, but Cramer can't escape the notion that its actions must be factored into a world view of the stock market.
One thing is certain, ever since the chatter of a June rate hike returned, the dollar has become steadily stronger against almost all currencies.
"The result? Remarkable underperformance from stocks of U.S. based international companies that benefit from a weaker dollar and had been doing quite well on a fundamental basis," the "Mad Money" host said.
One obvious example of this that Cramer cited was with McDonald's, which soared to $131 on May 10 and has since dropped down to $122. While many critics say that the all-day breakfast is a one-time trick, Cramer completely disagrees. He thinks the story still has legs.
"But ... McDonald's has a gigantic international presence — only 33 percent domestic — and its stock has been pummeled ever since the Fed narrative changed," Cramer said.