At a certain point, all of the worrying over a potential exit of the United Kingdom from the European Union gets overwhelming. Jim Cramer is on Brexit overload.
"With all of this coverage, I think there is a real possibility that we could be taking something that isn't a big deal and turning it into one," the "Mad Money" host said.
If major countries were to default in Europe, yes that could lead to a real collapse. But the issue of a Brexit does not involve the U.S., yet to Cramer the worry has already rivaled the panic of the European crisis from 2008 and 2009. So, Cramer has decided to let everyone else do the worrying for him.
"I am choosing not to worry as much about a Brexit because everyone else is," Cramer said. (Tweet This)
While everyone else is waiting for a Brexit to play out, Cramer has been watching earnings. One thing he has noticed is that those numbers are either subpar, or are being received poorly.
Two companies that reported on Tuesday were car company Carmax and homebuilder Lennar. Carmax disappointed with slow comparable store sales. Meanwhile, Lennar's earnings made no sense to Cramer.
Lennar's stock ran higher into the opening, but then crashed back down, leading Cramer to believe the market's reaction was too negative.
At the same time, both the railroad company Canadian Pacific and trucking company Werner confirmed that business is subpar.
"When you put it all together — housing, trucking, rails, autos — they are all painting the same picture Janet Yellen did when she spoke in front of the Senate today. The economy is just not as strong as it was, and that is more important, at least to me, than a Brexit vote," Cramer said.
The crucial stock to watch this week for Cramer is Microsoft, which recently announced it would acquire LinkedIn. The stock soared even higher on Tuesday and it indicated to Cramer that there is a scarcity of cloud, mobile and social stocks. It also begged the question of how long Twitter can stay independent. If Apple, Google or Facebook acquired it for $11 billion, perhaps those stocks could go higher, too.
Yet with all of this activity occurring in the stock market and economy, the only thing Cramer saw investors care about is the story that matters to everyone else — a Brexit.
"What does a decision by the U.K. to leave the European Union have to do with the price-to-earnings multiple of Bristol Myers? The answer: nothing!" Cramer said.
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