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Even before the U.K. voted to leave the European Union, Jim Cramer was suspicious about stocks.
"I am a calculated risk dip-buyer, willing to pick up stocks into weakness and make a stand. So why not be aggressive right here? I'll tell you why—earnings," the "Mad Money " host said.
The most recent read that Cramer had on the market this week was distinctly downbeat, and will only get worse after the Brexit vote.
"Stocks ultimately trade on their future earnings streams, not the future of the EU, and right now that future looks disconcerting," Cramer said.
Dismal news from homebuilder Lennar, auto retailer CarMax, freight forwarder FedEx, trucking company Werner, retailer Bed, Bath & Beyond, railroad Canadian Pacific, system integrator Accenture and cloud company Adobe all disappointed investors.
"That's a pretty nasty thicket of numbers from all sorts of industries, in some cases with some very ugly read-throughs," Cramer said.
There were ugly signs all over the place for Cramer that were consequential from these reports. When CarMax missed, that could be a sign that the value of cars isn't robust. He thought Lennar was good, but the market was concerned that the housing market had peaked.
Normally Cramer would put money to work in domestic retailers if there is trouble overseas. But Bed, Bath & Beyond gave an unsettling view of bricks and mortar consumers.
Even Canadian Pacific's shortfall wasn't just because of Canadian wildfires. The company explained that the shortfall was due to its cargoes, which made the disappointment worst.
So, even before the Brexit vote, there were concerning signs coming out of autos, housing, technology, transports and retail.
"That, not the possible dissolution of the European Union—something I highly doubt will happen—is what makes me more circumspect than usual when it comes to picking at the opportunities presented by this nasty sell-off," Cramer said.