Referring to the Baltic freight index, which jumped significantly for the year, Cramer was convinced that copper and oil had already bottomed. Chinese export numbers from September busted that theory.
Companies with heavy ties to China, like Freeport-McMoRan, Cummins, Caterpillar and coal company Teck Resources, which has tripled since the beginning of the year will all be affected. Cramer had a hard time reconciling the reality to Chinese auto numbers, which showed Ford experiencing a 24 percent gain in September.
And while the decline in the yuan did influence some of the weakness, it hardly created a 10 percent drop.
It's not just China, either.
Earnings in the U.S. thus far have reflected that things are not strong, despite many investors calling for the Federal Reserve to raise rates in December. Honeywell and Alcoa said that long-term travel projections are strong, but in the near-term, adjustments must be made to aerospace growth rates.
"Obviously we are building in that hike with this multi-week sell-off right now," Cramer said.
Anything that pokes a hole in aerospace has the ability to reverberate through many other industries, Cramer said. If it continues to weaken, Cramer expects to see earnings disappointments and downgrades to roll in.
Another challenged area was cybersecurity, as Fortinet pre-announced a disappointing quarter.
Finally, there was Samsung. Cramer couldn't deny that the issues with the Galaxy Note 7 could affect the red-hot semiconductor group. Samsung is the largest buyer of equipment that makes chips, which could be bad news for Lam Research, KLA-Tencor and Applied Materials.
"You put it all together and you can see how the loss of large areas of investible sectors can cause declines of the kind of magnitude we have been getting," Cramer said.