Jim Cramer sees potential buyers disappearing right before his eyes, and China's unexpectedly weak export numbers managed to take it one step further.
"Losing China right now going into earnings period could be a pretty big negative, given that it had been in the thought-to-be-positive column about a month ago," the "Mad Money" host said.
Data released overnight on Wednesday indicated a 10 percent drop in Chinese exports year-over-year last month. It was the worst in seven months. Cramer said it "stuck a knife into the heart" of the commodity rally that allowed stocks like BHP Billiton and Rio Tinto to soar.
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. Cramer also couldn't deny that the issues with Samsung's 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.