It may not have anything to do with earnings, but Cramer said the death of Osama bin Laden does matter to the market. Shares rallied on the news Monday morning, even though stocks gave up most of the gains by the day's end.
"We all know the ramifications of consumer confidence rallying and bin Laden's unlamented demise at the hands of the fabulous U.S. military is a consumer confidence booster for certain," Cramer said. "Just as Americans want to spend money when they're happy and that's what they do, they also want to invest when they're feeling better.
"Nailing bin Laden makes people feel like our country is more on track and can stay on track. So they will look at stocks that have been breaking out or mutual funds that are outperforming and they will be more tempted to buy."
Cramer said bin Laden's death could help send U.S. shares higher in many other ways, too. The event provides the U.S. military an opportunity to exit Afghanistan, for example. Without bin Laden, the U.S. has reason to end its involvement with the conflicts in the Arab nation, Cramer explained. Pulling U.S. troops out of Afghanistan would also be great for the budget deficit, he said. Having demonstrated the ability to take out bin Laden, Cramer thinks U.S. forces should be able to take out Libyan leader Mummar Gaddafi.
Like any other big global event, Cramer admits bin Laden's death has nothing to do with the earnings of companies. Shortly after the news broke about bin Laden, many traders started talking about fears of terror retaliation. Those concerns sent oil and gold higher.
Cramer takes a different view, though. He noticed many stocks, like 3M and Amazon.com , are breaking through key technical levels. An influx of new capital is driving these stocks higher, Cramer said, adding he doesn't want to miss out on a monumental move that could send stocks to new highs.
Cramer said news of bin Laden's death, however hard to quantify, does impact consumer confidence. Increased consumer confidence wasn't on display on Monday, but that's because it's one of the hardest-to-gauge ideas on the world. It's a non-statistical concept, he said. Still the news matters to the U.S.'s national psyche, which he said never fails to impact the market.
Call Cramer: 1-800-743-CNBC
Questions for Cramer? firstname.lastname@example.org
Questions, comments, suggestions for the Mad Money website? email@example.com