The actual day-to-day sales or earnings of the underlying American businesses might be strong, but U.S. stocks closed near session lows Monday. All 30 Dow stocks saw losses.
"It's not that the earnings can't be trusted," the "Mad Money" host said. "It's that the futures are too powerful and their levels are set in Europe, not here."
The futures sold off hard as investors grew nervous following news there wouldn't be a definitive solution to the euro zone's debt crisisduring the upcoming summit, according to Germany's German Finance Minister. Wolfgang Schaeuble said European governments will not resolve the crisis at the EU meeting scheduled for Oct. 23. After the futures sold off, the market opened down and never recovered.
When Europe's debt crisis is finally resolved, Cramer thinks the fundamentals will reassert themselves. A resolution will only come, though, when European countries stop dragging their feet and work together.
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