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Cramer: EU Storm Won't Sink US Yet

Recent positive signs — growth in the New York Fed manufacturing report, strong retail sales last month, rising GDP estimates and a decline in inflation — means European debt isn’t yet the end of the world.

“The data here is so good and so varied that you have to believe the United States is in much better shape than most people seem to think,” said “Mad Money” host Jim Cramer on Tuesday.

Among the day’s bright spots were: Home Depot, which boosted its already high dividend; Jacobs Engineering, which bumped up on earnings growth; Anadarko Petroleum, which made a significant discovery; and Kodiak Oil & Gas, whose acquisition of a company confirmed large North Dakota reserves.

Cramer said the news wasn’t quite enough to expect a big upward swing, but it was “a nice recognition that we don’t have to be brought down one-for-one with an inferior market that has far more worrisome, serious and structural concerns.”

“Why does Warren Buffett hold on to his financials if Europe’s collapsing? Surely he recognizes the linkage,” he said.

Cramer added that the U.S. stocks that stand to get thrashed when Europe goes down for the count are the ones without high yields and serious dividend protection.

“And my certainty about that view improves when we get really positive macro data like we had today and we overlay it on most of the earnings we have seen,” he said. “Put simply, if we didn’t have Europe, guess where we’d be — dramatically higher.”

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