Cramer's 'Mad Money' Recap: Market Worries (Final)

Click here for an archive of Jim Cramer's Mad Money recaps. Click here to get Jim Cramer's Mad Money Post Game video exclusively on TheStreet.com.

---

NEW YORK (TheStreet) -- Jim Cramer told the viewers of his "Mad Money" TV show Monday that one key phrase appeared over and over again from this month's flurry of corporate earnings, and that phrase may have caused the markets to reach its highs for the year.

Cramer said the phase "business is stabilizing, albeit at lower levels" was a phrase repeated in dozens of conference calls this quarter, from companies as wide ranging as Whirlpool (WHR Quote) to FedEx (FDX Quote). He said that while the first part, stabilizing, has led the markets off the March lows, the second part, "albeit at lower levels," is not bullish for the future.

According to Cramer, the markets cannot rally past Dow 10,000 without earnings actually improving, either to levels seen before the markets tanked, or better. Without those earnings, he said, the markets simply don't have enough momentum to power ahead much further.

There are a few bright spots in the markets, he said. Companies such as Apple (AAPL Quote), Google (GOOG Quote) and Amazon.com (AMZN Quote) all reported things were improving at their companies, for example. Others, like Intel (INTC Quote) and Marvel Technologies (MRVL Quote), reported that things were at least on par with expectations, he said.

The rest of the markets, however, were not so lucky, said Cramer. And with earnings stuck "at lower levels," the markets may also settle out "at lower levels" as well.