Who Cares About GM? It's the Futures That Matter

So what if General Motors (GM - commentary - Cramer's Take) hangs in the balance and the automakers don't sound like they are going to get a deal any time soon. What matters, of course, are the futures!

Today's futures action is brought to you by a combined Europe and Asia arithmetic session where Japan rallied and Europe is not down 3%. If Europe rallies at all we have a higher opening and all of this is ... totally fatuous.

Our market has decoupled from those others for the most part because we are in our own particular auto hell. We simply are not going to be the same economy if we are not bailing out the autos.

For the record, if it had to do with finance and discipline I would just tell Cerberus you made a big mistake, nothing for you, and I would tell GM and Ford (F - commentary - Cramer's Take) that it's time for prepackaged bankruptcies and the feds will give you debtor-in-possession financing.

But that's way too sophisticated for this Congress.

So we have all of this wrangling about nothing.

Suffice it to say if we get no deal for the autos Europe doesn't matter.

The futures are wrong and stupid again. If you think there is no deal, sell. If you think there is a deal, buy.

Oh, and stop worrying about hedge fund redemptions. New round coming post-Nov. 15.

Random musings: Keep an eye on China. The Baltic freight index is bottoming -- at least it seems like it -- and China's starting to go up. That could be significant down the road.

At the time of publication, Cramer had no long positions in any stocks mentioned.

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Know What You Own: Cramer mentioned GM. Related companies are Toyota (TM - commentary - Cramer's Take), Nissan (NSANY - commentary - Cramer's Take), Honda (HMC - commentary - Cramer's Take), Navistar (NAV - commentary - Cramer's Take) and Volkswagen (VLKAY - commentary - Cramer's Take).

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