Cramer's 'Mad Money Recap': Skip the Fed Watch

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"Ladies and gentlemen, the upcoming Federal Reserve meeting is irrelevant," Jim Cramer told viewers of his "Mad Money" TV show Monday.

"Interest rates are low enough that they just don't matter to stock prices anymore," he said.

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According to Cramer, investors should ignore the deluge of press coverage regarding the Fed's meeting on Wednesday and focus on what is really driving the equities markets: earnings, valuation and the momentum of the worldwide economy. "Rate cut or no rate cut, I'm bullish," he said.

He said U.S. companies stand to do well because of the weak dollar and cheap labor. He cautioned the only areas to avoid are the financials, the retailers and domestic restaurants.

Cramer said investors need to set aside their worries about the Fed and focus their attention on the equity markets. He said most of the stocks on the Dow are insulated from the recession while others are doing nicely, thanks to growing overseas sales.

He also said most stocks are in parts of the market like oil, gas, agriculture and infrastructure are not controlled by the dollar. "Our market is driven by trade and budget deficits and the price of oil," he said.

Finally, Cramer said he's bullish on stocks because of the "fantastic" earnings he's seen during this quarter. And he reminded his viewers that earnings control stock prices, not the Fed's interest-rate moves.