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NEW YORK (
) -- "Today's toxic market action has nothing to do with individual stocks," Jim Cramer told his
TV show viewers Monday. He said that's only sin today was being part of a market that trades in unison.
Cramer recounted how early this morning things were looking up, with rumors of a fast-track European bailout deal. The futures were raised even more by good earnings from
Cramer said that
, a stock which he owns for his charitable trust,
Action Alerts PLUS
, was touting record iPhone sales and all looked strong for the markets.
But then, he said, in an instant, new negative comments from Europe emerged and all was lost. The futures tanked in just minutes, and everything that was set to open higher reversed course. The futures, said Cramer, brought everything down.
Cramer said it's not that Halliburton's quarter wasn't terrific, or that Citigroup's numbers weren't good, or that Apple's number weren't amazing. He said it's not that earnings can't be trusted, it's that the futures are simply too powerful, and they're set in Europe.