But when the European news is bad, the same U.S. earnings are seen in a different light, he continued.Cramer said that today's rally was wonderful, but did it really make sense? Stocks like Alcoa (AA) got trashed when they reported earnings last week, but now just a few days later shares trade at levels above where it reported. The same earnings are being seen with a completely different prism, he said. Cramer said despite a slow and muddied Europe, companies like Qualcomm (QCOM) and IBM (IBM) were still both able to report stellar results. And while stocks like Cummins (CMI), a stock which Cramer owns for his charitable trust, Action Alerts PLUS, reported great numbers, no one seemed to care until today. It's ironic, said Cramer, that a company like PPG (PPG) can offer up such a rosy outlook, based partly on America's new energy boom caused by cheap natural gas, yet even the analysts aren't taking notice. Stocks like Chesapeake Energy (CHK) are up in after hours on their great results, he said, but will likely fall again tomorrow on the next round of bad news. Cramer said while the interest rate cut in Europe certainly helped, the continent's problems are still far from over. Federal Reserve chairman Ben Bernanke is doing all he can, said Cramer, but the problems we're facing are largely out of his control.
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