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NEW YORK ( TheStreet) -- China is more important than we are, according to Jim Cramer. He told "Mad Money" viewers Thursday that positive news out of China was all it took to lift our slumping markets.
Today's upward move in the big-cap industrials and tech stocks could not be traced to anything positive happening here in the U.S., but were caused by a rise in Chinese purchasing, which took the markets by surprise.Everything from Caterpillar (CAT) to Fedex (FDX) to Joy Global (JOY) was on the move as a result. The markets move on expectations, Cramer continued, and there have been three in control as of late. The first is that the U.S. economy is struggling, but holding its own. Second is that Europe remains a disaster. Third, that China is a disappointment. It's the change in the latter the markets were responding to, said Cramer, as China posted some of its strongest economic numbers for the year. That one data point from China was even able to lift stocks like Nike (NKE), which sells big into China, as well as Eaton (ETN), a stock Cramer owns for his charitable trust,