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Jim Cramer: A Perfect Storm for a Rising Tide

All of these issues contributed to a willingness to overlook a bunch of negative earnings reports and warnings, and a desire to take the market higher.

Now what happens? I think that we have to keep an eye on China. That's been the weak link. The Baltic Dry Index is trying to bottom. The Chinese stock market is trying to bottom. The economy in China had a surprisingly good number last night.

That's a lot of good in 24 hours' time -- and I say 24 hours' time because, frankly, Monday was a real bad up day, one that left many stocks behind.

So, the history of rallying big after a huge day like yesterday has not been all that compelling. But the history of big declines after hasn't panned out either.

Must Read: Nathan: Don't Be Fooled by Peculiar Options Activity

We, like Yellen, are data-dependent.

Let's see what China holds now that the Lunar New Year is behind us and the country is back to work.

Funny, I am trying to buy bags for my new restaurant, Bar San Miguel in Brooklyn, and I am dealing with the Chinese mill my father works for. I have to tell you, when I say business shuts down there for the New Year, I mean it really shuts down. They don't even pick up the phone. So it's a real off-line, on-line. If that Baltic Dry Index picks up, we are going to have some more very good days.

Editor's Note: This article was originally published at 7:39 a.m.. EST on Real Money on Feb. 12.

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