Regardless, it is all about Russia today and a recognition that we are, at this pace, only a few weeks from cutting numbers (Russia-Europe-strong dollar), and that's going to tar pretty much every major international industrial company that's headquartered in the U.S.
Of course the money's going to go somewhere, most likely biotech and the cloud, the same refuge as always when an economy slows and the dollar's strong. Sure, in the old days it went to Procter (PG), Kellogg (K), Colgate (CL) and the like. But they, too, have too much dollar exposure, so they don't get bought either.
Read More: Why the Fed Is Right to Sit Tight on Rates
Until someone capitulates, this one's getting worse, not better.What does Russia have to do with the price-to-earnings ratio of the S&P industrials? From here on, everything. Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned. This article was originally published on Real Money at 6:45 a.m. on July 31.