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EXCLUSIVE OFFER: Jim Cramer's Protégé, Dave Peltier, only buys Stock Under $10 that he thinks could potentially double or triple in the next 6 to 12-months. See what he's trading today with a 14-day FREE pass.

Cramer: Three Market Props Are Gone

Stock quotes in this article: WAG, FOXA, S, TMUS, ETN, AGN, VRX, TWX, DIS, GCI

NEW YORK ( Real Money) -- Can the market sustain the loss of three different props in a period of 36 hours: the high watermark of inversion, a government-mandated stoppage of consolidation in an industry and the end of hostile takeovers? Can it avoid getting crushed?

Think about it. This stock market's been punctuated by a couple of trends that truly had the bears on the run: takeovers and financial engineering of all kinds.

But in the last 36 hours, we have seen Walgreens (WAG) just say no to a foreign tax regime that would have really helped its shareholders even as it is a real acquirer of a foreign company.

We have seen Twenty-First Century Fox (FOXA) walk away from a deal that might have been won if it had raised its bid at least once. We have seen Sprint (S) abandon its bid for T-Mobile (TMUS) ostensibly because the Justice Department's antitrust division, after blessing so many consolidating deals, seems to have, once again, blocked one in telco.

These are all occurring within the backdrop of Sandy Cutler, the CEO of Eaton (ETN), saying that inversion madness has gotten out of hand -- which is saying something, because his Cleveland company has a Dublin address.

And David Pyatt from Allergan (AGN) is starting to put some real points on the board with Valeant (VRX), his hostile pursuer, by tearing down Valeant and questioning its ethics and the legality of its moves.

Now, if we didn't have Russia in there not abiding by any international law, just a state gone rogue, I think we would be hit pretty badly anyway. Last I looked, though, there's nothing good happening there.

So today's an interesting test day for markets' strength.

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