And earnings season is back. 

Jim Cramer's breaking down what he expects from earnings season, China's slowing growth, and Amazon's (AMZN - Get Report) Prime day sale. 

China's Slowing Growth 

China released economic data, showing that the economic growth slowed to its weakest pace in decades.

China's second-quarter GDP growth rate was pegged at 6.2%, officials said. That's down from the 6.4% rate recorded over the first three months of the year and the slowest rate of expansion since the first quarter of 1992.

Earnings Season

Earnings season is underway.

Many experts believe that third-quarter earnings will be rough. However, Cramer isn't in that camp. 

Cramer wrote in his Real Money column Monday morning that he doesn't think that the reactions to weak earnings will be enough for a negative market reaction.

Here's what Cramer wrote:

They see weakness and they are telling you that stocks will go down when you get that weakness.

There are two problems with that line of thinking, however. First, if you are selling a cyclical, you may have to deal with lower short rates, which have, historically, been good for these kinds of stocks. Investors will look right through the earnings valley because of a flexible Fed.

Related. Jim Cramer: Don't Expect Disappointing Earnings to Push Markets Down

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