Europe's up. Oil's up. So we're up? It really is as stupid as when we are down. There's really no rhyme or reason to be hostage to these markets, but the big money has its algos and we all have to live by them.

What's incredible to me is that I would really hope we were in synch with the fundamentals. We have a nice lift from Palo Alto (PANW) - Get Report off a good quarter. But Signet (SIG) - Get Report and Campbell's (CPB) - Get Reportwere hideous. I mean terrible. The market barely likes the great numbers from Dollar Tree (DLTR) - Get Report and embraces the downbeat guidance from Lowe's (LOW) - Get Report .

I can't believe the stock market can move up with high-quality disappointments, but it does seem like it's been ages since they mattered vs. Europe and oil. I just wish I knew why the algos work as they did. What's good for Europe is a higher dollar. We don't really want oil to go higher unless the algos say it is a good arbiter for demand, except we have all learned it's supply that dictates that market.

Irrationally positive. That's all I can think of when I look at the day's tape.

More From Jim Cramer

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Jim Cramer writes on RealMoney every day, providing premium stock and markets analysis. This week he has written on:

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  • How this is an era of good feelings for investors.
  • How he doesn't think a stock market crash is coming, but if you do, this is a great time to get out.