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When will good news matter again? I am looking at a bunch of stocks that reported terrific numbers and now are noticeably lower than when they reported the numbers. People want to say that's multiple contraction. I think some of it is. But there's something else going on. We are in sell mode, vicious sell mode, because of macro events, war and

Fed

problems that still haven't been discounted in the market.

When those negatives are factored in, wherever the market is, I think it will return to the companies with the best earnings, provided that they won't be super-affected by interest rates (in other words, housing excluded!).

The question, therefore, is not so much what price the information is discounted into, but whether there is a date out there on which we can start focusing on the fundamentals again,

regardless of the contraction.

Oddly enough, there very well may be a day, a real

fulcrum day, that will determine when we will start focusing on fundamentals again, plus or minus a week: June 30.

June 30 is a

huge, huge

day, as big a

Big, Bad Event as I can ever recall. It is the Fed meeting where the Fed must hike -- 25, 50, 100 basis points? And it is the handoff day in Iraq -- to who, to what, to where?

Believe it or not, both of these events, once past, afford us the chance to

get fundamental again. Here's why: Those who are holding off because they're waiting for the Fed to show its muscle will be appeased that day. They will buy. Those who think that Iraq is a total fiasco will have to feel, on that day, that it is less of a fiasco if only because the U.S. no longer will have its name on the door of the joint.

Now, we know how this game works; if I say that June 30 is the day and nothing happens that day, you can't say that day is important. The market will have effectively factored in whatever happens on that day in both worlds, perhaps as early as a week before.

Frankly, as a long-side-only player, I am thrilled that there is a day out there that can minimize the macro factors that are swirling around. I can take multiple contraction because, once the multiples are contracted -- 18 times earnings now vs. 27 times earnings last year at this time -- you don't get continual and endless contraction. In fact, you begin to get defensive actions, buybacks like the big one announced this morning by

Gannett

(GCI) - Get Report

. You start examining cash flows and you decide that

Viacom

(VIA.B)

and

General Electric

(GE) - Get Report

are too cheap and can stand there and buy back stock. You begin to get the sense that there

is

something out there worth buying, with the Big, Bad Event out of the way.

So keep that date in mind. That could be the date on which the fortunes of the companies and the fortunes of the stocks begin to align themselves again. Whether it occurs at

Dow

9500 or Dow 10,500 or SPX 1000 or 1100 may not be as important as

when

it occurs, if you can afford to be patient.

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James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made.

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