But that's what needs to be attacked -- not our lenders. Now, because the rejectionists suggested to our lenders that we might default, the money flowing into the euro is pretty breathtaking.

If Europe slows down, the recovery in China will slow down -- hence why the metals are having a harder time after a nice little run. Europe comprises 25% of the Chinese export market, and they turned out to be much more joined at the hip than we'd thought. If China can't export its way to growth, and if the Chinese banks are going to tighten credit and the European banks are going to be forced to retain more capital, you can see a world where stocks have indeed gotten ahead of themselves. You could even see a world that is calling the tune in the U.S.'s own bond market, and that could be one more reason why our rates went down yesterday.

All in all, we aren't doing well enough in this country to lose China or Europe.

Ironically, on the night when Spain at last came out of recession -- on a night when, at last, companies were revising up their iron and copper forecasts because of China -- we got the first dark clouds on the horizon from the overseas leg of this magnificent rally.

Random musings: Boeing ( BA) has expanding margins in huge super-cycle. Caterpillar ( CAT) still can't get it right. I like the comparison between the Corning ( GLW) deal and the Verizon ( VZ) deal -- can you believe where Verizon is? I still believe in Apple's ( AAPL) tablet strategy and the stock has upside. Taking side of the father in the Netflix ( NFLX) dispute. Lumber Liquidators ( LL) is absurdly good.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long AAPL.

Editor's Note: This article was originally published at 9:15 a.m. EDT on Real Money on Oct. 23.

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