Jim Cramer on the Market: Oh, What a Painful Irrelevance

NEW YORK (Real Money) -- Which one was phony? Yesterday or today? Yesterday made a ton of sense from the point of view of the domestic economy doing well even as the overseas economy does badly.

Today says that overseas is here and we are back in a world where all that matters is a strong dollar. Remember, a certain set of circumstances causes the strong dollar: the European Central Bank flooding the market with more euros, a dramatically weaker economy and the ongoing fight with Russia that now seems to be led by President Obama. His speech yesterday was hardline. I reiterate that without a Ukraine-Russia resolution, Europe will easily slip back into recession and the industrials will get hammered even more than they have been.

Rosh Hashanah, of course, is distorting everything. The futures are exerting a downward pull without any countervailing forces. I would be more willing to buy that this is something bigger if we had bad employment claims. Consumer confidence numbers were weak, which is surprising given the lower gasoline prices, but the nation, as we know, has taken some sort of gloomy turn with the return of the U.S. as global policeman.

The only other way to look at what's happening today is to say that yesterday was all short covering and this is the real deal.

I would prefer to believe, however, that the most likely slowest day of the year could go hand in hand with irrelevance -- albeit a painful irrelevance for those who own too much stock. Oh, of course, any stock is too much on a day like today.

Editor's Note: This article was originally published at 11:57 a.m. EDT on Real Money on Sept. 25.

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