(This article originally appeared at 7:12 a.m. ET on Real Money, our premium site for active traders. Click here to get great columns like this from Jim Cramer and other writers even earlier in the trading day.)
Here we are, in the middle of earnings season, and we can now make some judgments about what's working and what's not away from the hubbub of Washington. Oh, and let's make something clear, the shouting from the Capitol isn't the sole driver of stocks at this point.
The sales and earnings matter as much as ever, so if we get an emotional futures-led S&P 500 selloff on what could be endless Trumpian controversies, the stocks of the companies that just demonstrated the best fundamentals as part of the themes I am about to outline will be the ones to buy, not sell.
First theme: Some signs of life from BRIC. Remember when Brazil, Russia, India and China were the drivers of world growth and not the drags on it? A new government in Brazil has worked in conjunction with farmers to produce a far more robust agricultural spend. That's helping the big equipment makers like AGCO (AGCO) and Deere (DE) , as well as the seed companies. Latin America as a whole is better. Every consumer packaged goods company that sells into Argentina and Columbia had far better year-over-year numbers than anyone thought possible.
Russia's performing well year over year, better because of a stronger ruble, but few companies except the oil service businesses have been impacted positively so far. Any lessening of the sanctions, though, could create a positive earnings scenario for many international companies.