TheStreet's Jim Cramer asks what Russia and Iraq are doing to the markets. As terrible as things are in Iraq, Cramer says that it is not driving anything, although it did cause futures to go down. However, futures did come back up in the middle of the night on talk that there could be a deal in Russia. Russian news is saying that Putin is interested in coming together with Europe to work out something, which Cramer says is causing the market to bubble up. Cramer warns investors to be careful because he sees this as just like what happened in Iraq and the U.S. in 1990. There was a lot of short covering on a Friday ahead of a deal but then the market opened down that Monday because there was no deal. Cramer thinks this will be the case with Russia.

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