Jim Cramer: Dollar and Oil Are Driving the Markets

The two things that matter to traders right now are the dollar and oil, says TheStreet's Jim Cramer. He said the dollar is free to go down now that the rate hike pressure from the Federal Reserve has subsided after the less-than-thrilling May jobs report. This will help American industrial companies and exporters. Cramer says oil has been rising which signifies economic growth. In his view, the best of all possible worlds for stocks is a weak dollar, strong oil and inflation under control.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.