Jim Cramer: The China Factor

NEW YORK (Real Money) -- Maybe one day we will wake up and China won't matter. Maybe one day China will be down big and we'll have to say, "Oh well, that's China," and leave it at that.

We are not at that day yet. In fact, we are still going to feel the pain of some Chinese import or export number that may or may or may not be accurate. It will send commodities down, which will then send emerging markets down, which will then send down the stocks of U.S. companies that do business in the emerging markets. That will send down the stocks of the banks most exposed to world trade, which will then send down the ETFs that encompass all the bank stocks, which will then help influence all trading, because the banks are so important.

And so on.

We just aren't strong enough not to care. One day we will be, though, and I say that only because Europe's hanging in today, and Europe had always rolled over on poor China numbers because so much of the Chinese export market is taken by the Europeans. Somehow that has always translated into Europe being weakened by China -- and not vice versa -- but the futures guys who control this stuff have never been keen on real causality.

Anyway, as we watch the commodity companies try to pull down the rest of the markets with their slumber and as we "weigh" the implications of it all, remember that higher commodity prices are actually bad for most producers of goods, and that we are a goods-producing country.

Just something to keep in mind as you think, "Maybe I have to join those futures sellers and blow out of the U.S. equity market because China simply isn't using enough copper."

That pretty much says it all.

Editor's Note: This article was originally published at 6:49 a.m. EST on Real Money on March 10.