TheStreet’s Jim Cramer says it may sound counterintuitive but the market is about oil. He explains that when we get higher oil prices, people like the market. On Tuesday, oil prices continued their descent, nearing 6-year lows. Cramer notes that at one point oil was down about $1.30 on Tuesday and then it rallied $1 and that’s all it took for this market to explode to the upside. He doesn’t like that because he says people need to recognize that lower oil is good for the overall economy. When you’re buying a stock like 3M, for example, you’re buying a stock that’s part of the overall economy. Cramer breaks it down like this: If we see oil go down it’s okay; if we see it go down slowly, that’s terrific; if we see it go down fast, that’s terrible.
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