Surprise? Or no surprise? I am talking about the rate cut Thursday morning in Europe, which signaled to many investors that the new chief central banker, Mario Draghi, is going to try to put out the economic fire while governments deal with the debt issues at hand.

I think it's obvious that we rallied Wednesday because some people knew this was going to happen, so the euphoria quickly died down and we are left with, alas, the ISM report on services in this country, which was disappointing; retail, which was really disappointing; and some earnings reports that were exceptional, like Qualcomm's (QCOM).

So we are striking a balance. Less bad news out of Europe, less good news out of the United States. But because the U.S. is less important than Europe and the last word out of Europe was good, then we do better.

In the end, we are in a moment when we will buy stocks that have good quarters if Europe is higher or there is good news there, and if Europe is ugly we will sell them even if their quarters are good.

So Europe first, then America. Same old, same old.

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Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for his charitable trust.