It's tough to be bullish when Europe is the albatross around our necks. Who knows what will happen overnight? Somehow, it tends not to be good. And they are in huge bear markets over there.

But I can't resist talking about a silver lining that no one seems to care about. A little less than three months ago, we heard company after company talk about skyrocketing raw costs. We heard about how oil keeps going higher or is stubbornly high. We heard that paper board wasn't going down, that plastics aren't coming in and that grains are just way too elevated. Steel costs were too much for car companies, and copper was too much for homebuilders.

Companies as diverse as Ford (F) and Clorox (CLX) and Procter & Gamble (PG) and Kimberly-Clark (KMB) continually sounded alarms about inflation. Their conference calls were filled with downbeat input cost caveats that were going to hurt earnings, going to hurt costs for a very long time to come.

Meanwhile, the restaurateurs and retailers talked about how much prices at the pump were killing their traffic. The airlines were decimated by fuel costs.

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Then suddenly, in this quarter, all of these commodities collapsed. All of them. Just obliterated. All of those worries and woes about so many input costs have diminished, some in radical fashion. And the declines are happening at the perfect time, right before the quarters are reported.

Sure, there's plenty of worry about demand, but the raw costs are just plain better and the companies will point that out for certain. It could change the tone, a tone that hurt us after the last quarter.

What does this mean? You can have more confidence in the transportation stocks, such an important group. You may not hear such negativity about the upcoming holiday season. You can own the food companies with good dividends because they can beat the numbers. And you are able to pick at decimated retailer and restaurant stocks precisely because of the decline in the cost of gasoline.

Look, I am not backing away from my view that Europe is the cause of the big turmoil here. We get a resolution in Europe, and we are going higher from wherever it occurs. So it is important to know what will be in good shape for earnings if we get one soon.

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Think of the inputs and you will be able to make some good money come reporting season if Europe ever recedes from the front pages.

At the time of publication, Cramer had no positions in any of the securities mentioned.

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.