The good news about next week, in Jim Cramer's perspective, is that the Greek financial hostage situation will soon end. And while that is good news for Europe, the bad news is that it seems to be ending dramatically rather than quietly.
"I've been proselytizing caution all day in part because this Greece situation is a bit of a lose-lose proposition, at least in the near term," the "Mad Money" host said. (Tweet This)
This is partially because Cramer does not expect any dramatic action to take place over the weekend, as the 19 leaders of European countries will get together on Monday to figure out what to do with Greece.
It is also because Cramer expects that whatever events do take place, they will produce a usual bloody beat down of the S&P futures to mimic the weakness that Europe's stock market will experience. Plus, Cramer expects that the dollar will be stronger against the euro.
The combination of both a weak euro and skittish markets will translate into a big down opening for the U.S. on Monday. But what if a deal is made with Greece?
"I wonder if we won't immediately hear from the various Fed heads that, with Greece settled, the Fed will soon raise rates. I almost expect that to happen," Cramer said.
And if no deal is made, then the dollar will continue to rally and earnings will suffer. Either way, both roads lead to a selloff next week.
So why not just wait and see? The worst that could happen is an investor misses a rally that was on top of an already gigantic one that brought the Nasdaq to all-time highs Thursday.
With this in mind, here is what Cramer will be watching next week: