So, with a Chinese stock market that is propped up with the government, and the U.S. economy with a Fed that is threatening to raise rates — who in their right mind would buy stocks?
One thing that has been totally lost amid the pile of bad news lately is earnings. Both Constellation Brands and Walgreens reported fabulous earnings this week, but no one cared.
Cramer thinks this could all change next week when earnings season kicks off. With this in mind, he shared the stocks and events he will be watching next week:
Alcoa has recently closed many high-cost smelters in order to create a new commodity company that is more diversified. Cramer is more interested in the high-tech side of its business and thinks Alcoa's stock has gotten too low versus the sum of the company's parts.
Read more from Mad Money with Jim Cramer
Cramer Remix: The unspoken truth behind $20 oil
Cramer: This is when the selling will stop
Cramer's market anxiety survival guide
Tuesday: CSX Corporation, Monster Beverage analyst meeting
CSX will provide investors insight on everything from coal, auto parts to agriculture and oil. Railroad stocks have been horrendous lately, and Cramer is reluctant to buy the stock.
Monster was one of Cramer's favorite names last year, and he expects to hear a good story about European sales from the analyst meeting. He recommended owning the stock for speculation.
Thursday: JPMorgan, Intel
The banks have been under pressure recently with the thought that perhaps the Fed won't tighten as quickly as many thought. That will impact how much money the banks made. Thus, Cramer worried about the amount of negativity circling the group.
As for Intel, Cramer is willing to bet that it has good things to say about its acquisition of Altera. It seemed like the right move for Intel to diversify away from the declining world of PCs.
Friday: Wells Fargo, Citigroup, PNC, US Bancorp
Cramer again cautioned investors that this entire group is for sale. The charts have broken down and the sector has become hated, and he doesn't think this group is done going down.
So, with China still up in the air and the Fed determined to raise rates due to strong employment, investors will be fighting both the Fed and world events next week.
"Until we see a real crescendo of capitulation, I say we have to be willing to take some pain for now, in order to get some gain later," Cramer said.