The charts of the companies that do best in a recession, however, appear likely to roll over on account of the prospect of higher rates. Take consumer products makers Colgate, Clorox and Kimberly-Clark, for example, as well as food companies Pepsi and McDonald's. To Cramer, all of these stocks are a sell if business improves because when they report, they're not likely to have as good a year-over-year comparison as the banks, insurers or transports.
Cramer recommended investors look ahead to Wednesday, when the U.S. Federal Reserve meets to discuss interest rates.
"I would not be so concerned about this whole scenario if it weren't for the fed meeting this Wednesday," Cramer said. "I am concerned that if I see the strength in the economy and I see the stocks of companies that benefit from higher rates going up and the ones that get hurt by higher rates getting hammered then the fed might, too."
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