TUESDAY APRIL 30
The health of China's economy comes into play on Tuesday. "Truck engine maker Cummins reports and despite its location in Columbus, Indiana, it remains a top exporter to China. I suspect some softness here, but not enough to run from," Cramer said.
Also drug stocks take center stage as Pfizer reports earnings. "I think we'll hear many good things," Cramer said. "It remains a terrific slower growth vehicle that's negotiating the patent cliff of Lipitor, the giant anti-cholesterol agent, extremely well."
In addition, Pfizer's new spin-off reports, a company called Zoetis, formerly Pfizer's animal health division. "I think they deliver a good quarter, animal health is a red-hot business," Cramer said.
Shopping centers REITs will also demand attention as Tanger Factory Outlet reports after the close. "I believe this will be a case of slow and steady winning the race," said Cramer. Tanger has consistently delivered both earnings increases and dividend boosts."
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WEDNESDAY MAY 1
In the new month, drug stocks will immediately steal the spotlight as Allergan reports. Cramer said the pharmaceutical company has tremendous growth because of its tremendous business model. "However, it often sells off right when it reports," he added."So I would wait until we hear more before buying."
Also, Cramer intended to take a hard look at consumer staples stock Clorox, which reports on Tuesday. It's rallied 18% ytd, as investor chase yield. "I think it will be hard for Clorox to follow up on that stock performance, so if you don't own Clorox I would wait until after it reports to initiate a new position," Cramer said.
In addition Cramer will be reviewing his spec plays. "On Wednesday, we'll hear from Radian, the mortgage insurance firm. This remains one of my favorite spec stocks," Cramer said. "This insurer has been a terrific play on the return of housing and I think we're in the early innings given that Radian's primary competitor, the FHA is rapidly pulling out of the insurance business."
But perhaps nothing is more important on Wednesday than the statement released by the Federal Reserve at the conclusion of the FOMC meeting. "I find it hard to believe the Fed can take its foot away from the bond buying gas pedal," Cramer said.
However, Cramer also said not to be surprised by a sell-off. "I expect to hear from a host of people who will say, 'how does the Fed end this nonsense,' and they will either be short this stock market or have very little invested and need it go lower."
In addition the market hears from the ECB, as well. "There are expectations in the market that the Europeans cut rates. They need to, badly. If they don't then I suspect our market will surely sell-off Thursday morning."
