Get ready for a big week. Cramer thinks the sustainability of the rally is about to be put to the test.
As investors are catapulted into the thick of earnings season, Cramer expects Wall Street to pore over each metric looking for the data to either confirm or deny the latest advance.
There's a lot coming. What should you be watching?
Following are the earnings reports as well as economic releases and other catalysts that Jim Cramer thinks could move markets.
MONDAY JULY 15TH
Cramer will have banks front and center on Monday morning. "Citigroup reports and this is a real tough one because Citigroup is a global bank with huge exposure to markets that are most in turmoil, the emerging markets. I'm expecting strength in the United States but it may not be enough for Citi to overcome weakness from overseas," Cramer said.
Also Cramer thinks China will influence trading especially Monday morning. "A bunch of important numbers are coming out of China on Sunday night," Cramer said, and they could spook the Street. "I expect the Chinese to take growth down again. It feels like there's no stopping this snowball these days. Be prepared; it could be bad."
TUESDAY JULY 16TH
Consumer staples takes center stage Tuesday with earnings from Coca Cola. "People are looking for a global soft goods play that doesn't need an economic wind at its back," Cramer said. "I think Coke is it, however, the strong dollar could present a problem."
Also banks will come back into the spotlight with earnings from Goldman Sachs. "I think Goldman excels in times of turmoil," Cramer said. "Plus, the IPO market's been terrific. And remember, Goldman is the kind of bank that doesn't need housing to be strong going forward."
Health care comes into focus with earnings from Johnson & Johnson. "I'd like to see the company shed the weaker divisions but I'm not complaining—I bet we get a good number," Cramer said.
On top of all that, Internet will also come into play with earnings from Yahoo. "I can only hope Yahoo goes down so I can buy it, but I don't think that will happen," Cramer said
WEDNESDAY JULY 17TH
Again, banks come back into focus, Wednesday. "Bank of America releases earnings and boy do I worry about this one," Cramer said. "We also hear from US Bancorp, which I think has too much mortgage exposure. Although I believe the time will ultimately come when this bank will make a fortune, I don't think that time is now."
Technology also will command Cramer's attention with earnings from IBM. "The only thing I can say that will make this quarter less problematic is that nobody's expecting much from it. And although IBM delivered a shortfall last quarter I don't think that will be repeated," Cramer said.
"Also, the market hears from Intel and Xilinx," Cramer explained. "Unless Intel announced that it's taking Samsung's Apple business—which I don't see happening—then the better play will be Xilinx. Telecom spending is back and that's fabulous for this terrific company."
On top of all that Cramer says there's some must-see TV on Wednesday. "Fed Chief Ben Bernanke will be speaking to the House of Representatives and I'll be glued to my set. Bernanke has to stay the easy course, but not so easy as for us to think that the economy has really been hurt by the sudden run up in rates. What a tough testimony, but he's up to it."
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THURSDAY JULY 18TH
Transportation rolls into view Thursday with results from Union Pacific. "Can my favorite railroad deliver after the UPS warning and the decline in coal? Why not? The company said it does well at 2 to 2.5% GDP growth and that's what we have. I hope UNP comes down in advance because it could be the trade of the week."
Health care also comes around again. "UnitedHealth reports and I think everything's coming up roses for this Dow stock. I bet that we get another terrific quarter from them."
Telecom is also worth watching with Verizon reporting results. "I'm not inclined to buy it up here—I'm more of a seller," Cramer said.
Technology also comes around again. "Google reports after the close, and all I can say is this one better be great. The good news is I think that Google's actually up to the hype. It isn't that expensive, it's the de facto web play because of its search dominance, and it has so many irons in the fire that I think the price targets go up," Cramer said.
"Also we hear from Microsoft. Ahead of the big launches for the new Windows and the new XBox, I bet analysts upgrade this one."
FRIDAY JULY 19TH
The industrials will have Cramer's attention with earnings from General Electric. "My charitable trust owns this one and it's been a headache for me. I want to hear perhaps too much: a dividend boost, a bigger buyback, a confident oil and gas story, and a sense that the company's in charge, not that it's buffeted by economic headwinds. If that doesn't happen, I bet the stock falls to $22 and I'm going to have to throw up my hands and say the trust should own it no more."
Also energy comes into focus with results from Schlumberger. "Schlumberger is more levered to the higher price of crude than the lower price of nat gas drilling, and I think that this one's terrific to own for the long-term," Cramer said.
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