When Jim Cramer saw the weak employment numbers on Friday, he stood up and cheered. Not because he's happy that a lower number of people were hired, but because he knew that it would accomplish some amazing things for the stock market—including shutting up investors who only care about the Fed.
"Jokers, just a bunch of jokers. I'm talking about all of those sellers and worrywarts who freaked out on Friday's sorry employment number," the "Mad Money" host said.
In Cramer's perspective, the weak employment number was a good thing because it accomplished the following four things:
1. Shut up the "Fed Heads": Finally! The crowd that does no homework on individual stocks and is solely worried about what the Fed will do was silenced. Cramer is sickened by this group of people and was happy when the weak employment number was announced because it showed just how wise the Fed has been to not raise rates yet.
2. Slow the rise of U.S. dollar: It could have even reversed the climb for a little bit, too. This is significant because earnings season is right around the corner, and it won't be good for investors if companies start to make cuts in earnings because of currency.
"You get this change in direction and it allows companies to hedge and analysts to be less dire in their forecasts," Cramer said.
Cramer also anticipates that a weaker dollar will allow oil prices to fly higher. This is because oil trades in dollars, so when the value of the dollar goes down it costs more to buy.
3. It explains things: Phew, things are starting to make sense now. Cramer saw a few wacky things happening in the market, and this could justify the wackiness now that we understand there is a weak employment situation
For example, Emerson reported weak orders on Monday. Typically this means that the stock should have been down in trading, but this time it was not. Instead it closed on Monday up almost three percent. Why? Because it yields more than three percent.
"In a slow growth economy where the Fed is on hold, you are now being paid to wait for the orders to turn around," Cramer added.
The "Mad Money" host suspects that investors have finally hit a time where they think that the worst could be over for earnings. That means they will be flooding into stocks like Alcoa when it reports on Wednesday, even though it's down 15 percent for the year.
4. Most companies do better with less economic growth: The fact of the matter is that most companies that investors are buying these days actually do better with slower economic growth. Cramer expects stocks such as pharmacy benefit managers, such as Walgreens and CVS, or the biotechs, restaurants and retailers to flourish.
These groups of stocks tend to have consistent earnings and can continue to deliver while the technology and industrial sectors would not.
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However, the moral of the story is that Cramer thinks investors should be wary of futures. He is proud of the fact that he knew weak employment would be good for the market, while the futures traders tried to prove him wrong.
"We can stipulate once and for all that whoever is trading the futures may just not have any sort of understanding about the interaction between the economy and stocks," he added.
So don't listen to those "Fed head" futures traders, as they are no longer a reliable way to measure what will happen with stocks. Let Friday's event be a reminder that what really matters is doing your homework, so you can profit on the ignorance of the futures traders.
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