There are four "cure-alls" that can get us out of this bad market, Cramer said Friday.
First, Cramer said stock prices may need to fall across the board. Should the Dow fall from 12,151 to 10,000, he thinks there would be a lot of buying opportunities.
Second, Washington has to come to an agreement on the debt ceiling.
Third, the price of oil needs to go down. He thinks that could happen should the exchanges raise margin requirements, as the silver exchanges recently had.
Fourth, we need some indication that the Chinese central bank will stop raising interest rates.
“Without one of these four cure-alls,” Cramer believes, “we are going to be in this horrible free fire zone with the worst option, the price fall, being the least palatable solution if you own stocks, but the most opportunistic one if you have a lot of cash when it happens.”
With that in mind, what follows is Cramer’s “Game Plan” for the week of June 6.
MONDAY, JUNE 6
G-III Apparel Group reports Monday after the closing bell. The company licenses a lot of Calvin Klein brands from Phillips-Van Heusen , and Calvin Klein is doing well. However, the company also has some NFL exposure and people are worried about the lockout. Cramer advises waiting until after GIII reports before making a move.
TUESDAY, JUNE 7
Cramer has his eye on Booz Allen Hamilton , a consulting firm that is expected to announce its earnings before the market opens. The stock shot up after its initial public offering six months ago, and now it’s almost back down to the price where it launched. Should the stock remain at current levels, Cramer may be a buyer after it reports.
WEDNESDAY, JUNE 8
A barometer of the telecommunications equipment sector, Ciena , reports before the opening bell. Because the company has been trading poorly lately, people are worried about a slowdown in worldwide telco spending. If Ciena announces its rough patch is almost over, Cramer may start buying. But it doesn’t, he said, Ciena and the rest of the group is just too high.
THURSDAY, JUNE 9
Brown-Forman , the maker of Jack Daniels, and food company J.M. Smucker both announce their earnings before the opening bell.
“I would sell SJM ahead of the quarter – you are a pig if you don’t, and pigs get slaughtered,” Cramer exclaimed.
FRIDAY, JUNE 10
Before the market opens, Lululemon Athletica announces its quarterly results. Cramer was once bullish on this athletic apparel maker but has since changed his mind, suggesting that home games take some of LULU off the table.
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