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Jim Cramer is worried that with the averages reaching new highs, stocks are at risk of being overvalued and causing trouble ahead—unless you are a savvy investor who is willing to take an educated risk.
One of the reasons why investors have been willing to pay more for stocks is because of the positive backdrop stemming from the U.S. and Europe. The "Mad Money" host thinks that the Greek bond fiasco and Ukraine-Russia conflicts have held back investors this year.
It now it looks like there could be a resolution to both of these issues, and Cramer expects that there will be a quick pop in the market, followed by a sharp decline. This is because the rally for the past two weeks was an anticipatory rally based on the resolution of these two issues overseas.
"Remember, you're rarely rewarded if you wait for a big bad event to be resolved before you start doing some buying. The big money is made when you take an educated risk that there could be a positive resolution to an event that many people fear," said Cramer.
In order to make big bucks on global events such as these, Cramer thinks investors should be on the lookout for three things next week:
No. 1 Confirmation that Europe is turning around
No. 2 Signals of overvaluation in individual stocks
No. 3 Guidance that oil has completed its downturn and will head higher
With that in mind, Cramer will have his eye on the following stocks next week:
Tuesday: Goodyear Tire, Fossil, Waste Management
Goodyear: Normally Cramer would not watch this stock, because foreign companies are tough in the tire industry. However, given that he will be watching Europe and Goodyear has a 33 percent stake in European business, he will be watching for insight on what it has to say.
Fossil: This one also has a 32 percent arm in the European market. Cramer will be watching to see if the positive European news is confirmed.
Waste Management: Cramer's mind was blown with amazing news that Martin Marietta's CEO had to say on "Mad Money" this week regarding the economy in the U.S. He will be listening to Waste Management's conference call for confirmation of those sentiments.
Wednesday: Actavis, EOG
Looking for a few extra bucks? "If you want to play an upside surprise next week, I would latch on to some Actavis before it reports Wednesday morning, " Cramer said.
EOG: This is the company that Cramer says will give the pulse on the direction for oil's outlook. Pay close attention to what EOG says. Cramer expects to hear that the budget has been slashed, with a growth in production.
"If it says that oil's going lower, I think it will stop any oil rally in its tracks."
Thursday: Priceline, Wal-Mart, Nordstrom
The monster retailer Wal-Mart reports and Cramer expects that the downstream benefits of lower gasoline prices will positively impact this retailer. He also anticipates that Nordstrom will report great numbers as well.
Read more from Mad Money with Jim Cramer
Cramer Remix: Stock double not done
Cramer's Tesla warning: Musk is a total disaster
Cramer: Great signal for the US economy
Friday: Deere, Cabot Oil & Gas
Cabot Oil & Gas: The "Mad Money" host is worried that natural gas just isn't finding a way to go back up. And if it isn't getting a boost from all of this cold weather, when will it?
"I think Deere will throw cold water on anything positive about the farmer, but the stock will be bought anyway because this market is giving you a feel that anything heavy equipment is doing better, including United Rentals, which I would buy well ahead of Deere's quarter, " said Cramer.