Jim Cramer is frustrated at the market. It just doesn't act like he wants it to! Instead it has massive swings up and down, with Friday ending in the red.
What the heck gives? What could be ailing the market to drag it down?
It certainly is not the United States, which makes this situation even more difficult. The issue stems from currency. Unfortunately the hedge funds and money managers have been caught with their pants down, yet again, because of the strength of the U.S. dollar.
Really? Did they not see this coming? Perhaps they did, but it was the speed in which the U.S. dollar gained strength that was most surprising.
In Cramer's perspective, the area that will see the most pain from the currency debacle are foreign companies that have U.S. denominated debt. Unfortunately, those are the companies that will have a hard time paying interest on the debt because of the weak local currency.
There is one company that scares Cramer the most. He is determined to educate investors about this company, because if it goes bust because of the extensive debt it carries on the books, it could bring down the whole market.
Brazilian oil and gas company Petrobras has a massive $135 billion in debt, which could be extremely difficult to pay back when the low price of oil is taken into consideration.
Cramer is concerned about this because there is a significant amount of U.S. based bond mutual funds that own these bonds, which were bought with an attractive yield. This scares Cramer.
"I don't like surprises, and this stuff is going to surprise a lot of people when it unravels. It matters because these kinds of event pull all stocks down, which gives you a chance to buy the high-quality ones at a discount," the "Mad Money" host said.
With Petrobras in the back of his mind, here are the companies on Cramer's radar next week:
Monday:
Regeneron: Cramer wants investors to keep an eye out for opportunity on this stock. Earlier in the week, CEO Len Schleifer told Cramer that the company will present data at a cardiology conference over the weekend. Cramer suspects that even if the data is good, the stock might still open down on Monday because of the strong dollar.
Foot Locker: Cramer links Foot Locker and Nike together. Nike reports on Thursday, and Foot Locker has its analyst meeting on Monday. Cramer is waiting to hear what Foot Locker has to say about Nike ahead of earnings. However, Cramer worries about Nike's future orders and thinks that the strong dollar could take this stock down too.
Tuesday:
"I think Oracle is practicing TOTO. No, not the dog in the 'Wizard of Oz', but Turn Off The Oxygen against its competitors. It also has a very hefty business overseas, so again, be prepared for lots of estimate revisions based on the strong dollar."
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Other stocks that Cramer will be watching will be FedEx, General Mills, Urban Outfitters, Williams-Sonoma and Darden. He is particularly interested in hearing what FedEx has to say, as this is one company that is as global as it gets. If there is one company that can tell the pulse of currency around the world, it's FedEx. He will be listening closely to what they have to say.
"We are very concerned about the impact of the strong dollar on so many of our companies' stocks, not just the exporters, so I say be careful and wait until stocks come to you," Cramer added.
And if there's one thing Cramer has learned over the past decade, it's that discipline pays off.
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