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Stop fearing the Fed! The way to make real money

Cramer: Fed's place in this market

Now that the lousy employment number has been announced, Jim Cramer once again heard chatter among investors as to when the Fed will make its next move.

Seriously? Is this what the market has been reduced to, worries about the Fed?

"There are gigantic moves going on, moves that have to do with so much more than what the Fed might do, so we have to face the music that if you want to make money, you can't just focus on the Fed," the "Mad Money" host said.

In Cramer's perspective, investors have used the Fed as a crutch for way too long. Friday's jobs report was a perfect example of this. When the market saw that the number was in a weak range, the futures quickly tanked.

The Federal Reserve building is shown in Washington.
Charles Dharapak | AP Photo

Of course, the futures dropping also triggered a conversation about what the Fed will do and why we should all sell stocks. If you were one of those investors who believed the futures traders, you were burned on Monday.

Rather than sit and worry about the Fed, Cramer thinks this is a perfect opportunity to buy the stocks of high-quality companies that tend to do well in a market slowdown.

First up are the pharmacy benefit managers, because they tend to deliver strong earnings. This is a perfect chance to buy Rite-Aid and CVS, as they are ideal slowdown stocks.

Even the big boys like Kraft and Actavis will go higher in this kind of environment. Go for the best of the best! Cramer also recommended HCA Holdings as part of the hospital cohort.

Cramer also likes to circle back to those stocks that have had terrific numbers in the past but got too hot to purchase. He's got his eye on Ross Stores, Urban Outfitters and some of the homebuilding stocks like Toll and Lennar.

"Oh, and a weak employment number could spell the end to the strong dollar which seems to have peaked right in time for first-quarter earnings," Cramer added.

Read more from Mad Money with Jim Cramer
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Heck even if the employment numbers had been strong, Cramer thinks the futures still would have gone lower because the Fed heads would worry about rate hikes in June.

In the end, the worries about the Fed have caused investors to take a narrow view on opportunities that are in the stock market. If it all comes down to the Fed, then you might as well just throw away your homework!

"They are all similar to me: they are all non-monetary ways to enjoy life, and each one is more visceral and rewarding than figuring out if the Fed's raising rates in June or September and betting in a totally binary way on the futures," Cramer said.

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