Friday was a good example of everything that can happen when things go right on the stock market. It was a work of true beauty, in Jim Cramer's eyes. The monthly job report had just enough growth without inflation, calm oil, a boring dollar and strong earnings. A great Friday!
However, there were also some huge takeaways from this action. In preparation for a new week, Cramer outlined the lessons below.
First, the market will hit just when you least expect it. As soon as you are so pessimistic that you're ready to sell everything and the charts look like everything will implode, BOOM. That's when it rallies.
Second, interest rates have finally peaked for 2015. They've done nothing but rise for the year, but now there is no real inflation and Europe is doing better. If the European economy is starting to grow, then why the heck would our rates be much higher than them?
Third, if Europe is really as strong as Cramer thinks, then he expects American companies will do much better overseas. Just take one look at McDonald's when it announced a positive surprise in Europe on Friday morning.
Lastly, Cramer reminded investors that the right time to buy is when companies give you a discount. Pretend you're in the supermarket and want the best price! When all of the traders are freaking out, that is the time to buy.
"When everything went right today, it was, sadly, too late. You don't get a chance to buy after we get good news. You have to buy when others are panicking," the "Mad Money" host said.
So, now that everyone is on the same page, Cramer revealed the top stocks that he will be watching next week:
Cramer considers this to be perhaps the most important healthcare company out there. If Actavis blows away the estimates, then he expects everything in healthcare to rally. It's one of the most important reports of the week!
CEO Spencer Rascoff recently came on "Mad Money" and shared that his company earnings may be impacted negatively by the melding of Zillow and Trulia. However, while Cramer doesn't expect Zillow to knock it out of the park, he wouldn't be surprised if the stock went higher.
Wednesday: Macy's, Ralph Lauren, J.C. Penney, Shake Shack, Cisco
Macy's & Ralph Lauren: Neither company delivered what Wall Street wanted to see last time around, and neither CEO likes to disappoint. Cramer has positive expectations for both companies.
J.C. Penney: Forget it, this one's still stuck.
Shake Shack: "I've liked this company since it came public, but at these prices I just can't support the stock, especially if we're going to get hit with a wave of insider selling," Cramer said.
Cisco: Cramer expects that the incoming CEO Chuck Robbins will build on the momentum created by outgoing CEO John Chambers. It remains a core position for Cramer's charitable trust.
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Thursday: Kohl's, Nordstrom, Children's Place
Kohl's & Nordstrom: While Cramer believes that both companies will deliver, he's not a fan of the fact that they are both hostage to oil prices. So, if oil spikes the day before due to inventories, there won't be much of a trade here.
Children's Place: Is it up for sale? Is it not? Cramer hopes we will find out that day.
Friday: National industrial production number
Cramer will be looking for clues for the Fed when the national industrial production number comes out.
"I know that today's employment report made traders feel like we don't have to worry about the Fed anytime soon, but the parlor game surrounding when they'll tighten never stops, so be ready for a whole new group of gasbags gabbing about it by this time next week."