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Cramer: Looking for 'no news is good news' rally

CNBC's Jim Cramer said Monday he believes Friday's post-jobs report stock gains could continue into a "no news is good news" rally.

"There's a couple of [quarterly] reports coming, but we are now in the quiet period for the people who chatter about Fed hikes. If you get that out of the way, because there was no real income growth … we could have a rally because there is no news," Cramer said on "Squawk on the Street."

On Friday, the Labor Department reported that the U.S. economy generated 223,000 jobs last month, slightly below analysts' expectations of 224,000. The unemployment rate also fell to 5.4 percent, a seven-year low.

April's jobs report came a month after the department said the U.S. economy added 85,000 jobs in March, well-below forecasts.

Read MoreStocks narrowly mixed as Street digests jobs; Cisco jumps 1.5%

U.S. stocks cheered Friday's jobs report as all major indexes closed up more than 1 percent. Equities were mixed in early trading Monday.