Phew! Jim Cramer can now breathe a sigh of relief now that the big bad events are behind us. That's what the market did on Friday as Greece, the OPEC meeting and non-farm payroll report were all in the rearview mirror. That means it's time to think about stocks that can rally amid a low growth environment, like Rite Aid.
"The fact is that right now oil seems to be in some sort of equilibrium at a level that is fine for the consumer, and not destructive for the stocks that rallied today," the "Mad Money" host said.
The last big bad event was the employment number, which was insanely strong. In Cramer's opinion it was simply too strong for the market because all it did was stir fears of an imminent rate hike and drive interest rates even higher.
So, with these major events in the past, Cramer focuses on the news for next week. Here is what he will be watching:
Monday: , Bio-Reference Labs
Sears: Right now Sears is in the process of unlocking value with the real estate it owns. However, Cramer still predicts a crummy quarter, but it might still pull a rabbit out of the hat to keep the short sellers at bay.
Tuesday: Lululemon, Cisco analyst meeting, Box, Men's Warehouse
Lululemon: Cramer considers this one as the ultimate battleground stock.
"I think LULU's an actual crapshoot: five up, five down. Just too hard," Cramer said. (Tweet This)
Ultimately, Cramer thinks next week will all depend on the dollar. If it goes higher next week because of more discussion on a hike on rates, then it will be another tough week.
Cramer's growing concerns about the slowing economy are part of the reason why he has decided to focus on healthcare stocks. In particular, the healthcare cost containment plays are in the sweet spot right now, as an aging baby boomer population combined with higher rates of people getting insurance will cause costs to skyrocket.
Last week, Cramer highlighted Walgreens and CVS as top picks, and Friday he focused on Rite Aid. His rationale in selecting Rite Aid is that it is a multiyear turnaround story, and it is now getting into the cost containment world with its $2 billion acquisition of EnvisionRX.
"The reason I'm adamant right now about owning Rite Aid is because the stock has pulled back recently, down 4 percent in just the last two days courtesy of some weaker than expected May same-store sales," Cramer said.
So, the right time to buy Rite Aid, according to Cramer, is now at these levels.
Cramer also loves to speculate on development state biotechs. These are the ones that don't yet have any drugs on the market, and have enormous upside and downside potential.
Early-stage biotechs do not trade on earnings or sales because they do not have them.
"These stocks trade on hopes and dreams: the hope that their drugs will make it through the clinical trial process, get approved by the FDA and then rack up a ton of sales when they actually hit the market," Cramer explained.
That is why doing your homework on stocks is so important, and also why Cramer profiled his favorite development stage biotech, Receptos. And while the stock has already had a monster run, it has a huge pipeline with a drug that could treat many different diseases and potentially generate huge sales from each ailment.
But Cramer sees there is one group that is even better than a regular healthcare company—the healthcare roll-up. These are the consolidation companies that use serial acquisitions to fuel rapid growth.
"The great thing about this model is that serial acquirers can keep growing as long as they can keep doing deals—they're not hostage to the vicissitudes of the economy, and that goes double if they're operating in a secular growth sector like healthcare," Cramer added. (Tweet This)
Why is the business model of a drug company so compelling?
Unlike other industries, when a new product is invented in the pharma space, it has a limited lifespan. Patents on drugs typically only last around 20 years, but it takes a really long time to develop the drugs and get them through the FDA approval process. But as soon as the drug loses patent protection, revenues practically disappear overnight as generic competitors with lower price points come out to feed.
"That is why drug companies cannot afford to rest on their laurels. They're like sharks—they have to keep swimming forward or they'll die," Cramer said.
With this in mind, the "Mad Money" host selected Actavis, , and as his faves in the space.
Read More Cramer: Serial acquirers raking in major dough
The financial sector also rallied hard on Friday, which made Cramer wonder—could that mean other stocks will start to rally as well? Could they provide investors with real leadership in the market?
"Almost my entire lifetime as an investor, the answer would have been yes, the financials can be excellent leaders," the "Mad Money" host said.
Historically, banks climbing higher signals a strengthening economy. This group would be the catalyst for retail, autos, construction and all job-creating activities that would get the economy buzzing.
"So, take heart that a part of the stock market rallied hard today, but don't confuse that part with a stronger economy," Cramer said.
How will you know when the economy is getting stronger? Once important groups like transports and industrials are doing better, and the dollar gets weaker, the banks will no longer be an empty leadership suit.
Not anymore.
Cramer no longer sees this correlation; these days, banks are simply indicative of interest rates going higher without any sign of actual demand for money. Meaning, the bullish action in the banks is just predicated on the flow of funds in and out of U.S. bonds based on what people think the Fed will do—not economic activity.
Read MoreCramer: Are financials the key to a rally?
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Chesapeake Energy: "No. Come on, we have to play with a full deck! Don't buy."
Caterpillar Inc: "Caterpillar is troubled here, because it is too linked to China which I think is slowing down. However, I would pull the trigger at $82 or $83. At $86 I think you've only got a four point upside and I want more upside."
Read MoreLightning Round: It's linked to China, and troubled