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.
Still, Greece remained unresolved. The major fear surrounding this issue is that Greece would default; that concern has just been kicked down the road a few weeks.
Second, OPEC chose to do nothing. No cuts and no increases, which was welcome news for U.S. oil companies.
"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: Sears, 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.
Bio-Reference Labs: This is the company that OPKO Health bought this week. Many who own OPKO are nervous about this deal. Thus, Cramer is interested in hearing how Bio is really doing so he can provide his take on the impact to OPKO's stock.
"I think LULU's an actual crapshoot: five up, five down. Just too hard," Cramer said. (Tweet This)
Cisco analyst meeting: This will be the first meeting from Cisco since CEO John Chambers announced that Chuck Robbins would replace him in July. Cramer considers this to be a very important meeting, because Robbins' new team is hungry to win. Cramer expects to see a lot of new partnerships and clients, as most of Cisco's competition is running wild with mergers and split-ups.
Box: The last time this company reported, it was a disaster. It hadn't communicated the right share count, and Cramer thought the conference call sounded defensive and confused. Can they pull the call together?
"After listening to it, I thought the call was about as amateur hour as I've heard since becoming a full-time drama critic of the art of a conference call," Cramer said. (Tweet This)
Thursday: Mr. Bojangles, Restoration Hardware
Restoration Hardware: Some may have not loved its last conference call, but Cramer thinks that the changes Restoration Hardware is making are working. He recommended to buy some before it reports and some after as this is a multiyear story, not multiday—investors must keep this in mind.
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Friday: Producer Price Index
While most people think that the economy is smoking hot right now, Cramer pointed out that it is smoking hot without inflation. That means the last thing we need is a rate hike, which would only make the dollar stronger and cause exporters to freak out.
"OK growth with no inflation is nothing to be worried about when OK can easily be turned into not-so-hot by any rate hike right now because of the world trade picture."
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.