The good news about next week, in Jim Cramer's perspective, is that the Greek financial hostage situation will soon end. And while that is good news for Europe, the bad news is that it seems to be ending dramatically rather than quietly.
"I've been proselytizing caution all day in part because this Greece situation is a bit of a lose-lose proposition, at least in the near term," the "Mad Money" host said. (Tweet This)
This is partially because Cramer does not expect any dramatic action to take place over the weekend, as the 19 leaders of European countries will get together on Monday to figure out what to do with Greece.
It is also because Cramer expects that whatever events do take place, they will produce a usual bloody beat down of the S&P futures to mimic the weakness that Europe's stock market will experience. Plus, Cramer expects that the dollar will be stronger against the euro.
The combination of both a weak euro and skittish markets will translate into a big down opening for the U.S. on Monday. But what if a deal is made with Greece?
"I wonder if we won't immediately hear from the various Fed heads that, with Greece settled, the Fed will soon raise rates. I almost expect that to happen," Cramer said.
And if no deal is made, then the dollar will continue to rally and earnings will suffer. Either way, both roads lead to a selloff next week.
So why not just wait and see? The worst that could happen is an investor misses a rally that was on top of an already gigantic one that brought the Nasdaq to all-time highs Thursday.
With this in mind, here is what Cramer will be watching next week:
Cramer expects one of his favorite restaurant chains to report a solid quarter on Monday, and if it's pulled down by the S&P futures, it could be a great time to buy the stock.
Tuesday: Durable-goods orders, Carnival, Darden
"I need you to keep in mind that the weakness in these big kinds of capital goods is one of the reasons that the Fed's been able to hold off on raising rates," the "Mad Money" host said. (Tweet This)
Thus, if there is a strong durable-goods number and a deal out of Greece this could lead to day two of the selloff.
Darden: As evidenced by the red-hot IPO of Fogo De Chao, which went public on Friday, Cramer thinks that the restaurant stocks are finally starting to come back. And now that Darden has shed its Red Lobster division, it could get some legs to run back.
Cramer expects Lennar to tell a similar story that KB Home did and be filled with rosy news on rising orders, good gross margins and boatloads of first-time homeowners.
Thursday: Accenture, Nike, Micron
Nike: The story on Nike is too powerful to bet against, but Cramer can't help but to worry that the Chinese slowdown may have an impact in consumption. He doesn't like that the stock hit an all-time high on Friday, especially since it has exposure to a strong dollar. If you don't own it, Cramer says to hold off unless the stock goes down next week.
Micron: Cramer has not been a fan of this stock since it has been a poor performer. However, that is exactly why he is now interested in it. It's no slam dunk, but it could bounce.
Friday: Finish Line
The last few times that this company reported, it reported weaker numbers right after good numbers from Nike. Cramer expects a decent quarter this time around.
Finally, Cramer does expect more deals to continue next week.
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"I still expect takeovers to continue apace. The big mergers in the HMO space seem about to unfold: look for Anthem and United Health to scoop up CIGNA or Humana. Aetna might want to play, too," Cramer added.
He is also intrigued by the action with food stocks lately. This group is filled with takeover targets, and that seems to be a perfect fit for all of the merger action that has been happening these days.
Ultimately, Cramer expects that there will be rough days ahead tied directly to Greece. He recommended not buying on any dips until we know for sure there is some sort of resolution.