With earnings season right around the corner in July, Jim Cramer thinks this is a good time to take a look back at what has happened so far in the second quarter in order to prepare investors for what is ahead.
To start, he reviewed where the market is right now. Investors know that U.S. stocks have moved up nicely in the second quarter. Health care has dominated as the strongest performing sector, followed by financials, technology and consumer discretionary groups.
Oil prices have also managed to recover dramatically, with West Texas Intermediate crude up more than 24 percent. Plus, interest rates have climbed, and the super-freaking-strong dollar finally stopped going higher.
He recommended that oil stocks like ConocoPhillips, EOG and Marathon Oil are the best plays on the market right now.
So, with this in mind, what will Cramer look for as we head into earnings season?
"I always think it's worth paying attention to rookie CEOs who are fielding their first or second conference call," Cramer added.
That means he will be watching companies like Boeing, which just announced that long-time CEO Jim McNerney will step down at the end of the month and be replaced by COO Dennis Muilenberg. Will Muilenberg to be able to focus on the positives, or will he target the headwinds of the strong dollar?