Cramer game plan—My great Fed-pectations in week ahead

Just when Jim Cramer thought the market was done worrying about the drama of foreign lands, suddenly China brought the focus right back to where it was with Greece a few weeks ago.

"Yes, the idea that there is big trouble in not-so-little China, based on some very weak Chinese factory orders and a stock market that is being proper up by the Communist party, lay behind today's carnage," the "Mad Money" host.

The complete rollover of the commodity sector has investors thinking that something evil lurking in China might take the whole world down with it. This was evident when the breathtaking collapse of raw goods on Friday had things falling apart all over the place.

All over the place... except for the United States. In fact, Cramer suspects that the confluence of the robust economy in the U.S. with problems overseas will really hit home next week. (Tweet This)

On Wednesday, the Federal Reserve will be making its decision on interest rates. Due to the very robust job growth currently in the U.S., the Fed is widely expected to confirm that it will raise interest rates in September.

Cramer gives the Fed some credit, as it held off tightening earlier because it was worried about the impact of a Greek-related disaster in Europe. But now that the Greek drama is over, should the bulls hope that the Fed will hold off again because of China?

Or will it decide that growth without commodity inflation is a good thing and not do anything? Or will it say that the U.S. has wage inflation, so it is time to raise rates?

The "Mad Money" host does not know the answers to these questions. The one thing he does know, though, is that Friday's selloff was directly correlated to fears that the Fed will be too hawkish. Cramer did not like that the market refused to rally, even after receiving some stunning earnings from companies.

At this point if the Fed were to raise rates, Cramer thinks it would send the dollar soaring, which would prompt U.S. based international companies to do poorly, which would then result in negative earnings in the future.

"In short, I think there is a heightened risk of a further rollover, but as I always say, this kind of a selloff will give you an opportunity to buy high-quality stocks at bargain basement prices," Cramer said.

It doesn't take a genius to realize that the near-term investing world is looking pretty bleak. Cramer can see the combination of lack of market leadership, too few stocks going higher, a general feeling of teetering all add up to the notion that we have topped out for now.

"Here's how I want you to think about it: China is the new Greece, and the market is not done discounting the possible woes of the most populous country on Earth," Cramer said.

With this in mind, Cramer geared up for earnings next week. Here is what he will have his eye on:

  • Monday: Norfolk Southern, Baidu
  • Tuesday: DR Horton, DuPont, Gilead, Twitter
  • Wednesday: Facebook
  • Thursday: Procter & Gamble, Mondelez
  • Friday: Exxon Mobil & Chevron. "The worst stocks in this market, perhaps the worst I've seen in ages, are the oils. How fitting that Exxon and Chevron both report," Cramer said.

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The "Mad Money" host is looking to hear what both companies say about the long-term view of oil. Will it be a V-shaped recovery? Are things going to get worse before they get better? Oil is in a free-fall, and these two companies can make sense of it.

At the end of the day, Cramer doesn't like it when good earnings mean so little in the market, like they did on Friday. Right now, the market is all about Chinese pain and Fed worries. Cramer says to keep all eyes on longer term opportunities that could present themselves, that have little to do with the Fed or China.

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