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Cramer game plan: How to play the coming rate hike

Jim Cramer called Friday's market a roller coaster, as it spent the day seesawing between people who want a rate hike and those who fear one. Ultimately, the Dow closed in the green, and the S&P and Nasdaq closed down.

"It makes sense. Some people want to believe that with Fed Chief Janet Yellen saying there will be a rate hike, we have somehow eliminated the uncertainty that the market loathes," the "Mad Money" host said.

But there are still bigger-picture worries in the back of Cramer's mind that a rate hike cannot solve. Such as the black holes of Glencore, the European commodity company; Petrobras, the Brazilian company with $170 billion in debt; and now disgraced Volkswagen. None of these issues benefit from a rate hike.

These concerns overshadow the strength of individual companies, such as Nike, which put up amazing numbers on Thursday and had almost no pin action outside of itself.

However, there will be winners of the rate hike in a higher-interest world.

"This impending rate hike will mark the beginning of a turn in the bank stocks, and I urge you to recognize that Wells Fargo's alive and doing quite well," Cramer said,

With these thoughts on his radar, Cramer laid out his game plan of stocks and events he will be watching next week:





Monday: Personal income, personal spending and pending home sales, as well as Vail Resorts
Cramer thinks this data will spark commentary that the Fed will act in its October meeting.

Vail Resorts: Will the notable decline in travel in the U.S., thanks to a stronger dollar making it more expensive for foreign travelers, impact the stock? Cramer wants to see what Vail has to say about these issues, though he expects a strong report.

Tuesday: Workday and General Electric analyst meetings, Costco, Diamond Foods
General Electric: CEO Jeff Immelt has worked tirelessly to address major concerns about the company. GE has offloaded a ton of its financial exposure and beefed up manufacturing. Yet people are still worried that it has too much exposure to China, oil and gas. Cramer thinks this is insane and hopes that Immelt calms fears when he speaks.

Costco: Cramer expects a fantastic quarter, which could catapult the stock out of its funk that it has been in lately.

Wednesday: Chicago Purchasing Manager report, Paychex, Box
Chicago PM report: Cramer's reluctance to endorse a rate hike stems from the overseas turmoil and a slowdown in domestic manufacturing due to the strong dollar. He expects this report to confirm his thoughts on manufacturing, but the market may be willing to overlook this weakness.

Box: The stock has been challenged lately. Cramer expects Box will have a good story to tell. But no one knows if it will be good enough to lift the stock given its action lately.

Read more from Mad Money with Jim Cramer

Cramer Remix: Here is your Volkswagen trade
Cramer: Caterpillar pain is just beginning
Cramer's tale of horror—activism ruined this stock

Thursday: Clorox and Dunkin Donuts analyst meetings, McCormick, Micron
Micron: Cramer isn't expecting a hot number given the high supply of DRAM chips and flash memories. Anything can bounce, even Micron, but he isn't willing to endorse buying it ahead of the quarter. He recommended selling it into any bounce, either before or after the quarter.

Friday: Labor Department's nonfarm payroll report
This report could be real ammo for the Fed to raise rates in October. Cramer expects a robust report, as most consider the pace that the U.S. is creating jobs to be too hot.

Ultimately, it is now clear to Cramer that there will be a rate hike soon. That means investors need to start to triumph over the stocks that do best in stocks work in a higher rate environment. That is the financials and companies that do better with a strong dollar.

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