After a miserable market last week, this week ended with a bang. And Jim Cramer was happy to see progress made to help prepare investors for another week ahead in earnings.
However, with employment numbers on the horizon, that doesn't mean stocks are in the clear.
"Employment numbers trump everything else, so tread lightly, because if hiring picks up and wages rise dramatically, the bullish move we got this week could be repealed in a heartbeat," the "Mad Money" host said.
Stocks were able to leap forward this week because the averages were finally decoupled from the Chinese stock market. That was a big deal because the Chinese market deservedly will continue to go down. In Cramer's perspective, it was all a bubble.
Additionally, the price of oil bounced to $33 from $26, and that is good news for struggling oil companies that need to raise cash to stay in business.
Cramer also learned that investors quit stocks too easily, especially Amazon. The stock had been up significantly ahead of the quarter, so the sell-off on Friday was somewhat warranted. But Cramer wouldn't be surprised if the buyers flood back in a few days later.
So, with this progress in mind, Cramer went down the list of stocks and events that he will be watching next week:
Monday: Anadarko, Alphabet
Anadarko: Cramer thinks this is a great oil company with terrific properties. But the environment is very difficult. He is willing to hear it out to see if it has a plan to deal with these low prices to figure out the next move for the oil patch.
Alphabet: Will it be more like Facebook and explode higher after earnings? Or will it be more like Amazon? Cramer is willing to bet that it will be a stellar quarter for the company.
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Tuesday: Exxon Mobil, Chipotle, Gilead
Exxon: The balance sheet is so fabulous that this stock tends to trade more like a utility than an oil stock; it's only down 1 percent this year!
Chipotle: This stock has been on a wild ride since the E. coli incidents, but Cramer is interested in seeing just how much damage it caused to its quarter and how much it will cost to fix it. He thinks there is more pain ahead, but the CEOs are among the best in the business. It remains too much of a dice roll before the numbers, though.
Wednesday: General Motors, Buffalo Wild Wings, Yum Brands
Yum Brands: Cramer is interested in hearing more detail about its upcoming spinoff of its Chinese business. He recommended for investors to own Yum ahead of the quarterly report.
Thursday: Conoco Phillips, Royal Dutch, Occidental, House Committee on Oversight & Government Reform drug pricing hearing
Drug pricing hearing: This hearing could have the capacity to wreak major havoc on the drug stocks. Cramer advised not to buy any drug stocks until after the hearing.
Friday: Non-farm payroll from the Labor Department
The single most important factor to stock prices will be if the Fed accelerates its timetable for raising rates. If this number is weak, it could delay the timetable. If the report is strong, than Cramer says to look out, because this will create a good-news-is-bad-news situation.
"So, don't get cocky; it could prove to be very unbecoming," Cramer said.