Cramer game plan: Fed revolt provokes anarchy

Jim Cramer is concerned about the Federal Reserve, and it could mean the market gets hammered next week.

A few days ago, some Fed officials directly broke ranks with Fed chief Janet Yellen and made it clear that they believe the Fed is not moving fast enough to raise interest rates.

"This mini-revolt at the Fed is a travesty," the "Mad Money" host said.

Cramer's big question is, how could the economy get stronger and protect investment when three unelected officials have the ability to upend a policy that was just set a week ago?

"As someone who is trying to be constructive about stocks, this mutiny is inexplicable. You simply cannot confuse people like this. It is just wrong," Cramer said.

Cramer had recently become more positive about the Fed precisely because of Yellen's commentary; she provided a directive and explained what the Federal Open Market Committee is thinking.

Yellen commentary surrounding the rate hike meant to Cramer that the dollar might be finally peaking. That gave the OK to be more aggressive in owning big multinational company like Johnson & Johnson or PepsiCo.

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But if the Fed is so at odds with the same sentiment conveyed just a week ago, no one wants to take risk.

"I am not against free speech. I am simply against anarchy, and that is exactly what these recent discordant statements provoke," Cramer said.

Monetary policy is all about setting expectations. So, when the Fed sends mixed signals, Cramer considers this to be self-defeating.

This is immensely important to Cramer, because next week the Labor Department's nonfarm payroll report will be released, and if it is strong, the market will be hammered.

If more jobs get created than the expectations, Cramer anticipates that the dollar will soar. And if the dollar gains strength, the market could give up much of the gains that it has generated since the bottom in February. Oil will be crushed, and housing and auto industries will give up what little gains they have.

"Hence why I simply cannot be as positive after this week's Fed rebellion," Cramer said.

Federal Reserve policy is perhaps the most important input for traders. So, if it changes from one week to the next, then all hopes of calculated risk will vanish.

With this in mind, Cramer outlined his game plan of stocks and events he will be watching next week:

Monday: Yahoo's board challenge from Starboard

Tuesday: Lennar, Restoration Hardware and the 3M analyst meeting

Wednesday: Micron
"Woe is me, I expect the company to post a terrible number because it is so levered to the personal computer," Cramer said.

Cramer suggested buying Intel, which has a strong communications business, thanks to Altera.

Thursday: Nasdaq

Friday: Blackberry, nonfarm payroll report

"It is tough to make money in a week where you know it can be all washed away by a couple of unelected Fed-heads disagreeing with the stated position of the board taken just a week ago," Cramer said.

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