Once again, oil was in control of stocks on Friday. The market is so interlinked with crude that Jim Cramer pretty much knows if oil opens down, so will stocks.
"Oil is in control as we saw today. That is OK, as long as we know what we want to buy as we can use the declines to put money to work in situations that might not otherwise be down if it weren't for crude's weakness," the "Mad Money" host said.
While individual stocks can transcend oil, Cramer anticipates that crude will be in the driver's seat again next week because of the OPEC meeting in Doha. Oil ministers from both OPEC and Russia are expected to gather to discuss freezing oil production.
"This meeting isn't about freezing anything. There are way too many countries involved and OPEC itself is basically broken. It is every country for itself in the oil market," Cramer said.
This would be the kind of classic stock that could be bought on an oil-related swoon ahead of the quarter Wednesday.Jim Cramer
Cramer recognized that OPEC is still relevant, but in his perspective, everything comes down to supply and demand. Right now supply is being cut back in the U.S. and demand worldwide is picking up.
Cramer expects that no conclusions will be reached at the meeting, and oil will sell off. That is when he wants investors to buy favorite stocks — but not oil stocks — that are taken down by a market-wide sell-off.
With earnings season in full swing next week, Cramer outlined the stocks on his radar:
Monday: PepsiCo, IBM, Netflix
PepsiCo: This stock was downgraded earlier in the week, but PepsiCo CEO Indra Nooyi has reduced costs while growing revenues, so he will be ready to buy.
Netflix: Netflix must demonstrate acceleration in sub-growth in both the U.S. and international. That is a tall order for the stock.
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Tuesday: Johnson & Johnson, Intel, Yahoo
Yahoo: This stock has become hard to own with the soap opera factor of whether it will be for sale. Cramer is hoping to hear that it simply is for sale and buyers can come and get it to end the drama.
Wednesday: Coca-Cola, Yum Brands
Coca-Cola: Cramer expects a good quarter from the beverage giant. The stock isn't cheap, but Cramer is impressed with how the CEO has managed to improve volumes and wrench costs.
"This would be the kind of classic stock that could be bought on an oil-related swoon ahead of the quarter," Cramer said.
Thursday: Alphabet, Microsoft, Under Armour, Starbucks, Schlumberger, Visa
Alphabet: Cramer expects that the quarter will produce an interesting revision upward, because of the international exposure the company has. It could be a beneficiary to a weaker dollar.
Microsoft: While P.C. usage is soft, Cramer thinks investors may be pleasantly surprised by Microsoft's cloud business.
Friday: American Airlines, Caterpillar, General Electric, Honeywell, Kimberly-Clark, McDonald's
Caterpillar: This could be a tough one because of its relationship to China, but maybe investors won't care. Cramer wouldn't blame investors that want to ring the register ahead of earnings given the huge move the stock has had.
General Electric: If oil is down next week, Cramer recommended that some may want to sell this stock based on the huge run it has had. Though, he doubts it will be hammered too severely.
"That is your opportunity. Seize it," Cramer said.
Disclosure: Cramer's charitable trust held a position in General Electric, Alphabet, PepsiCo, Starbucks, Schlumberger and Visa at the time this story was published.
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