The managed to post a four-week losing streak on Friday. Unfortunately, Jim Cramer anticipates that oil and the Fed will keep dragging on the index in the coming week.
With this in mind, Cramer reviewed the stocks and events on his radar:
Monday: Eurozone data
The data will give investors a sense of how Europe is doing. Cramer is interested in this information because the dollar has been strong for four straight weeks, and a strong dollar is bad news to U.S. industrial companies.
"My biggest worry is that if we get subpar data from across the Atlantic, we are going to hear about European Central Bank action to bring down the euro versus the dollar," Cramer said.
What amazes Jim Cramer most about the people who say that the Fed needs to raise interest rates, is that while the economy is doing OK, there isn't a boom in anything.
"Calling for the Fed to tighten here is like calling the fire department to turn down your thermostat. It is overkill," the "Mad Money" host said.
Some investors fear a bubble in technology, but Cramer couldn't find a single example of a tech bubble when he reviewed the conference calls from last quarter. It was all about rapid adoption of the cloud, which he considers to be one of the most deflationary trends out there, as it tends to lead to employees being fired and less money spent on hardware.
"Sure, there WAS a bubble in tech, with the privately held unicorns. But guess what? That is over," Cramer said.
Cramer is also concerned that the talk about multiple rate hikes from the Fed could make it harder to borrow money.
LendingTree is the online lending exchange that connects consumers with banks. It reported what seemed like a solid quarter to Cramer, but the stock was hammered.
"Just to be clear, this is a totally legitimate business that is not to be confused with LendingClub," Cramer said.
To find out if LendingTree can thrive in an environment where credit could be tighter, Cramer spoke with the company's CEO, Doug Lebda.
"Our growth is actually up about 80 percent year-over-year, both on revenue and the bottom line, and it's happening because the online lending business is really taking off," Lebda said.
Many investors want exposure to emerging markets for the tremendous potential for growth. However, with the risky action in countries such as Brazil, Venezuela and China, many have gotten burned in the past year.
Cramer shared what he calls a better and safer way to play emerging markets.
"Instead of investing in an MSCI emerging markets index, why not just invest directly in MSCI? This company has been a terrific performer precisely because they make money regardless of whether their indexes go up or down," the "Mad Money" host said.
MSCI is the index and analytics company with a stock that has quietly crept up with outsized performance and low-risk. The company creates various indices that serves 97 of the top 100 largest asset managers, with over 750 ETFs based on its indices — more than any other firm.
Hormel is the food company commonly known as the maker of Spam, Jennie-O turkey and Skippy peanut butter. Cramer has recommended the stock because of its approach to become more natural and organic, particularly with its acquisition of Applegate Farms.
The stock was hit hard in the past week, falling to below $35 on Friday from $40 on Monday. Cramer attributed some of it to a marketwide sell-off, but also to Hormel's recent quarter. Despite strong headline numbers, the stock fell as investors worried about declining margin on pork and turkey products.
Cramer spoke with Hormel Food Corp President and COO Jim Snee, who commented on investor's reaction. He the company will focus on what it can control, such as brand building, innovation and acquisitions.
"Over the long term, those are the things that are going to allow us to continue to deliver the 5 percent top line, 10 percent bottom line, long-term growth goals that we have for our organization," Snee said.
In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:
Shake Shack: "We don't care where a stock has come from, we care where it's going to. There is now a $1 billion valuation. A little bit less than that, and I'm interested. Down 20 percent from here and I think you pull the trigger
Manitowoc: "Down here I think you ought to buy it. It's a nice interesting chip in the game of return."