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Even after Friday's vicious sell-off, Jim Cramer expects the market to head lower next week as investors realize that the consequences of a Brexit could be severe.
In Cramer's perspective, the U.K. already had one foot out the door, which is why he didn't think a Brexit was the end of the world. Britain already had its own currency, and it could take years to actually leave the EU.
"It is still a big deal because we haven't had time to sort through the ramifications of this pro-Brexit vote. Ramifications that can explain the gigantic declines we just saw in the stocks of the major European banks," the "Mad Money " host said.
Cramer will be dedicating his weekend to determine if the European banks have credit risk, or are on shakier ground than initially thought. As for the volatility in the U.S. market, Cramer saw too much bargain hunting occur. Many stocks did nothing but take back the gains that accumulated from the week.
With this in mind, he outlined the stocks and events he will be watching next week:
Monday: Looking for technology and health care stocks
Cramer will be on the hunt for ideal tech and health care plays that don't have a lot of exposure to Europe. He thinks many analysts are ready to revise down the earnings estimates of companies that do a lot of business not only in the U.K., but in Europe. There is a real possibility that Europe could fall into a recession, Cramer said.
"Let's not be glib. I am not worried about systematic risk here. Our banks have never been stronger; our companies are flush with cash. The world will grow more slowly than it is now, but our companies will be ready for that. The United States will be the safe haven," Cramer said.
That said, Cramer is worried about European and U.K. banks. He suggested watching these banks. If it is just a panic sell-off, than he expects the stocks to stabilize and act as an indicator that it is safe to get back into the market.
Wednesday: Janet Yellen speaks, General Mills
Yellen could shed light on what the Brexit means for America and the world, and Cramer was certainly thankful that the Fed chose not to raise rates last time around.
Thursday: ConAgra, Constellation Brands, McCormick, Darden
This is the day that Cramer is willing to look at the earnings and buy into weakness.
Constellation: Given its strength in the U.S., Cramer considered this one to be an opportunity.
McCormick: Cramer is waiting for this stock to come in so he can recommend it, as spices tend to have stability.
Friday: ISM manufacturing numbers
Cramer is concerned that there could be a slowdown in manufacturing if the dollar becomes too strong after the Brexit vote. He is waiting to get a read on the U.S. economy from the ISM manufacturing numbers.
"Watch those British and European bank stocks, because until they stabilize, we need to keep worrying."