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: