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Cramer's game plan: What I expect the Fed to say next week

Cramer's game plan: What I expect the Fed to say next week

Oil once again controlled the market on Friday. Jim Cramer found it so "breathtakingly stupid," he hesitated to admit that next week will depend on oil, too.

"A benign Fed and a decent oil inventories number on top of some oil freeze rumors, and we'll have ourselves a rally. However, all three have to happen to make it work," the "Mad Money" host said.

Cramer could not deny the correlation between the U.S. stock market and oil demand. Many investors assume that when slowing demand sends oil lower, the U.S. economy must be weak.

The linkage between stocks and oil will not break until investors stop making that assumption, Cramer said.

With this in mind, he shared the game plan of stocks and events he will watch next week:

Monday: GoPro analyst meeting, Ascena
GoPro: Investors fell in love with this stock too fast, and Cramer called it a cult stock in 2014. The stock fell hard last year until it bottomed out in the teens. Cramer thinks the company could have a good story to tell.

"I believe GoPro's stock has a one down two up opportunity, meaning that it could lose a point but most likely it will go up two in the wake of the meeting," Cramer said

Tuesday: Lennar, KB Home, FedEx, Adobe
Lennar & KB Home: Cramer did not know what to say about the homebuilders. He noted that the stocks are cheap, but no one seems to care. Toll Brothers CEO Doug Yearley appeared on "Mad Money" earlier in the week and said he saw a red-hot real estate market for the company. Cramer suspects the risk-reward could be positive for KB Home.

Adobe: Cramer is absolutely enamored by Adobe's cloud business. He expects both Adobe and FedEx to announce good quarters.

Wednesday: Fed day, Carmax, General Mills, Bed Bath & Beyond, Red Hat
The Fed: Recent weakness in the purchasing managers and retail sales reports seems to have slowed the move towards higher rates that Cramer thought would happen. So, while a surprise rate hike would hurt stocks, Cramer advised to stay the course with the knowledge that perhaps one rate hike this year will not disturb things as much as initially thought.

"These meetings are never non-events. However, the market tends to run up into them so beware of a quick post-Fed meeting sell-off and then if you want to start buying what you like, you might get a very good opportunity," he said.

Cramer also fears that Carmax, General Mills and Bed Bath & Beyond will be problematic.

Thursday: Autozone, Rite Aid
Rite Aid: With worries surrounding the Walgreens merger, Cramer thinks Rite Aid will have a weak quarter, as companies tend to lose focus when they are sold. He hopes it will sell a large chunk of stores to Kroger to solidify the deal.

Friday: Finish Line
This company previously underperformed against its competitor Foot Locker, until last quarter. Cramer expects another OK number when it reports. He recommended buying Foot Locker going into the quarter, then buying more if it gets hit on a Finish Line disappointment.

"This market is in the grip of oil. If oil goes down a bit more, the rumors of a production freeze will start, and that could lead to a snapback in crude, which makes me feel a little better about the market after a pretty torturous period," Cramer said.

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