With the House of Representatives passing a bill to repeal and replace Obamacare and the Labor Department releasing a very strong jobs report, Jim Cramer would think the market should be higher.
But the "Mad Money" host has noticed a split between people who feel that the economy is sluggish due to weakness in commodities and retail and those who take the jobs number as a sign of things picking up.
"What could tip things in favor of the bulls? If the White House and Congress can come together on some kind of tax reform. This market would roar if they would pass what our president describes as the biggest tax cut in history, although maybe you've noticed that he has a tendency to use hyperbole," Cramer said. "But truthfully, all he has to do is get Congress to approve a tax holiday on the repatriation of overseas capital and we could have another leg up."
The market is still skeptical of Washington as the earnings tidal wave continues. With that in mind, here are the stocks and events on Cramer's radar next week:
Monday: Warren Buffett, Newell Brands, International Flavors & Fragrances
"Expect some positives on the airlines and some talk about how he wants to do big deals because everything's so fabulous out there," Cramer said. "I wonder what he'll say about Coca-Cola's transition — you know, they've got a new CEO. How about the leadership at Wells Fargo? What's he going to do about that?"
"Otherwise, if you want to do some selling, do it at the end of the day as Buffett's aura usually lasts about 24 hours," he added.
The "Mad Money" host is looking forward to the company's earnings call and hopes to hear positive rhetoric about its international business and its recent merger with Jarden.
"It could be a reset quarter for Newell, but then again, if there's enough innovation, it might transcend the declining sales venues. Is it too early to find out if Jarden's really helping, with its pastiche of brands for everything from outdoors to home appliances to class rings, or did Newell pay too much given declining store traffic? We'll certainly know soon enough," Cramer said.
International Flavors & Fragrances: Cramer is a fan of the fragrance giant, and expects a sweet earnings report after Monday's closing bell.
"This is a creative company that's been around forever and, by the way, it's been a good buy forever," he said.
Tuesday: Walt Disney Company, The Priceline Group, Nvidia
Walt Disney: The entertainment giant reports after the close, and despite Wall Street's recent bearishness on the viability of Disney's ESPN business, Cramer is not changing his bullish outlook on the stock.
"Disney's a buy given its fabulous movie schedule and robust theme parks. I think [CEO Bob] Iger's conscious of ESPN's positioning and will be able to spin it in a positive and believable way," Cramer said.
Priceline: The experiential economy should support Priceline's Tuesday earnings, even if it sells off after the report.
"I have to believe that the online travel strength will be just as self-evident with Priceline which, by the way, has a stock that often sells off when it reports only to rise back up after some churning," Cramer said.
Nvidia: When competitor Advanced Micro Devices reported a not-so-strong quarter this week, its stock got hammered. Cramer wonders if the same thing will happen to Nvidia.
"I think the company's business, whether it be gaming or data center or autonomous cars, is very strong. I just don't know how weak the hands are of those who own the stock," Cramer said. "I expect good things from Nvidia, but so does everybody else."
Wednesday: Norwegian Cruise Line, Whole Foods, Snap
Norwegian Cruise Line: Another experiential name will report before Wednesday's opening bell, and Cramer thinks this might be the best quarterly report of the week.
"Cruise companies have been putting up fantastic numbers. They're the ultimate in experiential fare," he said.
Whole Foods: "I think the challenge to Whole Foods is real and the desire to put the company in play is serious enough that it might be addressed head-on and harshly by the very tough CEO, John Macke," Cramer said.
Snap: Cramer believes the stock has been ticking up on solid ad numbers, and is curious about what its first earnings report as a public company will bring.
"Snap's setting itself up as a trade into the numbers if it stays right here or goes a little bit lower, but that could be a hard task because it seems to be climbing. The competitive business at Instagram is smoking. Let's see if there's room for both," Cramer said.
Cramer is embracing the view of JPMorgan retail analyst Matthew Boss that retail hit a trough in February, which makes the "Mad Money" host more optimistic for the earnings reports from these major retailers.
"Remember, the latter is less a function of the mall and instead a function of the strip," he said of Kohl's. "It's reliable, it's cheap, has a large dividend, big buyback — all covered."
Friday: JC Penney
Cramer bets this department store player's earnings report could show some improvement, but worries Thursday's reports from Macy's and Kohl's could steal the spotlight — and some upside.
"As the market fights through earnings period, investors await the president's real plan on taxes and a potential meeting of the minds with Congress," Cramer said. "If something happens — anything, really — the animal spirits could come roaring back in the economy and the stock market. But let me let you in on something: if you hear two words, 'border' and 'tax,' it could be a very long set of months before anything gets done."
Watch the full segment here: