Cramer's game plan: This market lacks clarity. Here's how to manage

  • "Mad Money" host Jim Cramer reviews his game plan for the week ahead and highlights the most important stocks and events to watch.
  • Cramer says the current market lacks clarity. Here's how to manage.

Market-watchers have been on edge in recent weeks with lingering threats of trade wars and the possibility of the market turning negative.

"Anything's possible these days," CNBC's Jim Cramer said Friday, "but I think that forecast is way too dire."

"This market has morphed into a totally hate-able beast, not a bear, but certainly not a bull," the "Mad Money" host said.

His advice? Look out for buying opportunities into weakness, but be prepared to sell into strength as the economic environment remains uncertain.

With that in mind, here's Cramer's game plan for the coming week:

Monday: Allergan, McDonald's

Allergan: The pharmaceutical company's stock has been a "huge disappointment" the last few quarters, Cramer said. He wondered if this quarter could turn things around.

McDonald's: On the bright side, this company is well-run and in a "sweet spot" in terms of its defense strategy, Cramer said. But the stock remains in "no man's land," he concluded.

"I just wish it yielded more than 2.5 percent, which isn't enough to attract investors who really want income and protection from the selling," said the "Mad Money" host.

Tuesday: BP, Under Armour, Apple

BP: Cramer bet the oil and gas company would "tell a real good growth story" in its Tuesday earnings report. He pointed out that Chevron rallied on Friday after it reported earnings.

"I think the same thing could happen here, maybe even more pronounced," he said.

Under Armour: The apparel company's CEO Kevin Plank has said the company is slowly pulling itself out of a slump.

"I think it's a longer term turn, but maybe you can buy some before the quarter and some after," Cramer said.

Apple: Cramer thinks this quarter will be a weak one for the tech giant, which reports after the bell. But there should be a good return on capital, he added.

"If you can stomach a shortfall for an already cheap stock, this might be exactly the kind of thing you'd want to own during a downturn," he said. But, he added, "the fainthearted may not be able to handle the rollercoaster between the weak quarter and the strong buyback."

Wednesday: Clorox, Kraft Heinz

Clorox: Cramer said this stock is a buy ahead of its Wednesday earnings report.

"Lots of people have been waiting for this one to pull back to safer levels from much higher levels [where] it was, and that's exactly what's occurred over the last couple weeks," he said. "Clorox is the highest quality consumer packaged goods stock that happened to slip last quarter."

Kraft Heinz: The food company reports after the bell. Cramer said this stock is a tricky one.

"It's got a 4 percent yield, ... [which] seems to protect the stock, but the company is a deal machine and right now it looks like no one wants to sell their company to Kraft-Heinz," he said.

Still, "I bet the risk-reward is finally good here," he said.

Thursday: DowDupont 

DowDupont: The "Mad Money" host is also conflicted about this one.

He called CEO Ed Breen "amazing," but also recommended avoiding his company's stock if tariffs become a reality. DowDuPont's agriculture business could get hurt if the government pressures Brazil as part of its anti-steel dumping campaign, Cramer said.

"[The] May 1 deadline to see what countries are going to get dinged by tariffs ... is going to be more important to this stock than its actual quarter two days later," Cramer said. "Let's wait and see what happens before we pull the trigger."

Friday: Non-farm payrolls, Newell Brands

Non-farm payroll report: Cramer said that if the number is big, the likelihood of a severe slowdown in the economy is slim, but maintained that the figure "will be even more important than usual."

Newell Brands: The forecast for this quarter is dim, Cramer said. But after Newell made key changes to its board and unveiled an aggressive plan to sell some of its weaker assets, the "Mad Money" host suggested it could be bottoming.

He recommended buying a small position ahead of the quarter in case the turnaround starts sooner than expected. But wait for more information about asset sales before buying more, Cramer said.

WATCH: Cramer's game plan for earnings week feat. Apple

Disclosure: Cramer's charitable trust owns shares of Allergan, Apple and DowDuPont.

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