In the stock market, words are sometimes more important than actions, Jim Cramer told his Mad Money viewers Friday. That’s how the Federal Reserve is able to tamp down inflation just by talking about raising interest rates. Between the Fed and the seasonal weakness between now and the July 4th holiday, Cramer said we’re in for a rough week next week.
Cramer’s game plan for next week starts off with more Fed-speak. On Monday, St. Louis Fed Chair James Bullard will speak, followed by Fed Chair Jay Powell on Tuesday. These dueling comments will likely continue putting pressure on oil, the industrials and the cyclicals, with tech the primary beneficiary. Cramer suggested buying some Amazon (AMZN) – Get Report, Nvidia ((NVDA)) – Get Report or Advanced Micro Devices (AMD) – Get Report on any weakness.
Earnings continue on Wednesday with Winnebago (WGO) – Get Report and KB Home (KBH) – Get Report. Winnebago will have strong results, but no one seems to care. If KB Home is strong, Cramer suggested buying Lennar (LEN.B) – Get Report.
On Thursday, we’ll hear from Accenture (ACN) – Get Report, Nike (NKE) – Get Report and FedEx (FDX) – Get Report. Cramer said FedEx might not be able to hold its momentum and Nike hinges on growth in China. He was bullish on Accenture.
Finally, on Friday, we close the week with Paychex (PAYX) – Get Report, which could be a buy if it gets hit before it reports. Carmax (KMX) – Get Report will also provide an update on the red-hot used car market.
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At the time of publication, Cramer’s Action Alerts PLUS had no position in the stocks mentioned.