Cramer's 'Mad Money' Recap: Next Week's Game Plan
Cramer said Bernanke's testimony before the Senate on Tuesday will determine whether the market has more rallies like today, or more fear-induced selling like Thursday.
Beyond the Fed, Cramer said he'll be watching Lowe's (LOW) on Monday as well as rival Home Depot (HD) , a stock Cramer owns for his charitable trust, Action Alerts PLUS, for a read on the housing recovery.
Tuesday also brings earnings from Saks (SKS) and AutoZone (AZO) along with American Tower (AMT) . Cramer said he'll be interested in the latest retail trends and thinks that American Tower could surprise to the upside.
Finally, on Thursday, Cramer said he'll be watching more retailers, mainly Best Buy (BBY) , Kohl's (KSS) and Deckers Outdoor (DECK) . He said Best Buy will offer a read on discretionary spending, while Kohl's and Deckers may offer insights into possible takeovers or buyouts.
A Market With Amnesia
Don't be so quick to bail out of a bad stock because in this market that bad stock might just come roaring back, Cramer told viewers.
Cramer said he's been amazed at the market's willingness to forgive even the worst performers. That certainly was the case with Hewlett-Packard (HPQ) , which saw its shares soar 12.5% in Friday's trading.
The market also seems willing to forgive Johnson & Johnson (JNJ) , with those shares barely skipping a beat after not one, but two government probes. The markets also like Boeing (BA) , sending those shares near 52-week highs while its flagship Dreamliner continues to have its wings clipped.
It's almost as if the market has amnesia as it bids up shares of Norfolk Southern (NSC) after the company called a bottom in the coal market, its second such prediction. It has also bid up FedEx (FDX) despite that company's bleak outlook last quarter.
Cramer said perhaps the only stock the markets don't like at the moment is Apple (AAPL) , another Action Alerts PLUS name. He said that's ironic since before a few months ago Apple was one of the bigger value creators of all time.
For "Speculation Friday," Cramer recommended, of all things, a mortgage insurer. He said that after years of being toxic, Radian Group (RDN) may now be in a position to make up for its prior sins.