Cramer's 'Mad Money' Recap: No Vacation Without Legislation
NEW YORK ( TheStreet) -- With the fiscal cliff less than a month away, is it possible our Congress could go off on vacation? Yes, it is, Jim Cramer told "Mad Money" viewers Friday.
With the purchasing power of Americans ready to drop dramatically when taxes rise if no deal is reached, Cramer urged Congress to resolve the crisis before even thinking about leaving Washington.
"No vacation without legislation," he stressed. If there's no deal before members go on vacation, the odds go to 50-50 there will be a deal by the end of the year.
"Let's hope the policymakers work it out, but prepare for the worst if they don't," Cramer said.
With that in mind, Cramer said his game plan for next week starts with the Sunday morning talk shows, which have become more important for him to watch than football to get an idea what members of Congress will do next. Then on Monday he'll see how the markets react.
Tuesday, Cramer will be watching Dell (DELL) investor meeting. He plans to keep an ear open for word of a leveraged buyout. Monster Beverage (MNST) will also be meeting with analysts. While it should be a "lovefest," Cramer said, pay attention to what's said.
Wednesday brings Joy Global (JOY) earnings, which could shed some light on China's economic state. He suggests taking another look at Restoration Hardware (RH) ahead of their earnings report Wednesday.
Ciena (CIEN) reports on Thursday but Cramer is "not expecting much" based on peers' performance, so stay away.
Cramer favorite Pier 1 (PIR) also reports Thursday -- will the stock continue to deliver? Cramer said he would consider buying CVS Caremark (CVS) ahead of earnings and will be watching Phillips 66 (PSX) earnings. United Technology's (UTX) report will give us a sense of how aerospace is doing, he said.
Friday brings Scotts Miracle-Gro (SMG) , which has "burned, scalded and mutilated" investors, Cramer said. "It's been making endless excuses for missed quarters," he said. "Can they explain the poor execution? I'll listen, but frankly I doubt it."
Power to the People
Always on the lookout for new products with original applications, Cramer talked to the chairman and CEO of BioLite, a private company that has created a 33-ounce wood-burning stove that also generates electricity.
Imagine what this would've meant to people during and after Hurricane Sandy who were left without heat or power?
As it happens, CEO Jonathan Cedar and Chairman John Levy told Cramer, they did go around Brooklyn, N.Y., where the company is based, and other affected areas to help people charge their cellphones and leave them some of the stoves.