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NEW YORK (
TheStreet) -- We need the world's leaders to wake up and realize the European problem is now a global problem, Jim Cramer told his
"Mad Money" viewers Friday after a miserable day on Wall Street. Cramer said the markets have given up their gains for the year so the time to act is now.
Make no mistake, the indecision in Europe will cause a global recession, and no one is immune to this crisis. Cramer said he can't blame investors for wanting to sell everything and sit on the sidelines while the world's troubles play out, but socking money away in U.S. Treasuries is not the smartest move.
Cramer said there are still bull markets out there, albeit small ones, and there are still companies immune to Europe's woes. The key is to find them.
That's why on Monday Cramer will be watching for news from the American Society of Clinical Oncology conference. He said presentations from
Johnson & Johnson(JNJ - Get Report) and
Celgene(CELG) could move the needle for those companies, regardless of the European news of the day.
Also on the radar for Monday,
Dollar General(DG), a company that may finally be feeling the pressure from
Wal-Mart(WMT). Cramer said any weakness in Dollar General would make Wal-Mart a buy.
Ulta Salon(ULTA), a stock that's gained 60% over the past 12 months. Cramer said Ulta remains a favorite.
On Wednesday, Cramer said he will watch oil inventories as any stabilization in oil would actually be a good thing for the markets because fears of continued economic slowing would evaporate.
On Thursday, Cramer said another retail favorite,
Lululemon Athletica(LULU), will report earnings. If Lulu is strong, all of the growth stocks including
Chipotle Mexican Grill(CMG) and even
Apple(AAPL), a stock which Cramer owns for his charitable trust,
Action Alerts PLUS
, should rally along with it.
Fun With Speculation
Speculation keeps investing fun, Cramer told viewers, and he highlighted one such stock on what he affectionately called "Speculation Friday." Today's company:
Lithia Motors(LAD - Get Report), an auto dealership chain with 84 locations in 11 western states.