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NEW YORK (
) -- Next week's trading all hinges on
Chairman Ben Bernanke, Jim Cramer told his
TV show viewers Friday.
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
on Monday as well as rival
, a stock Cramer owns for his charitable trust,
Action Alerts PLUS
, for a read on the housing recovery.
Also on Monday is an analyst day for
, which should offer insight on consumer spending, and also
Tuesday also brings earnings from
. Cramer said he'll be interested in the latest retail trends and thinks that American Tower could surprise to the upside.
On Wednesday, it's
offering insight into the value shopping segment, while
should provide a fresh perspective on the recovery in China.
Finally, on Thursday, Cramer said he'll be watching more retailers, mainly
. 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
, which saw its shares soar 12.5% in Friday's trading.
The market also seems willing to forgive
Johnson & Johnson
, with those shares barely skipping a beat after not one, but two government probes. The markets also like
, 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
after the company called a bottom in the coal market, its second such prediction. It has also bid up
despite that company's bleak outlook last quarter.