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NEW YORK (
) -- Good news is bad news and bad news will be good news when it comes to next week's trading, Jim Cramer told his
TV show viewers Friday. Cramer said that with the Independence Day holiday on Thursday, things should be quiet on Wall Street -- but then again, anything can happen.
Cramer said that starting next week, all of the analysts will begin looking into 2014 for their earnings estimates, and that's historically a good time for stocks. But with only a handful of data points coming in, next week's game plan will continue to be more of the same.
For Monday, Cramer said he'll be watching the Chinese PMI data, along with economic date from China. He remains bullish Japan will have a good second half of 2013. Tuesday brings U.S. auto sales and factory orders, numbers that should show whether the Fed had any impact on these two key sectors of our economy.
Later in the week, it's European retail sales on Wednesday. Cramer said this number could signal the beginnings of a recovery, but probably won't. Thursday is the holiday, which means there will be light trading on Friday, when the U.S. non-farm payroll numbers are released. Cramer said once again, the number must be just right because too high and too low will be seen as bad news for stocks.
Off the Charts
In the "Off The Charts" segment, Cramer went head to head with colleague Carly Garner to see if the bottom is finally forming in gold after what has been a horrendous selloff these past few months.
According to Garner's analysis, using a chart of the gold futures and the commitment of traders report, the bottom in gold will be coming sooner as opposed to later. The commitment of traders report, which means how many futures contracts both large and small traders are holding, shows that the big investors are running extremely lean on gold, while the smaller investors have all but given up. Why is this important? Cramer said it's because there's simply no one left to sell.