NEW YORK (TheStreet) -- TheStreet's Jim Cramer told investors that because of the October nonfarm payroll data -- 204,000 new jobs, vastly higher than economists' expectations of 120,000 -- bonds will likely go lower.
Meanwhile, yields and interest rates will head higher, something that's usually bad for stocks.
He does not like an environment where interest rates rapidly rise, but suggested that good news would ultimately be good news within a couple of trading sessions. The more jobs that are added to the economy, the sooner the Federal Reserve can leave and the focus can shift back to earnings.
Gap (GPS) beat comparable-store growth estimates and raised its guidance, and Cramer said he was wrong for doubting the company. In his defense, he noted that Goldman Sachs downgraded the stock and management said things weren't going so well.
However, with shares surging higher in Friday's trading session, he suggested investors wait for a pullback below $40 before buying.
Switching to Disney (DIS), Cramer called the analysts "stupid" for always nitpicking the earnings results on the conference call. He said Disney's ESPN unit is doing well, as are its theme parks, the Marvell acquisition and the movie schedule.
Cramer concluded that Disney is fine and CEO Bob Iger is "one of the great, most bankable executives in the country."
-- Written by Bret Kenwell in Petoskey, Mich.