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NEW YORK (TheStreet) -- One of the most volatile weeks on Wall Street in recent memory finished with a whimper, not a bang, Jim Cramer told his Mad Money viewers Friday, and that means it's time to start looking towards next week's game plan.
Cramer said he'll be watching the Chicago PMI number on Monday, as this will be yet another data point the Federal Reserve will use to determine the direction of interest rates.
Then, on Tuesday, it's back to earnings, with Dollar Tree (DLTR) and semiconductor maker Ambarella (AMBA) reporting. Cramer still felt that Dollar Tree was a buy, despite a rare miss from rival Dollar General (DG), but said that Ambarella just won't work in a tough market like this one.
Next, on Wednesday, it's G-III Apparel (GIII) and Five Below (FIVE) reporting along with the latest oil inventory numbers. Cramer was bullish on G-III, especially on any weakness, and saw opportunity with Five Below. He also advised trimming positions in any oil stocks ahead of the inventory numbers.
Then, on Thursday, it's Campbell's Soup (CPB) and Medtronic (MDT) reporting, along with Verifone (PAY). Cramer was bullish on all three. He was not bullish on coal equipment maker Joy Global (JOY), however, but said this company does know China so it's worth listening to the conference call.
Finally, on Friday, it's the non-farm payroll numbers from the Labor Department. If the economy surges, then expect stocks to react negatively, creating opportunities to buy, buy, buy using limit orders on the weakness created.
What We Learned This Week
This week was indeed a monumental one for the stock market, Cramer told viewers, with the Dow Jones Industrial Average traveling near 10,000 points up and down over the past few days, only to end just about where it began.
So what are the lessons investors can learn from this volatile week of trading? First, Cramer reminded everyone never to use market orders. Limit orders, where you specify a minimum or maximum price, would've prevented you from falling victim to Monday's flash crash where the markets opened down 1,089 points.
Cramer's next lesson was to always have a backup brokerage account, just in case your main broker cannot complete your orders -- as many weren't able to do on Monday at the open.
Tuesday brought another important lesson: There's always a better time to sell. Yes, stocks were down big on Monday, but if you were calm and waited until Tuesday, you sold at far better prices.
Wednesday's lesson was that sentiment matters. Reckless comments from the Fed helped send the markets lower on Friday, but three trading days later, more responsible comments from the Fed helped ease fears and send stocks higher.
What did Thursday teach us? It showed us that bad bets can bring down entire hedge funds. Once that stress is relieved, stocks can snap higher. No one knows for sure if a fund was forced to liquidate on Thursday, but it sure felt like it as the oil stocks staged a surprise rally.
So now it seems like the turmoil is behind us, Cramer concluded, but let's not forget these valuable lessons.