Get ready for the coming week, with Jim Cramer's Game Plan from Friday's episode of Mad Money.
The market is going to try and put in a bottom this week, Jim Cramer told his viewers. But make no mistake: the Federal Reserve has gone from a tailwind to a full-blown headwind for stocks.
Cramer said Fed Chair Jay Powell's comments that the Fed is willing to overshoot on interest rates to keep inflation at bay was very harmful to the markets, making investors long for the days when a quiet, data-driven Janet Yellen was at the helm. In fact, many areas of our economy are already slowing, like housing, autos and possibly even retail, making excessive rate hikes unnecessary.
Cramer's game plan for the week starts, as it often does on Monday, with likely more tough talk from the White House on tariffs. Those comments will continue to weigh on the markets, especially the industrials.
On Tuesday, both JM Smucker (SJM) - Get J.M. Smucker Company (SJM) Report and Okta (OKTA) - Get Okta, Inc. Class A Report will he holding analyst days. Smucker is off 17% for the year and investors need to hear management's plans to revive the stock. Meanwhile, Okta is up over 150% for the year and is still worth owning as the market declines.
Honeywell (HON) - Get Honeywell International Inc. (HON) Report holds an analyst meeting on Wednesday, but Cramer cautioned that even with the company's spinoff plans, now is not the time to own the industrials.
Finally, on Friday, it's banking day, with Citigroup (C) - Get Citigroup Inc. Report , JPMorgan Chase (JPM) - Get JPMorgan Chase & Co. (JPM) Report , Wells Fargo (WFC) - Get Wells Fargo & Company Report and PNC Financial (PNC) - Get PNC Financial Services Group, Inc. Report reporting. Higher rates are a good thing for the banks, but many of the regionals, like PNC, have been struggling.
Make Money on Closed-End Mutual Funds. TheStreet's Robert Powell recently hosted an all-star panel of experts who explained everything you need to know on closed-end mutual funds, and often-overlooked investment class. Click here to register and watch for free.
Search Jim Cramer's "Mad Money" trading recommendations using our exclusive "Mad Money" Stock Screener.
To read a full recap of this episode of "Mad Money," click here.
To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.
To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here.
At the time of publication, Cramer's Action Alerts PLUS had a position in HON, C, JPM.