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 Report and Okta (OKTA) - Get 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.
Finally, on Friday, it's banking day, with Citigroup (C) - Get Report , JPMorgan Chase (JPM) - Get Report , Wells Fargo (WFC) - Get Report and PNC Financial (PNC) - Get Report reporting. Higher rates are a good thing for the banks, but many of the regionals, like PNC, have been struggling.
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At the time of publication, Cramer's Action Alerts PLUS had a position in HON, C, JPM.