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NEW YORK (
) -- "Pay attention to what President Obama says on Monday," Jim Cramer told the viewers of his
TV show Friday.
He said the president's interview at noon on
will set the tone for next week's trading.
Cramer said if the new, pro-business Obama shows up, and talks about tax cuts and creating jobs, the markets could be in for a treat, but if the old, anti-business Obama speaks, then no amount of good news will be able to save the markets.
On Tuesday, Cramer said he'll be watching the
to see if economic activity is picking up after a soft August. He said he'll also be watching the housing start numbers, which as usual, will be "disappointing." However, he said the estimates are still far too high in light of the excess housing inventory.
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Also on Tuesday, Cramer said he'll be watching
for news on their fight with
, a stock which Cramer owns for his charitable trust,
Action Alerts PLUS. Cramer said he'll also be watching
for a read on consumer spending and casual dining.
Later in the week, Cramer said
Bed Bath and Beyond
will tell us about the back to school shopping season, and financial firm
should report some upbeat news as it's set to benefit big time from the recent financial reforms.
Closing out the week,
reports on Thursday, and Cramer said it should be a strong quarter. Then on Friday, Cramer said
will be reporting, but even if the news is good, the markets will still punish the stock.
Cramer issued a mea culpa in his "day of atonement" segment where he highlighted three recent recommendations that he got wrong. He said any time you make a mistake, you need to examine it, and learn from it. Cramer said mistakes are not a reason to give up, they're a way to avoid future screw-ups.
Cramer noted that all three mistakes stemmed from the same problem: The companies not only had a great long-term thesis, but also short-term issues which the market honed in on. He said he was simply impatient and jumped the gun, recommending the stocks before the the short-term weakness had past.
First on the list was
, a stock that was up 39% since Cramer recommend it on March 8, but also one that fell 45% since he reiterated his buy on June 17. Cramer said Sketchers had a great story and great growth, but he ignored a class action lawsuit, along with increased discounting and competition.
Cramer's next mistakes were LED lighting plays
, down 26% and 18% since Cramer recommended than on Aug. 19. Cramer said he recommended these stocks on the strength of LED lighting, while ignoring the short-term weakness in LED backlighting used in TVs and monitors.
Cramer said in the case of Sketchers, he was early, and he still likes the company since there's not a lot of downside left in the stock. For Cree and Rubicon, he said he's also bullish, but would wait for the LED backlighting story to pass before betting again on the long-term future of all-purpose LED lighting.
Closing out his "Made Here" series of the best American manufacturers, Cramer recommended
, two more companies proving that manufacturing in America is alive and well.
Cramer said DuPont is up 28% since he last recommended it on June 4. The company is a huge player not only in chemicals but also agriculture, where its seeds rival
in yield per acre of corn. DuPont also makes performance chemicals, everything from Teflon to coatings, solvents and lubricants for a host of industries from autos, aerospace, consumer products and industrial applications.
Cramer noted that DuPont also has a safety division responsible for Kevlar, as well as other divisions that assist in the manufacturing of solar panels. With 59% of sales coming internationally, Cramer said DuPont is truly a global player, and one with a 3.7% dividend yield.
PPG is the No. 2 player in that coatings business, and its stock is up 15% since Cramer recommended it on July 16. Cramer said Asia is a big driver for PPG, with 55% of revenues coming from that region of the globe. The company's auto and aerospace divisions are picking up steam as the global economy recovers, and PPG also has small divisions such as the one that manufactures the Transitions brand of eyeglass lenses.
Cramer said both companies at at their 52-week highs but are still in the early innings of this bull market cycle.
Cramer told a viewer that
Bank of America
, an Action Alerts PLUS stock, are both headed higher.
Cramer told another viewer that he's also bullish on
, despite a decent analyst downgrade. Cramer was less bullish on
, which he said is a great American company, but not a great stock.
Finally Cramer said that both
are great companies, and he'd keep both of them in the viewer's portfolio.
In his closing comments Cramer also clarified that in addition to market orders being bad for individual investors, stop loss orders are also bad. He once again reiterated that individuals should only use limit orders for all of their trading.
Cramer was bullish on
United Parcel Service
He was bearish on
--Written by Scott Rutt in Washington, D.C.
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At the time of publication, Cramer was long Apple, Bank of America.
Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."
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