The stock market is once again trapped in Bizarro World, the one where good news is bad news, Jim Cramer told his Mad Money viewers Friday. That's why next week's game plan entails a lot of listening to try and understand how the U.S. and global economies are really doing.
To many investors, falling oil prices mean global demand is slowing. Using that logic, hedge funds program their machines to automatically sell anytime oil prices dip. But Cramer said he take the opposite view, because cheap oil is good for 90% of our economy.
Cramer's game plan for next week begins on Monday with Autohome (ATHM) - Get Report , the Chinese auto retailer. Cramer said this site should let us know whether tariffs and trade are having an impact on the Chinese economy.
Wednesday brings earnings from Macy's (M) - Get Report , Canada Goose (GOOS) - Get Report and Cisco Systems (CSCO) - Get Report . Cramer remained a fan of Cisco and Goose, but said he's gun-shy when it comes to Macy's.
Then on Thursday, we get results from Walmart (WMT) - Get Report , Applied Materials (AMAT) - Get Report , Cramer's favorite chipmaker, Nvidia (NVDA) - Get Report , and Nordstrom (JWN) - Get Report . Cramer was bullish on all four names, but noted that Nordstrom has run up going into earnings.
Finally, on Friday, there's earnings from Viacom (VIA.B) and with all of the shakeups and mergers in the media world, Cramer said it will be good to hear what Viacom has to say.
Cramer and the AAP team are looking for strategic opportunities in this pullback. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.
Executive Decision: Funko
For his "Executive Decision" segment, Cramer spoke with Brian Mariotti, CEO of Funko (FNKO) - Get Report , the specialty toymaker with shares that plunged 21.4% Friday after the company reported better-than-expected results.
Mariotti said that Funko is an index fund of pop culture, licensing over 550 unique properties that span everything from sports to music, TV, movies, video games and more. One of their biggest competitive advantages is speed, he said, as they can respond to the latest trends with products on the shelves in just weeks.
Mariotti admitted that Funko does need to do a better job of educating Wall Street about the benefits of investing in pop culture, because many see the company as simply another toymaker.
When asked about their relationship with China, Mariotti said they see many opportunities outside of China, which is why 70% of their products will be produced outside of China by next year.
Is Amgen the Cure?
Looking for a stock that can keep doing well, even with a Federal Reserve aggressively raising interest rates? Cramer said to look no further than drugmaker Amgen (AMGN) - Get Report , which has many ways to win.
First, Cramer said that Amgen is a well-run company with a solid balance sheet that includes $42 billion in cash. The company is truly in control of its destiny, as we've seen this year with its incredible buyback program that retired 7% of the shares outstanding in just a matter of days.
But beyond the balance sheet, Cramer said Amgen's migraine drug, Aimovig, is off to a strong start and is a lifesaver for patients afflicted with these debilitating headaches. He was also a fan of the Repatha, the company's cholesterol treatment that is taking share and offering a solid alternative for patients that cannot take the traditional medications.
With shares trading at just 13 times earnings, Cramer said the stock of Amgen is a steal and he'd be a buyer.
The Crocs Turnaround
The markets truly are in Bizarro World, Cramer told viewers. That's the only explanation for how shares of Crocs (CROX) - Get Report could have risen from their $6 lows last year to over $25 a share today. Cramer said he's simply speechless, but Crocs are apparently back in style.
After plummeting during the recession, things began to turn for Crocs in 2015 after an activist investor spurred a turnaround at the footwear company. They began to streamline operations, close underperforming locations and bolster their online, direct-to-consumer business.
Slowly but surely, sales and margins began to improve and this year, Crocs began beating expectations and raising their forecasts. The outlook for 2019 is now terrific.
Cramer reminded viewers that betting on teen fashion is always risky, which is why he'd only recommend Crocs for speculation and certainly not for retirement savings. But if you're a fan of Crocs, he said, now might be the time to start buying.
These Companies Don't Get Enough Respect
In his "No-Huddle Offense" segment, Cramer said the market isn't giving great companies enough credit. Take Norwegian Cruise Line Holdings (NCLH) - Get Report , a guest on Thursday night's show. Investors have tons of objections to this stock, yet the company continues to deliver.
Investors fear there's overcapacity, yet there aren't enough ships. They fear the company can't make enough money, yet it adds more amenities to every ship. They fear cruises are only for old people, yet millennials are signing up in droves.
Cramer said it's ridiculous that Norwegian sells for just 10 times earnings.
Over on Real Money, Cramer talks about more great companies that the market is seriously undervaluing. Get more of his insights with a free trial subscription to Real Money.
Search Jim Cramer's "Mad Money" trading recommendations using our exclusive "Mad Money" Stock Screener.
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 CSCO, AMGN.