Friday will be the last trading day before a holiday-shortened trading week thanks to Memorial Day on Monday. So what will be on the mind of TheStreet's Jim Cramer heading into the weekend?
Aside from taking advantage of the warm weather to tend to his garden, the co-manager of the co-manager of the Action Alerts PLUS portfolio said he will be looking ahead to next Friday, when the monthly jobs report is scheduled to be released.
"I actually want a strong number," Cramer said. A strong non-farm payrolls result would indicate that the economy is doing well and would add conviction to investors looking for a rate hike in June or July from the Federal Reserve.
Cramer pointed out that Bob Toll, executive chairman of Toll Brothers (TOL) - Get Report , said it's time for higher interest rates. An increase in rates will hopefully bring buyers into the housing market once they feel that higher rates are coming. These buyers will want to lock in rates while they still can.
When someone like Bob Toll is saying that, investors should take notice. "If it's good enough for Toll, it's good enough for me," Cramer concluded.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.