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Is there a mutiny at the Federal Reserve? It sure seems that way, Jim Cramer told his Mad Money viewers Thursday after several Fed governors broke ranks and said publicly the Fed isn't moving fast enough raising interest rates. That dissension sent shock waves through the stock market since just a week ago Chief Janet Yellen & Co. took fears of an imminent hike off the table.
That's why Cramer said his game plan for this week all hinges on Friday's nonfarm payroll numbers. A strong number will reinforce the rate hike dialog, forcing the markets to give back much of its recent gains.
Next, on Tuesday, Cramer will be watching home builder Lennar (LEN) , which even if the company does manage a blowout quarter won't matter given the interest rate fears. There's also Restoration Hardware (RH) reporting and an analyst meeting at 3M (MMM) . Cramer said Restoration Hardware needs to prove it can turn the ship around, but 3M can be owned right here, right now.
Wednesday brings earnings from Lululemon Athletica (LULU) and Micron Technologies (MU) . Cramer said he's nervous about Lulu and expects Micron to post terrible results. He recommended Intel (INTC) as an alternative.
Then, on Thursday, Nasdaq (NDAQ) will host an analyst day. But with no new initial public offerings coming to market, Cramer said he expects bad news.
Finally, on Friday, in addition to the all-critical labor report, BlackBerry (BBRY) will be reporting. Cramer said at some point, BlackBerry will have to become valuable given its cash hoard, but we haven't seen that point yet.
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