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Stocks are in "consolidation mode" following a "tough day" Friday after several sessions of gains, Jim Cramer told his Mad Money viewers. Stocks simply rallied too far, too fast, and without the decline in oil stopping, equities will have trouble finding a footing.

So what will Cramer be watching? On Monday, he'll focus on the economic data expected Sunday from China. Estimates for industrial production and retail sales seem too high, which may be setting investors up for disappointment, Cramer said.

Poor industrial production results will have investors fearing that the global economy is slowing, while weak retail sales could weigh on consumer stocks with Chinese exposure, such as Nike (NKE - Get Report) , Action Alerts PLUS holdings Apple (AAPL - Get Report) and Starbucks (SBUX - Get Report) , as well as Yum! Brands (YUM - Get Report) .

"These numbers matter tremendously," he added.

Also Monday, Apple kicks off its Worldwide Developers Conference.

On Tuesday, investors will get industrial production results from the eurozone. "If we get some strength, you're going to feel like a knucklehead owning 10-year German bunds," which yield close to nothing, Cramer said.

Retail sales data in the U.S. will also be released, which Cramer says could show another tough month for retailers. This could weigh on interest rates and lower the chances of a rate hike from the Federal Reserve, which will also cause selling pressure in the bank stocks.

Speaking of the Fed, it will hold its June meeting on Wednesday. This meeting is important, due the recent commentary surrounding the next rate hike. Investors will also get earnings results from Jabil Circuit (JBL - Get Report) . The stock was once a read-through on Apple orders, but because Apple has diversified its suppliers so much it's a less reliable read, Cramer said.

On Thursday, investors will get earnings from Kroger (KR - Get Report) , which has performed unusually badly this year, with shares down 12% in 2016. Cramer prefers Whole Foods Market (WFM)  at this point.

Investors will also hear from Rite-Aid (RAD - Get Report) , and they should listen to see if the company gives an updates on when its acquisition by Action Alerts PLUS holding Walgreens (WBA - Get Report) will close. Oracle (ORCL - Get Report) also reports earnings Thursday. 

Finally, on Friday, Disney (DIS - Get Report) will release the animated Finding Dory. Cramer expects the movie to do very well, but the stock has had trouble rallying because of worries over ESPN. Investors will also get the latest rig count numbers from Baker Hughes (BHI) . If there was a week-over-week increase, this could weigh on oil prices even more, he said.

Executive Decision: Leo Denault

For his "Executive Decision" segment, Cramer welcomed Leo Denault, the chairman and CEO of Entergy (ETR - Get Report) .

Entergy has been trying to transform itself into more of a pure-play utility company, due to the volatility surrounding its merchant plants business, Denault said. Volatility is not what investors who are looking for a safe and predictable utility stock with a high dividend yield want in an investment.

Aside from the desire for a more slow-and-steady business, the company also put its emphasis back on the dividend when it recently raised its payout for the first time in five years.

Denault said he wants to keep raising the dividend for shareholders, and that the company's utility business -- which supports the dividend, not the merchant business -- should continue to grow at an attractive 5% to 7% per year through the end of the decade.

The company is building out more natural gas and alternative energy solutions, and has "very little coal," he explained. Also, it has a lot of industrial customers that will come online over time; customers that are big consumers of energy.

Cramer said with a dividend yield of 4.3%, Entergy is one of his favorites and has been for a long time.

Is Ralph Lauren Still Fashionable?

Shares of Ralph Lauren (RL - Get Report)  have been on a roller-coaster ride. They plunged Tuesday once the company issued its new turnaround plans. However, the stock clawed back and erased its losses once investors considered some of the proposals from CEO Stefan Larsson.

Should you buy? Cramer noted the stock is down 16% on the year and that's on top of the 40% decline it saw in 2015. A change was definitely needed, and while it will take a lot of time, it's what the company had to do.

First, Larsson wants to overhaul Ralph Lauren's outdated supply chain. With a current lead time of 15 months, the retailer is far behind the industry average of just six months to 12 months, with retailers closer to six months posting the best results.

Larsson wants to rein in inventories, close underperforming stores and eliminate unprofitable or low-profit brands. Some 70% of revenue comes from just 35% of the lineup, so Ralph Lauren can cut a lot of "dead weight" without hurting sales too much, Cramer said.

While all of this will lead to a better company in the future, the short term will be bumpy and likely painful for investors. 

Executive Decision: Tony Atti

In his second "Executive Decision" interview, Cramer spoke to Tony Atti, founder and CEO of privately held Phononic, a company that has "reinvented the refrigerator," Cramer said.

The company's appliances use thermo-electric cooling via semiconductors, which allows for no moving parts, no cooling liquid and almost no noise. It also uses 25% less energy than a traditional fridge.

The company is now partnered with Haier, which bought General Electric's (GE - Get Report) appliance business for $5.4 billion. Haier will assemble the final product, Atti said, but the components are manufactured by Phononic in North Carolina.

Lightning Round

On Friday's Mad Money "Lightning Round," Jim Cramer was bullish on Avery Dennison (AVY - Get Report) , Seres Therapeutics (MCRB) and Occidental Petroleum (OXY - Get Report) .

He was bearish on 8X8 (EGHT - Get Report) and California Resources (CRC - Get Report) .

No Huddle Offense

In his "No Huddle Offense" segment Jim Cramer focused on Harold Hamm, the CEO and chairman of Continental Resources (CLR - Get Report) , who thinks oil prices will rally from current levels up to $69 to $72 per barrel.

Hamm is a "delightful man" but he's the "ultimate wrong-way" predictor for oil, Cramer said, noting that when oil was on its way from the mid-$80s to $25, Hamm said it would quickly rebound to $100. How wrong that was.

"He's the last guy I would follow," Cramer added, saying investors would be wise to use Hamm as a contrary predictor to the price of oil

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, GE, OXY, SBUX and WBA.