Search Jim Cramer's "Mad Money" trading recommendations using our exclusive "Mad Money" Stock Screener.
Yes, oil prices are once again in control of the stock market, Jim Cramer told his Mad Money viewers Friday. But the good news is that if oil prices fall just a little lower, the rumors of Saudi production cuts will kick in and both crude and stocks will rally once again.
Fortunately, Cramer had his sights set on things other than oil for next week's game plan.
On Monday, Cramer said he'll be listening to the GoPro (GPRO) analyst day as he thinks the company's next generation of products could yield a one-down, two-up risk reward situation for the stock. Also on Monday is Ascena Retail (ASNA) , which remains a not-so-great story.
Tuesday brings earnings from home builders Lennar (LEN) and KB Homes (KBH) , but Cramer felt Lennar was dangerous at its lofty level, while KB Homes is not as well run. FedEx (FDX) will also have Cramer's ear for a read on the economy but only Adobe Systems (ADBE) will be on his buy list after it reports.
Next, on Wednesday, it's Federal Reserve day, and Cramer expects the Fed to stay the course on interest rates. Carmax (KMX) , General Mills (GIS) and Bed Bath & Beyond (BBBY) will report on Wednesday but Cramer is unimpressed. He is only excited about Red Hat (RHT) because the market still loves the cloud.
For Thursday, both Auto Zone (AZO) and Rite-Aid (RAD) will be reporting. Cramer recommends buying Auto Zone on any weakness but said Rite-Aid remains in the hands of regulators as it attempts to merge with Walgreens Boots Alliance (WBA) , an Action Alerts PLUS holding.
Investors should always be on the prowl for stocks that can do well even in a rising interest rate environment. Fortunately Cramer had just the stock with Diageo (DEO) , the wine and spirits maker with such brands as Johnny Walker, Captain Morgan and dozens of others.
Cramer said Diageo represents real value for three reasons. First, the company is not only a liquor maker, it's a liquor maker based in Britain. With the fall of the British pound post-Brexit, all of the company's products just got cheaper and all of its profits just got a huge currency translation boost.
The second reason is China, which is beginning to ease up on its 2014 anti-vice crackdown. We're already seeing gambling make a recovery in China and Cramer thinks drinking shouldn't be far behind.
Third, Diageo could be a takeover target in an industry that's already in consolidation mode. Add to that Diageo's 2.8% dividend yield and its cheap valuation at 20 times earnings and Cramer said this stock, with its stable of quality brands, is a buy, buy, buy.