Friday Night's Show Highlights:
Next week, keep your powder dry and refrain from buying. It's all about the Fed!
Friday, July 24, 2015
Providing a verbatim recap of Jim Cramer's Friday Night "Game Plan for Next Week," word for word, with all stock picks & recommendations to help you prepare for the week ahead, including that night's Lightning Round picks...
Jim: Just when I thought we were done worrying about the vicissitudes of foreign lands... just when it seemed like the Greek deal had ended our obsession with what's happening overseas... we're suddenly right back in the soup all over again. Except this time, it's with China, the true proximate cause of today's selloff, with the Dow plunging 163 points, the S&P plummeting 1.07%, and the Nasdaq losing 1.12%.
Yep, the idea that there's big trouble in not-so-little China, based on some very weak Chinese factory orders, and a stock market that we know is being propped up by the communist party... that's what lay behind today's carnage. The rollover of the entire commodity sector... breathtaking by the way... has us thinking that something evil does lurk in China. And China... well, some think it could take the whole world down with it.
These Chinese worries have created to me what looks like a short-term "top" in our markets, at least until we get some clarity on what the heck is going on over there. And that might not be so easy. I have no idea what the real situation is in the People's Republic, nor does anyone else. And what's really worrisome is, maybe not even the people running the country. That's the new "emperor has no clothes" theory. Therein lies the problem. Until China's stock market debacle that began a little bit more than a month ago, the vast majority of investors around the globe figured that, while China was slowing, the totalitarian government would maybe be able to exercise enough control... it is a command economy... over what's going on there. So maybe it would just be another headwind for the U.S. stock market. And now China's front and center, with the astonishing breathtaking collapse of...