If the employment numbers on Friday are anything like the number that Automatic Data Processing (ADP) (ADP) reported on Wednesday, Jim Cramer expects the Federal Reserve to add yet another rate hike to its plan this year.
"We are staring right in the face of not one, not two, maybe not even three, but four rates hikes from the Federal Reserve," the " Mad Money " host said.
ADP is the largest payroll processor in the U.S. and can often foreshadow the non-farm payroll data reported by the Labor Department. ADP reported 298,000 jobs in the private sector for the month of February, surging past the expectation of 190,000.
Despite the strong results from ADP, Cramer noted that many investors seemed eager to sell stocks on Wednesday.
"People just got too bored or too antsy or too frightened to keep the ship afloat, so they surrendered when they should have kept fighting," Cramer said.
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If the Fed does decide to raise rates soon, that means banks will make more money and their stocks will rally. Yet, many investors have given up on bank stocks. With worldwide growth slated to come back, Cramer recommended sticking with Citigroup (NYSE:C), which is far behind the rest of the group.
Especially for those who believe that the worldwide economy is growing, like Cramer does, then he says Citi is the one with the most leverage to turn around in a global economy.
Chemical company PPG (PPG) has been stuck in a rut lately because it hasn't done any big deals and its core paint and coatings business has been middle-of-the-road. However, those who sold the stock would have missed out on the 6 percent move on Wednesday after it confirmed it was in talks with Akzo Nobel to possibly buy the company.
Investors have also asked Cramer if they should give up on Arconic (ARNC) after activist fund Elliott Management took a large stake the company and has fought to unseat CEO Klaus Kleinfeld. Elliott has a slew of officers and a new CEO candidate who is respected in the aerospace industry, a key end market for Arconic.
In Cramer's perspective, either Kleinfeld will deliver and the stock will go higher, or if the company begins to falter, Elliott may step in and could send the stock higher.
"The scenario is a win-win, so you don't bail, you buy more," Cramer said.
The same goes for oil stocks that are being abandoned as crude plunges to $50. Cramer said to find an oil stock you like, and dig in slowly, waiting for the next oil rotation to come back.
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