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CNBC’s Jim Cramer outlined his game plan for the week ahead, warning that a relentless rise in oil tied to the Iran war is continuing to pressure stocks – and could signal more downside.
“Another miserable week. Four weeks since the war started and it’s been pretty darn awful,” Cramer said Friday on “Mad Money,” adding that “the history of oil shocks is littered with bear markets, 20% drawdowns that say raise cash.”
Stocks finished lower Friday led by the Nasdaq down 2.15%, the Dow Jones Industrial Average dropping 1.73% and the S&P 500 falling 1.67%, logging its fifth straight weekly decline.
With the conflict difficult to predict, Cramer said one trade has consistently done well. “Right now, the one thing that’s been consistently right is to buy oil stocks. Every time they’re down. Every time they’re up. It just doesn’t matter, because crude is headed higher.”
