As CNBC’s Jim Cramer sees it, the stock market is in the middle of a full-fledged stand-off between the bulls and the bears.
The bulls got a win with Friday morning’s jobs report from the U.S. Labor Department that said the country added 213,000 non-farm jobs in June. Stocks rose after the report was issued.
But the bears were already reeling from the official start of the U.S.-China trade war that came just after midnight on Friday, in which the two nations exchanged $34 billion worth of tariffs.
And while Cramer was astonished by how many jobs were being created without a serious uptick in inflation, he couldn’t get too bullish considering the damage that tariffs could still do to the U.S. economy.
“I’ve said many times that trade is a tough issue and we may need to accept some short-term pain if we’re going to ever get our trading partners to play fair. But for the moment, that short-term pain does hurt,” the “Mad Money” host said Friday.
“So is our economy strong enough to keep on trucking even in the face of these negatives? I think we’ll get some real insight into that as companies start reporting next week,” he said.
With those opposing forces in mind, Cramer turned to his weekly game plan: