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Cramer's Week Forward: February's job report might set off a "tsunami of gross sales."

CNBC's Jim Cramer said he was encouraged by the trading activity he saw in technology and growth stocks as the market continued to grapple with fears that inflation would rise on Friday.

He cautioned, however, that investors should be prepared for how the market might react to the February work report due out late next week.

"If we're getting any strength here, please be prepared for another tsunami of selling as interest rates rise and stocks fall," said the Mad Money host, predicting that a major interest rate move would be in the bond market would shoot. "Without ugly numbers, growth stocks are in trouble."

Cramer commented after the market closed lower for the second straight week as the bond sale turned into stocks.

The Dow Jones Industrial Average fell nearly 470 points on Friday, falling 1.5% to 30,932.37. The index also ended the week down 1.78%.

The S&P 500 fell 0.48% to 3,811.15, down 2.45% this week.

Although the day ended up 0.56%, the tech-heavy Nasdaq Composite suffered the most this week after falling nearly 5% to 13,192,345. Friday's surge was due to a rebound in big tech stocks.

"I don't know if the growth names can withstand the pain, but today's meeting gave us a glimmer of hope that they can still make some profit amid inflation fears," said Cramer. "If you don't like the pain … you might want to take advantage of moments like this on the Nasdaq, take profits, and prepare for a Friday swoon and be ready to buy stocks like Costco."

The US Treasury's 10-year return, a key metric in consumer credit interest rates, fell nearly 1.4% on Friday, after surpassing 1.6% the previous day for the first time in about a year. The increase was due to the sale of bonds.

If rates fall, major industrials will lose momentum, as seen in the Dow's fall, but cloud, semiconductor and cybersecurity stocks have been positive, Cramer said.

Bond investors who cut their holdings are betting that the Federal Reserve could change their minds and raise the policy rate from near zero when the economy recovers from the pandemic-triggered recession, he added.

"Inflation is a nightmare for people who own bonds. Who wants a piece of paper that pays 1.5% when inflation could break 2%? They lose every day," Cramer said. "That's why these people dumped bonds and their wholesale sales always shatter the stock market."

Cramer announced his schedule for the coming week. The earnings per share forecasts are based on FactSet estimates:

Monday: Zoom video, lemonade

Zoom video

Q4 2021 Results publication: After Market; Conference call: 5:00 p.m. Projected EPS: 81 cents Projected Revenue: $ 910 billion

lemonade

Publication of results for the fourth quarter: after market entry; Conference call: 8 a.m. Projected Loss Per Share: 64 cents Projected Revenue: $ 19.2 billion

Tuesday: Destination, Nordstrom

target

Q4 results published: before the market; Conference call: 9:00 a.m. Projected EPS: $ 2.54 Projected Revenue: $ 27.4 billion

Nordstrom

Publication of results for the fourth quarter: after market entry; Conference call: 4:45 pm Projected EPS: 14 cents Projected Revenue: $ 3.58 billion

Wednesday: Dollar Tree, Wendy's, American Eagle Outfitters

Money tree

Q4 results published: before the market; Conference call: 9:00 a.m. Projected EPS: $ 2.12 Projected Revenue: $ 6.8 billion

Wendy & # 39; s

Q4 results published: before the market; Conference call: 8:30 am Projected EPS: 18 cents Projected Revenue: $ 477 million

American Eagle Outfitter

Fourth quarter results to be published: 4:15 pm; Conference call: 4:30 pm Projected EPS: 36 cents Projected Revenue: $ 1.28 billion

Snowflake

Publication of results for the fourth quarter: after market entry; Conference call: 5:00 pm Projected Loss Per Share: 16 cents Projected Revenue: $ 332 million

Thursday: Kroger, Costco

Kroger

Q4 results published: before the market; Conference call: 10 a.m. Projected EPS: 69 cents Projected Revenue: $ 30.86 billion

Costco

Earnings release for the 2nd quarter of 2021: 4:15 p.m. Conference call: 5:00 p.m. Projected EPS: $ 2.44 Projected Revenue: $ 43.72 billion

Disclosure: Cramer's charitable foundation owns shares in Costco.

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