Jim Cramer says ‘brace yourselves’ for next week’s debt ceiling deal

CNBCs Jim Cramer told investors on Friday to brace themselves for the week ahead as Washington scrambles for a resolution to the debt ceiling crisis.

“If we do we’ll get a deal on the debt ceiling, that’s sure to move stocks higher, which will bring tons of free cash back into the market, even if it’s more than 5%. Yes, stocks will be attractive,” he said. “But first we have to get there and the process will be painful, so prepare yourself for next week and keep your fingers crossed.”

Cramer told members of his investing club to maintain a healthy cash position next week because a market high could soon be brought about.

Investors should also be on the lookout for Monday Zooming earnings report, which is scheduled to be released after the market closes. Zoom, he warned, would be toast Microsoft cements Teams as the default video-conferencing app on Windows.

Tuesday will be about retail, with reports falling from said Lowe, Dick’s Sporting Goods and Williams-Sonoma. Cramer said the Lowe’s report is likely to mirror the Home Depotand warned that analysts were predicting Williams-Sonoma’s results to be below par.

Wednesday brings updates from ELF Beautywhich Cramer feels optimistic about, as well Nvidia.

“A lot of people feel that this is the most overhyped and overblown stock in the entire market right now because it’s worth $770 billion,” Cramer said. “I know that’s a huge market capitalization, but ultimately stocks are valued on their future earnings prospects and given that Nvidia is the backbone of artificial intelligence, you could argue that it has the best prospects of any company in the S&P 500.”

Best Buy expected to file a negative report on Thursday, Cramer said, adding that the only hope for the company with a stock so short that it doesn’t fall despite a bad quarter . Cramer also watched Ulta Beauty, is scheduled to report after the close on Thursday. He said he feels good about the company’s prospects because of its loyal customer base.

Friday should bring an agreement on the debt ceiling, according to Cramer.

“We can’t go into next weekend without a deal because we’re close to drop-dead day,” he said. “Unlike 2011, where the debt limit was a vague issue that loomed over us, this year the debt ceiling debacle is known and weighing on the entire country.”

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

Disclaimer: The CNBC Investing Club Charitable Trust holds Nvidia shares.