Jim Cramer's outlook on the markets

As far as stocks go, "so far, so good," TheStreet's Jim Cramer told his Mad Money viewers, as the first quarter of 2017 is in the books. The Dow climbed 900 points, the S&P 500 rallied 5.5% and the Nasdaq climbed a whopping 9.8% during the first three months of the year.

On Monday, Federal Reserve bank presidents Bill Dudley (New York) and Jeff Lacker (Richmond) will each give speeches. Cramer is listening for insight on whether the Fed will hike at least two more times in 2017. It's important to know, with bank earnings scheduled to start in a few weeks. Rising rates are good for banks, which are an important piece of the bullish thesis.

On Tuesday, spice and seasoning company McCormick will host its analyst meeting. "I expect it to go very well," Cramer said, but the market's reaction to the traditionally defensive stock is more important. If the stock is flat or falls, that's actually good news for the broader market. That means investors are still buying into the economic expansion theory, which is key for financial and industrial stocks. By McCormick not rallying, it says investors have priced in good news on positive expectations.

On Wednesday, Walgreens  reports earnings. The company said it will give up on its plan to acquire Rite Aid  in three months, if regulators haven't approved the deal. Either way, the stock is likely headed higher, according to Cramer. Cramer will also look to get additional info on the Bayer-Monsantodeal and he expects another disappointing quarter from Bed Bath & Beyond. Anything positive though should pop that stock.

On Thursday earnings are due from CarMax and Constellation Brands. Cramer wants to get a pulse on the new and used car market from CarMax and says Constellation Brands should deliver another good quarter. However, if you're not long Constellation yet, he said wait for a pullback before buying the stock.

On Friday the non-farm payrolls report is due for the month of March. It should be strong. If not, rate hikes could come off the table and that will hurt the banks. The banks are oh-so-important to the broader market's rally, Cramer stressed.

A strong jobs report and positive rate-hike talk from the Fed could spur banks higher. That's needed for the stock rally to continue. If we do get a broader pullback, investors can use it as a buying opportunity, Cramer said.

Retail Survivors

The retail sector has been a really tough investment over the past few years. However, discount chains like TJX Storesand Five Below, as well as unique stores like Foot Locker  and Ulta Beauty , have proven that there are some winners out there.

But the best one of all? It very well could be Burlington Stores. Cramer laid out his bull case, pointing to the company's more than 400% rally since its October 2013 IPO. Just in the last year, shares are up 73%.

Wrestling Mania

Shares have been on fire this year, up 20% year to date, so Jim Cramer wanted

WWE runs a "pretty darn good business," Cramer reasoned. At first, WWE relied solely on pay-per-view revenues. But since cutting it out in favor of a $9.99/month subscription plan, the company's growth has been very impressive.

However, Cramer believes the company's growth can continue and possibly even accelerate. So here's the bottom line: The stock is expensive, trading at 33 times next year's earnings. For that reason, investors should consider buying some of their position now and more later on a pullback.

Know Your IPO

On the show's "Know Your IPO" segment, Jim Cramer took a closer look at Alteryx (AYX) . The stock came public March 24 at $14 and quickly rose to the mid-$15 range. Alteryx makes a more efficient, easier and faster way for companies to analyze data.

The platform is great, which has led to 59% revenue growth last year, an acceleration from the prior year. Gross margins expanded from 77.5% to 81.3% last year, which are great numbers, he added. Alteryx also doesn't have any debt.

Source The Street

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