Jim Cramer will be watching the ‘big slate of earnings’ this week as earnings season roars into full swing. Wells Fargo (WFC) and JPMorgan (JPM) will report earnings before the opening bell on Tuesday, July 14th. Cramer’s charitable portfolio, Action Alerts PLUS, has a ‘gigantic’ position in Wells Fargo, but somewhat counterintuitively Cramer wants to see Wells Fargo come down. He says to take his wanting Wells Fargo to drop ‘with a grain of salt’ because the only reason he wants the ‘big daddy’ of the banking industry to come down on the earnings report is so that he can buy more for the Action Alerts PLUS portfolio. Cramer says that with his forecast that the Fed will actually raise rates and the ten-year treasury rate at 2.44%, Wells Fargo ‘is the number one bank in this country in terms of the kind of things that I like to see: mortgages, net interest margins.’ Cramer thinks that even if this quarter is not that good for Wells Fargo, ‘they can make some forecasts that are excellent.’ Cramer thinks that, ‘JPMorgan should also be very, very good.’ Even though he expects a good quarter from the company, Cramer says that JPMorgan suffers from strong dollar issues while Wells Fargo does not, which is why he has such a big position in Wells Fargo.
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