“Mad Money” host Jim Cramer said Monday he still has yet to find a reason to buy stocks amid the September pullback. Subscribe to CNBC PRO for access to investor and analyst insights:
CNBC’s Jim Cramer said Monday he expects the selling on Wall Street to continue, suggesting investors wait before buying and taking advantage of the pullback in stocks.
“Mindless dip-buying has been a great strategy for the past 15 months, but it’s worthless in the face of a serious sell-off, which is what we have now,” the “Mad Money” host said.
“I’ve been encouraging you to sell ahead of what’s usually the weakest time of year. I can’t turn positive until I find an actual reason to change my mind. For the moment, we’re not getting any,” he added. “So, please, if you want to be a buyer, find a reason to buy. Let the pain of late September unfold before you try to pull the trigger.”
Cramer’s comments Monday came after the S&P 500 registered its worst performance since May 12, dropping 1.7%. The Dow Jones Industrial Average sank 614 points, or 1.8%, while the tech-heavy Nasdaq declined 2.2%. At its lows Monday, the blue-chip Dow was down 971 points.
All three major averages are down more than 3% so far in September, which is a historically rough month for stocks as Cramer has warned for weeks.
There are multiple factors weighing on Wall Street beyond just seasonality, Cramer said, pointing to concern about the struggling Chinese property developer Evergrande and Beijing’s response to its financial woes. Additional worries for the market include gridlock in Washington on debt-ceiling negotiations, uncertainty about whether U.S. Covid cases are actually peaking and the Federal Reserve’s two-day policy meeting that begins Tuesday.
He also expressed concern about the number of new public listings leading to excess stock supply, as well as what Cramer believes is a calming, at least temporarily, in meme stocks such as GameStop.
“I can’t honestly turn bullish on this market until you turn bearish, until we come up with some rationale for why the selling is going to stop. Right now, we simply don’t have one,” Cramer said.
“So we sit tight and wait for something that might compel us to buy a stock because we think it’ll go higher,” he added. “For the moment, though, we’ve got nothing to hang our hats on. … If anything, we have a lot of reasons to sell, including tonight’s report from Lennar where the great homebuilder actually missed guidance.”
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Jim Cramer breaks down Monday's sell-off: Still see no reason to buy
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Jim Cramer breaks down Monday's sell-off: Still see no reason to buy
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That did not turn out
…and the market roared 2 straight days after this video…lol
lol what a clown.
hilarious
if you did opposite of what Jim says, you would actually be rich.
In 2008 Jim recommended to buy into CDOs because they cant go down.
Don't BUY! I have to hide the fact that I am shorting stocks – nice one Cramer.
Kermit! 6:04
Don't disparage your audience jim
Cramer, I love you man… but you really have to stop telling people to sell their Bitcoin every time there is China FUD.
1) Tether has no exposure to Evergrande. None. Zero. Zip. Zilch. Nada.
2) Did you really just say you'd like Bitcoin more if Communist China was backing it? Lololol.
Now that China's miners have left the country, miners everywhere else will be MUCH MORE PROFITABLE.
Take a look at the RIOT blockchain chart. Or better yet, have someone who is actually good at TA look for you. MAR 40C are a steal at $4.50
Check Avax and SOLANA after bitcoin
Don't buy the dip, that's crazy!
Buying the dip is the only way I have made money in the market.
lol there is not a single positive comment about this dope
7:10 JIm finally lost it
It's amazing how CNBC found a real live walking talking bell-end to get up there and shill like that for years.
He’s got a lot on a short position. So so many others. He can’t hide it well
yea get REKT