Jim Cramer on “Mad Money.”
- CNBC's Jim Cramer examined Thursday's action, saying the market has not yet reached a bottom.
- He told investors to stop buying at the beginning of the session, warning that it's now not necessarily the right move to buy on the dip at that time.
CNBC's Jim Cramer examined Thursday's action, saying the market has not yet reached a bottom. He implored investors to stop buying at the beginning of the session, warning that it's now not necessarily the right move to buy on the dip at that time.
"I think there's a widespread belief that you can still buy the dip. That's been the right move ever since long-term interest rates peaked back in October," he said. "Now, though, buying the dip is the quintessential wrong thing to do."
Cramer said there aren't enough companies with "brown shoots," or disappointing earnings. He also pointed to continued unpredictable patterns of market leaders like Apple, Tesla or Nvidia, saying investors shouldn't assume that they have hit bottom.
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According to Cramer, the market needs a "vicious open," with a "whoosh" of investors who want to sell badly they won't care what price they get, followed by a "crescendo" moment where "there's a colossal blowout that leaves people aghast."
"Now, what would happen if people stopped buying in the mornings and instead sold big from the get-go? That, friends, is what I've been waiting for," he said. "You're not going to get a bottom, a serious bottom, a lasting bottom, until you have the big give-up, the gigantic end of days decline where people just can't handle the house of pain at all."
Each day this week, the S&P 500 found green intraday before closing lower. The index fell for the fifth day in a row Thursday, marking its longest losing streak since October of last year.
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