Jim Cramer Says 'Don't Panic' as Markets Take a Tumble
Oh, the irony. Oh, the sweet, unforgiving and obvious irony of it all.
Jim Cramer – one of the few men besides Sam Kinison to make a career out of screaming at you – is telling the nation not to panic on Monday, as Wall Street continues what appears to be a major correction.
Cramer cited bad earnings, fears of tightening by the Fed, and the potential for invasion of Ukraine by Russia as factors in stocks plummeting and some alarm across the board about the market.Advertisement - story continues below
“Look I’m not negative,” said Cramer to Carl Quintanilla on Squawk on the Street. “I’m trying to give you a positive scenario here. I’m saying when stocks are down this much, Carl, that you shouldn’t just say, ‘Holy cow, I’m getting killed,’ because you should realize you’ve been getting killed.”
“So now you have to decide what stocks are down a certain percentage from their high, that still could be worth a great deal,” he said. “And those are ones that you have to do some buying.”
The conversation continued.
“But Jim, it’s extended far beyond that part of the market to names that you know very well, that are down dramatically off their highs after a very strong year last year, many of them. But it doesn’t mean that the pain is not felt sort of broadly speaking here,” said [co host David] Faber.Advertisement - story continues below
“But should we just decide that it’s over? And let’s look at selling here, and then betting we can get back in?” said Cramer as Faber interjected, “That’s the question.”
“Who’s that good? Are you that good?” said Cramer. “I mean, is this something that you can do easily?”
“Can you decide, you know what? There, Spotify down seven. That this is the level to buy Spotify, 188, they’re going to report this week. Maybe won’t be that bad. I don’t know. I know that anytime you buy anything in the last half hour, you’re obliterated. And I don’t know. I would tell people, Look, if you really want to know where to buy, keep your powder dry to the last half hour. But just the last half hour has been a nightmare. We don’t know why. You know, a lot of what’s happened is that we don’t know what’s going on. We don’t know who’s selling. We don’t know.”
And Cramer’s caution was not confined to cable. He make sure to impart his sudden wisdom to the world of social media as well.
We must not panic. It will feel great to sell but can you get back in?
— Jim Cramer (@jimcramer) January 24, 2022
It’s becoming rather apparent that Jim Cramer may never have been the great and powerful Oz of the stock market, but rather the prickly little man holding the curtain for him.