Cramer's Morning Take: A New Bull Market 6/12/23

SPEAKER_1 (0:00)

You can cross your fingers and all your toes during a data center migration. You can knock on wood, pluck a dozen four-leaf clovers, or look to your lucky stars for a successful office expansion. You could hold your breath, shut your eyes, and say all the well-wishes to help avoid cyber attacks. But none of that truly helps you, because next level moments need the next level network, with the security, reliability, and expertise to take your business further.

AT&T Business, the network you can rely on.

Jim Cramer (0:28)

I'm Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting.

This morning, we seem to be wanting to skate ahead of various events. For instance, Oracle reports tonight, people don't seem to care, they're buying it ahead of time.

A lot of this is because I think that there are people who have been left behind. They don't care about the CPI Tuesday. They don't care about the Home Depot meeting. All they're trying to do is catch up. Witness David Costing going from 4,000 to 4,500 at Coleman for S&P Target.

Jeff Marks (1:02)

Right, and he points out the market has had this narrow leadership, but he thinks the event that will help the S&P rally another 5% from here would be that broadening out, which has been a little bit elusive this year. We had a little bit of a taste of it just the other week after the debt ceiling deal and the jobs report, but it's still a very NASDAQ-driven market. On the other hand, Mike Wilson, Morgan Stanley, continues to be bearish, says earnings will disappoint, which is why he doesn't believe we're in any sort of a new bull market, which many people believed we were yesterday or Friday when the S&P rallied 20% off the low.

Jim Cramer (1:40)

I think people have to realize that Mike's in a jam. I don't know Mike personally, but he had this great call that it could be a bull market and a bear market, then he got off it too soon. So, now he's kind of caught.

And I think that what he can do is if we have a bad week, 12th of the Fed, he can then come back in a little bit more. So, I mean, I don't, I'm not saying I don't trust him. I'm just saying he's got to find a way to be able to get into this market.

Jeff Marks (2:04)

Well, at the same time, it has been a nice rally in the market, the S&P and tech, and that has taken the S&P oscillator into overbought territory. 0.456% after Friday, anything above 4% is overbought. And when the market is overbought, we like to lock in some gains.

Jim Cramer (2:21)

Right, witness what we're doing today.

Jeff Marks (2:23)

Right, Palo Alto, just a very small sale, 25 shares of the 300 that we owned. We started buying it earlier this year, mid-February.

Jim Cramer (2:33)

And look, when I was at the Wine Guy in Smithtown, New York, thank you very much for all the club members who came out, a huge number of club members. This is for you as for the Fusforo. What I would point out is a lot of people had not taken any profits. And we are not negative, but we're not greedy.

Start your day with my outlook on the daily market every morning at 10, 20 a.m. Visit cnbc.com/morningtake to access all the benefits of being a CNBC Investing Club member.

SPEAKER_4 (3:09)

All opinions expressed by Jim Cramer on this podcast and in connection with the CNBC Investing Club are solely Cramer's opinions and do not reflect the opinions of CNBC, NBC Universal, or their parent company or affiliates and may have been previously disseminated by Cramer on television, radio, internet, or another medium.

No specific outcome or profit is guaranteed in connection with your reliance upon or other use of the content from Cramer. The opinions offered in connection with this podcast and the CNBC Investing Club are not an attempt to induce any particular trading behavior, investment or strategy. You should be aware of the risk of loss in following any strategy or investment discussed in the content from Cramer. To view the full CNBC Investing Club Disclaimer, please visit cnbc.com forward slash Investing Club Disclaimer.

SPEAKER_5 (3:52)

Before Avid Exchange, managing accounts payable took too much time and effort. Coding and reviewing invoices, tracking down approvals, the list goes on. But with Avid Exchange, your AP is automated so you can review and approve invoices anytime, anywhere. You'll gain greater visibility and control into your workflow, giving you time to focus on more important things.