Cramer's Morning Take: Big Bank Earnings 4/14/23

Jim Cramer (0:02)

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

I just came from an amazing interview with Larry Fink. It's $9 trillion. He talked very positively. It's a little ethereal versus what we're seeing in the market right now. His stock is up. Just talking about the optimism, talking about how we got through the crisis. That's basically what he said. And we got through the crisis because of Alphys BlackRock, because of Alphys JP. Morgan. I'd like to thank Wells Fargo, but we can talk about that in a second. But overall, his takeaway is that we're going to have higher inflation longer and that that... get used to it.

SPEAKER_2 (0:37)

Stick inflation, 4%. I think he's also saying no big recession this year.

Jim Cramer (0:44)

No big recession. But he does point out that our decision to try to decouple and to denationalize, so to speak, we're no longer doing globalization. And deglobalization is going to cost a lot of money.

And that is exactly what he's most concerned about. That's the inflation. That's what he's worried about.

SPEAKER_2 (1:03)

Well, all valid points. Well, today, it's such a big day, kicking off first quarter earning season, a lot of the big banks reporting, and the numbers have been pretty good. Whether it was BlackRock, JP Morgan, Wells Fargo conference call going on now, I know the stock's down slightly, but even Citi, PNC, all pretty good.

Jim Cramer (1:21)

Morgan Stanley doing well. Of course, they haven't reported yet, but the paradigm looks good for them. But I would point out, there is something Larry Williams mentioned the other day. We'll have a daily today.

People say, you know what?

SPEAKER_2 (1:35)

After a big move yesterday.

Jim Cramer (1:36)

That shows that the move is untrue.

That's what people say. That's the mentality of the last 18 months speaking. That you know what? Yesterday was phony. No, today is classic profit taking after a real day yesterday. That's what it was.

SPEAKER_2 (1:51)

Yep, and the market remains slightly overbought per the S&P oscillator.

Still hanging around, around 5% to 6%. Has not gone down, but we know that the market has gone higher throughout this period too.

Jim Cramer (2:06)

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