Cramer's Morning Take: Earnings & Energy Stocks 4/17/23

Jim Cramer (0:01)

Hey, it's Cramer, and this is my morning take on the market from today's CNBC Investing Club Morning Meeting.

What I'm seeing today is basically a lot more boring than what we saw on Friday. And the reason why it's boring is that we didn't get any real earnings other than Schwab, which right now is holding in. And I'm watching Schwab as the key to this market, Jeff, because Schwab had been the underlying weakness that we kept hearing is going to be a problem for the market. So far, so good.

Jeff Marks (0:28)

So far, so good with some better than expected numbers there. Perhaps a nice read-through into Morgan Stanley, who also reports later this week. But Jim, as you mentioned, a little bit of a boring day so far. A lot of the news seems to be around mega cap tech stocks, which we'll get into.

But I do want to point out the oscillator finally went under 4% after Friday as the client. So not technically overbought anymore.

Jim Cramer (0:53)

This is perilous level. Now, I'll tell you why it's perilous level. We're obviously beginning to lose, we're losing momentum.

Unless you get good earnings, what's going to happen is we will get to like minus one, but not in a good way. We wanted to, we want, when you're as overbought as we were, you tend to have a quick sharp down after being in. So we're, I, one of the things I said last night, I wrote in my long piece, not a level to buy it. We don't want to commit new capital yet. However, it's very funny. And you mentioned it, Dan, we do want to talk tech, but natural gas is up. And that's Cotera. And I think Cotera is bottom. And it's a very interesting level for that stock.

When you talk about a company that might be for sale more than Pioneer, it would be Cotera.

Jeff Marks (1:36)

Yep. And of course, Cotera was one who switched more to the buyback instead of paying out a variable dividend. They did that a few months ago. So that was them a few months ago.

Right, essentially saying our stocks to achieve, shares are down today. But it had a nice run last week as well, as did Pioneer Natural. Up 10% last week, of course, a lot of those gains were due to the ExxonMobil rumors.

Jim Cramer (2:01)

And it was not, basically, sawsman shot down, so to speak. But I would say that Scott Sheffield made some comments about how if oil goes to 90, it goes to 100, which means, kind of like the forecast of the forecast. The forecast, yeah, but I would say this, that I don't think they're for sale.

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SPEAKER_3 (2:31)

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