Cramer's Morning Take: Fed Decision Looms 9/18/23

SPEAKER_1 (0:00)

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Jim Cramer (0:32)

Jim Cramer here to share with you a sample of my take on the market from today's CNBC Investing Club morning meeting.

Once again, we've got this soggy opening. Of course, I watch NVIDIA's of Bellwether. That opens down pretty much every day and starting to make you feel that if you are buying at the opening, you're going to get wrong tech, but there are other places, there are other pockets that are doing well. Jeff, we've got refiners that are doing well, housing making a little bit of a comeback. It's not all bad, but tech not yet.

Jeff Marks (1:07)

Yeah, and I guess part of the reason why it may also be the rise in interest rates that we continue to see, that comes ahead of the Fed meeting Wednesday. But Jim, yesterday in your story, you outlined five worries of the market right now, whether it be China, the auto ecosystem in mid strikes, perceived weakness in the cloud, travel after some disappointing numbers from airliners, housing with higher mortgage rates impacting the homebuilders.

Jim Cramer (1:35)

See, these are all things that make... Immediately people want to draw a conclusion, and they say, oh, good, I'll keep the Fed on hold. See, I just think that those kinds of conclusions are knee-jerk. I didn't write the piece to talk about what the Fed was going to do. I wrote the piece to demonstrate why it is difficult to buy stocks right now, because the economic uncertainty developed by China, auto sector. When you do that, well, it's going to make the Fed on hold. What you're doing is nullifying the work I'm doing. The work I'm doing is saying, you know, that's a lot of different sectors, whether it be China, whether it be the auto sector, whether it be the ripple of housing, which is 10% of the economy, but punches much harder, including retail. Travel means you lose, maybe you lose the hotels, you already lost the airlines. So I write these pieces to be stock specific because in the end, the people who default to the Fed are people who won't do any homework. And I don't mean to be too critical of my colleagues, but you do have to kill a lot of time doing homework if you're going to get it. Now, against this, I am seeing that micron call plays.

Bullish call micron by Goodman is making people feel that maybe the semiconductors aren't so bad. So the negativity can be busted.

It's just that it can't be busted across the board.

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