Cramer's Morning Take: FOMO Trading 11/6/23

SPEAKER_1 (0:00)

What's on the horizon for financial markets?

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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.

Jeff Marks (0:41)

It's a sort out week, where we're just kind of sorting out. You do have the market now a little bit overbought according to the SSP oscillator, so you have that working against you at the same time. You brought up this idea where there might also be some up FOMO as well, this fear of missing out.

Jim Cramer (0:57)

I saw FOMO for the first time in a long time.

Jeff Marks (0:59)

Right, well that tends to happen when you have a week where the S&P gains 5.8%, NASDAQ over 6%. So it's sort of in a bit of a sort out mode. Not as much earnings to sink our tea through.

Jim Cramer (1:10)

Well, this is a very slow week.

I don't think people realize, but earnings season ended with Apple.

There's really nothing Apple and Starbucks for us. I think that one of the things that people should recognize is that the action in Apple is rather incredible because nobody liked the quarter. And people think Vision Pro is going to be a bust. People think that there's been a decisive end to growth. And yet what people don't understand is that the growth is by country and by user. The way you look at the company is you look, just as you would with Meta, two billion users. And you get two billion users, they can take a lot of services. Services will be bigger than iPad and it will be bigger than Mac and bigger than wearables altogether. So that's what you're seeing. Now, needless to say, technicians would tell you this is the absolute perfect chart.

Just the perfect head and shoulders, reverse head and shoulders developing. Why does that matter? Because no one seems to know what to do with the stock. There were no champions for it. A lot of people look at the 10K, there was nothing in there.

Jeff Marks (2:18)

Yeah, I think, yeah.

Jim Cramer (2:19)

Yeah, but I think, thank you for the comments about my story. My story was basically about how they checked off the boxes.

Jeff Marks (2:25)

Right.

Jim Cramer (2:25)

They went four for four. I find that the market's kind of like, I don't like to analyze too much the NFL because not everybody's into it. It was a sloppy win.

But in the end, we always forget that it was sloppy and we just say it was a win.

Jeff Marks (2:38)

Yeah, you point out Monday, Tuesday felt more like relief rallies, but when you had a benign Fed on Wednesday, some softer economic data, Friday, and in between that Apple, which wasn't the doomsday quarter as many predicted, then it checked off a lot of boxes. So, I do want to mention though, so we are a little overballed. That's why we did trim Foot Locker Friday in anticipation of that.

Jim Cramer (3:00)

Yeah, and you know I'm disappointed with Mary Dillon's turn because it's very hard to turn.

Jeff Marks (3:05)

But the stock had climbed all the way back since before that quarter.

Jim Cramer (3:08)

It's made a bit of a move here, going back a little. 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 (3:28)

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