Cramer's Morning Take: Micron, Nike, & Oil 9/29/23

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. I've got to tell you, Jeff, we were making some very good buys. Some said it could just be luck, but what we were saying is that when we turn the page on this month, of which it starts today, we will get a couple of pieces of data that we think are going to start lining up well. We thought that oil was a little too high, and oil's come down.

Rates continue to go higher, but today was just a break in it. But most importantly, I felt that yesterday's retest of the low was significant, and now just to give you one particular stock to kind of set the scene, what was the biggest loser yesterday's Micron?

It's one of the biggest winners today. It shows me that the market can be in forgiveness mode, and really the real main reason is that Nike had a good quarter. So just kind of anecdotally what I'm saying is that the stocks didn't disappoint because Nike was the big one. We did get oil to come down a little bit, and we had this deflator, which we know that J-PAL considers to be very important. That was tame, too.

Jeff Marks (1:41)

Yeah, some encouraging news on the inflation front, but very encouraging news, just movement, action in the market. You did have that big intraday reversal Wednesday, some nice follow-through yesterday, and then even more of that today, good momentum. NASDAQ leading today as rates pull back. You mentioned the Micron. Picked up some Broadcom yesterday, which we've been looking to do as well.

Oracle earlier in the week, but still technically oversold per the S&P oscillator.

Jim Cramer (2:08)

Actually, we were more oversold last night than we were earlier in the week. Yeah, very interesting. I thought that was interesting. Thank you, Matt Horwein, for pointing me out. That was one of the...

who's a club member. One of the most confusing things was that even though we were up, we still had a better oscillator. Of course, they drop an update.

Jeff Marks (2:25)

Look, there's days when the market goes down and you don't see it much. So it's very hard to predict, but the numbers are the numbers.

Jim Cramer (2:32)

Right. I do want to point out, I know I'm going to be writing on this, but you see, when you have a day where you reverse, okay, we were down, we were really reverse, at 120, I'm sorry, 140, and nothing happened, you reverse. That means the seller's finished. I'm just going to do the...

Jeff Marks (2:45)

And this is Wednesday.

Jim Cramer (2:47)

Yeah, then Wednesday, then we go Thursday. Okay, we have a pretty good day.

Jeff Marks (2:50)

Small up open, yeah.

Jim Cramer (2:51)

But what happens is we test that low. We never really get down to that.

You don't take this out. When you don't take this out, buyers come in because they're afraid that they'll stay... The buyers are short sellers who want to ring the register. Traditionally, people say, uh-oh, it's just a short cover rally. Look at today, okay? If this is a short cover rally based on Nike and based on tech coming back, you know what? Give me more short cover. So what I always say is forget the determination and the nomenclature of what kind of rally you have and focus on who's leading. And the leaders are the groups that have been slaughtered, and that's incredibly bullish for people.

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SPEAKER_4 (3:51)

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