Cramer's Morning Take: P&G 5/10/24

Jim Cramer (0:01)

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

I've got to tell you, and I said this to Carl and David this morning, Jeff, it's a quiet, incredible bull market, because it's so diverse. This is not a bull market led by an Amazon, by an Alphabet, although they're doing well. We're getting a market that, across the board, it's been good, I don't want to rain on the parade, but we're finally so overbought that you can't buy it.

Jeff Marks (0:30)

Yeah, the oscillator really perked up yesterday, 6.6% jumping from, it was around low fours earlier in the week.

So I think that's always, put a caution flag out there, at least for us, we'll look to Tram, of course. That's just our discipline, it's the same discipline when the oscillator is minus 6.6, that gives us confidence to buy. We've seen a great rally in May.

Jim Cramer (0:55)

When you sell here, it's gut wrenching, as it is to buy, when it's minus 5, where you just feel like I'm just throwing money away.

But we have a discipline and we stick by our discipline because discipline trumps conviction. So we will be peeling off some stock today.

Jeff Marks (1:10)

Yeah, I think we're thinking about Procter, it's had a great run, it's up what, 12, 13% near to date.

Jim Cramer (1:16)

See, this is what you do, just everybody, we buy some here, we're not traders, we're not traders.

Jeff Marks (1:21)

People were concerned about the beauty market, it's only a small part of their business.

Jim Cramer (1:25)

We knew that it's grooming.

We knew that there's a lot of different products that really matter, I mean, Gillette's a really big part of the pastiche, a lot of hair care. And so when you get one division that looks like it's weaker, one of the reasons it's great about Procter is it's a diversified portfolio of consumer packaged goods brands, so to speak. And this is when you sell something.

Jeff Marks (1:48)

Yeah, and people are falling all over these types of stocks, these slowdown stocks, because there are, maybe there's some cracks forming in the consumer. You did have a sentiment number, University of Michigan, much weaker than expected. So you are seeing some slowdown plays.

Catch a little bit of a bid here, whether it's the staples, utilities, as what you've been highlighting as well more recently.

So, sell into strength. Yeah, and- Nothing wrong with that. Take some gains.

Jim Cramer (2:15)

There were people who came to a Mezcal signing, plus for me and my wife last year, I said, listen, you do Nvidia and you do Procter. And those are the yin and the yang of this market.

Jeff Marks (2:25)

That's a good balance. A barbell, so to speak, right? Something with something really high growth with a dividend play, very stable.

Jim Cramer (2:34)

By the way, just so you know, we know Abbott has a July court suit and everyone's freaking out. We've done a lot of work. This is not J&J, but that is the one that will be the next Procter, perhaps after the lawsuit, after whatever happens, because the lawsuit is being brought in Missouri, which is an anti-defendant, which is why I think Abbott's been going down. But that will be the next after they clear up that lawsuit issue.

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