Cramer's Morning Take: Wall Street's Losing Week 6/23/23

SPEAKER_1 (0:00)

Okay, text from the wedding planner. She's talking about a cake pop mural.

Jeff Marks (0:05)

Ah, exciting.

SPEAKER_1 (0:07)

Ooh, it's $8,000. I don't know, we're trying to save for a house.

SPEAKER_3 (0:12)

Well, you only get married once or twice.

Jim Cramer (0:15)

The three time stops.

SPEAKER_3 (0:16)

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Jim Cramer (0:33)

Hey, it's Cramer. And this is my morning take on the market from today's CNBC Investing Club Morning Meeting. And I've gotta tell you, Jeff, as we did say, it was gonna be a bad week.

And I feel good about that.

I don't necessarily think that it's necessarily time to buy yet because the market is not really oversold. It's kind of middling. You know we use this oscillator. We're glad to be able to share that with people because it's been so right since we started the trust.

Jeff Marks (0:57)

Yeah, things are starting to look a little bit more interesting than where we were a few days ago though, when prices starting to come down. So we'll see.

Still kind of a no man's land as you point out, but it is a pretty down week. S&P on track for more than 1% decline. The NASDAQ snapping an eight week win streak. So that shows you.

Jim Cramer (1:17)

Now you see like Marvell's rolling over. Doby's been rolling over.

Then Doby comes back. I think Marvell, because yesterday was some of our favorites. There's a seven coming back.

Jeff Marks (1:27)

Palo Alto, one of the worst names two days ago. Yesterday, top name in the S&P hits a new all-time high.

Jim Cramer (1:33)

But you mentioned something. Jeff and I go back and forth before we come out here, and we were talking about what level black and decker. We're starting to hear more about renovation, remodel. That's black and decker. It's come down. Remember, we have a teeny tiny position. But I would argue, you know what?

No, hurry.

Don't buy it when it's up.

Jeff Marks (1:52)

Maybe on the next down day, something like that. But there was a Wells Fargo, their latest consumer survey of 1,000 consumers across regions, income brackets, and age groups.

41% of consumers say they plan to step up spending on home improvement projects. That was the highest of any category.

Jim Cramer (2:07)

Makes sense. There's no home for sale. Remember, almost every home either has a mortgage below five or frankly has bought it out in cash. Typically what happens is that this is when you start remodeling because you're not selling your home, particularly because you'd have to go up and say seven to 8% for mortgage. Some people say you can get one for 6.9, but what has happened historically is this when you decide, you know what, it's not an expense anymore to fix my house up.

It's a capitalization. That's a big difference mentally.

Jeff Marks (2:37)

And it's a turnaround story, right? A year ago, they initiated a program to take out tons of costs, clear out all the excess inventory, fix up its supply chain, which that was a big problem for them for a couple years. So nice about a year into a turnaround story there. So that's always good.

Jim Cramer (2:55)

You know, I just think, again, minus 3.13 on the oscillator means starting to think about not being aggressive, but buy, because we've had one of these moves where we said, stay away, trim. And we've got a lot of cash. And so it's incumbent upon us to find things to buy. As the market goes lower from this level.

Start your day with my out book on the market every morning. Visit cnbc.com/morningtake to become a CNBC Investing Club member at a special rate today.

SPEAKER_1 (3:31)

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