Cramer's Morning Take: Week of Weakness 6/21/23

SPEAKER_1 (0:00)

Okay, text from the wedding planner. She's talking about a cake pop mural. Ah, exciting. Ooh, it's $8,000. Oh, I don't know, we're trying to save for a house.

SPEAKER_2 (0:12)

Well, you only get married once, or twice. The three time stops.

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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. This is a week of weakness.

Jeff Marks (0:40)

Yeah, we're now working on our third straight day of declines. S&P Oscillator no longer overbought, but still it's been a pretty big run pretty fast. Last week you had an S&P gain of 3%. So giving a little bit of that back, a little bit of a counter trend day today, right? With the magnificent seven stops.

Jim Cramer (0:56)

This is him coming in.

I thought that it was a little unnatural to have NVIDIA coming up every day. But NVIDIA's meeting with, Jensen wants meeting with Frank Sloobin. And what's interesting is this is the CEO of Snowflake. Snowflake told me, look, we're not having good quarter, Jim. It's just like get out of town. And yet Sloobin's meeting with Jensen, people said go buy Snowflake.

Jeff Marks (1:19)

Meanwhile, you have Powell speaking in front of the House Financial Services Panel at 10 a.m. Prepared remarks came out earlier.

No real news there. It's very consistent with what he said at last week's FOMC meeting.

Jim Cramer (1:31)

You know, one of the things that I don't like about commentators is that they see the market down and they say, well, the Powell's comments are hawkish.

No, no, they're not. Powell's comments are consistent. Why the market's down is that it's had a very big run and you need catalysts.

Jeff Marks (1:46)

Don't make news out of nothing.

Jim Cramer (1:47)

Yes, don't make news out of nothing. Well put. Now, if you want some real news, and we just had FTC go after Amazon, at the same time we had a Jeffreys note today, they read positively for Amazon, talking about some of the parts, talking about really some terrific, again, you got this bounce in Amazon Web Services.

Jeff Marks (2:06)

Right, profitability at the retail business as well. A lot of people believe those retail margins have troughed and as those retail margins improve, as AWS reaccelerates, maybe you get a re-rating, that's how Jeffreys gets to 150

Jim Cramer (2:21)

And I question whether me and Conn can file a suit. What's funny is that she would like to see it broken up. Wish it were broken up, it would go to 150

Or to some of the parts. You win either way when you take a look at this Jeffreys report. Start your day with my outlook on the market every morning. Visit cnbc.com/morningtake to become a CNBC Investing Club member at a special rate today.

SPEAKER_1 (2:47)

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

Jeff Marks (3:36)

Ah, exciting.

SPEAKER_1 (3:38)

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

SPEAKER_2 (3:43)

Well, you only get married once or twice.

SPEAKER_1 (3:47)

The three time stops.

SPEAKER_2 (3:48)

There's a lot of bad money advice out there. For knowledge you can trust, come to GISA Credit Union. Whether it's saving for the wedding or everything that comes after, we can help get you where you wanna be. Find a healthier approach to money at GISA.