FedEx Beats, Super Micro Plummets, Cramer: Markets Are Oversold 3/20/26

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Carl Quintanilla (0:58)

Market moving insight and analysis. Join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street.

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, post nine of the New York Stock Exchange. Faber has the morning off. Some slight relief in energy this morning. Brent's down a buck. Retail gas, though, goes to 391 Futures are off their lows, but stocks on pace for a fourth losing week. That's the longest streak in about a year, as we were unable to hold that 200-day moving average yesterday. Biggest ever March expiration today, by the way. A road map begins with oil prices erasing some earlier gains. The US sending attack jets as part of a plan to reopen the Strait of Hormuz. Shares of FedEx are up on this quarterly beat and raised profit guidance, and they're Super Micro plummeting as federal prosecutors charge three people, including the company's co-founder, of smuggling servers with Nvidia AI chips to China. Let's begin, though, with the major indices on pace for this fourth consecutive weekly decline. Jim offered this advice to investors last night on Mad Money.

Jim Cramer (2:08)

Here's the bottom line. History says that when we get this oversold, there will be a meaningful rally, something lasting. I'm going with history. It's too stark, too accurate, to do otherwise.

Carl Quintanilla (2:22)

So you think we are oversold enough?

Jim Cramer (2:24)

I think there's one more little tip. That's been the pattern. It could be today even just with what we see. But yes, the history is so strong and when you get to... I use an oscillator, an S&P oscillator. I typically don't talk technical, but this one I've used since 1987 It was wrong in the sell-off of 1987 It was wrong in 2007-2009. And it really hasn't... And in COVID, it was wrong. So you got three wrong since 1987 That's a pretty good record. And the last time it's been this oversold was minus 10 on Liberation Day. And then you caught such a snapback rally that I don't think you can afford to miss this. So we started buying yesterday. We know that we're probably going to be wrong. But we have no choice. Wrong instantly. And then right. Now, we had a 13 percent gain after Liberation Day. And that was a remarkable run. And if you didn't get that, you didn't make your year.

Carl Quintanilla (3:17)

Right. You think Liberation Day is a decent analog, given the fact that your tariffs are in your control? Other people argue that's not the case this time.

Jim Cramer (3:25)

I think that I never looked through the oscillator. What the greatness of it is, is that you don't make a judgment about what could move it and what did it. Because COVID wasn't, we weren't under the control of that. The second COVID round is when you had to buy. I just look at it and I say, okay, I'm mindful that this thing has been down for too long. And that's how I feel. I mean, rather than being beleaguered by the four weeks, I'm saying, you know what? It's been down for too long. We're due. It's just that when you get this over, so we're minus seven, it's due for big, not due for little.

Carl Quintanilla (3:59)

Right. I mean, Funstrat last night said, still smart to be defensive. It's not like breadth has had any kind of exhaustion that we haven't seen day after day of 10 to 1

Jim Cramer (4:08)

No, you're right. We have not seen that fable 10 to 1 that Mark Haines called me on the Mark Haines bottom. He called me and said, Jim, it's 10 to 1 I just need you to go along. I need you to change your attitude tonight. We do not have that. I do feel that this notion, I was talking about this when at 3 a.m., the oil futures were down, right? And the market was flat.