Return of the Bull Market, Tesla Aims for 11, Zuckerberg Zaps Apple 6/9/23

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Jim Cramer (0:30)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (0:38)

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. A mixed pre-market as the debate this morning shifts as to whether we're in a new bull.

S&P 20% off the October lows today. B of A declares the new bull market has legs. Our roadmap begins with the return of the bull.

The S&P, as we said, highest close of the year, up 20% from that October low.

David Faber (1:02)

Plus Tesla's rally, it is rolling on.

Stock's now up more than 100% this year. It is on track for what would be its 11th straight daily gain. And I did some back of the envelope figuring. I'll share that with you as well in terms of Musk's overall numbers. No worries, by the way, that's Meta CEO Mark Zuckerberg when he's talking about Apple's new Vision Pro, saying, quote, it does not have magical solutions to the laws of physics that they haven't already tried.

Carl Quintanilla (1:31)

Let's get to the markets, as we said, back in so-called bull territory. Interesting, Jim, to see B of A be so plain about it. The title of the report is Bye Bye Bear.

Jim Cramer (1:39)

Well, I have to tell you, the Five Facts piece, that's FAQ, was, I felt, not what I wanted to see.

You don't want a bull market that's basically led by Carvana. Now, they did not mention Carvana by name, David, but you have basically, if stocks are reviled, why is the S&P trading at 20 times earnings? Well, all of this is basically like, we shouldn't be in a bull, but there's nothing we can do, and there's going to be FOMO, and you want to be actively a stock picker, and then David, of course, I have to mention Meta Frum because he's the Oracle of AI. How do I invest in AI is a question. Now, that answer I've given a thousand times.

David Faber (2:20)

A thousand times.

Jim Cramer (2:21)

So I regarded this piece, Bye Bye Bear, as Bye Bye Happiness. Whoa.

David Faber (2:25)

That's it. Done with that.

Jim Cramer (2:27)

Good song. Yes.

David Faber (2:30)

Okay. Now that we've gotten rid of that.

Jim Cramer (2:32)

Yeah.

David Faber (2:32)

We've defenestrated that piece of paper.

Jim Cramer (2:35)

Defenestrate? Just a second.

Carl Quintanilla (2:37)

It's a good one.

David Faber (2:37)

You know that one.

Jim Cramer (2:38)

No, I just, the reason why I didn't like the piece, what it basically says, okay, we're up from the bottom, and now what do we do? I would have liked to have seen something that's more rigorous, like maybe we shouldn't be here with a five and a half percent, you know, six month, maybe we don't belong here given the fact that inflation can move back, but none of that. No, it was all ethereal.

It was all, frankly, David, an indictment of the bull market to come with many charges, none of which seemed really significant other than the espionage charge. I'm sorry. I mean, there was nothing significant about it other than the fact that it was catchy.

David Faber (3:16)

Right, so you don't think it was a rigorous analysis on the fundamentals why the stock market really should go higher?

Jim Cramer (3:22)

Right, and I don't want that. I don't want reportage about why we're in a bull. I want reasons.

David Faber (3:28)

Do you have any reasons? Do you think we're in a bull or are you more cautious?

Jim Cramer (3:31)

I think we've been in a bull since October and that the bull market's led by tech and as soon as we broaden out, we have the fiascos of Carvana and the upstart short squeeze and lots of different junk and everyone likes enterprise software now, even though very few are making money. So now we're back in that world and you know what's gonna happen next week? Four letters begins with the letter C and there's always a line in front of it.

And it's gonna signify the new junk bull market that I most fear, Cava. That's going to be a red hot IPO. After that, it's gonna be biotech. Then it's gonna be enterprise software and then it's gonna be nonsense fintech and then next thing you know, we're back to where we used to be, which is awfully.