CNBC’s Jim Cramer Preaches Calm as Market Craters: ‘We Must Not Panic’
CNBC’s Jim Cramer said on Monday that it might feel good to sell, but don’t do so in a panic because you might not be able to get back in.
Cramer cited bad earnings, fears of tightening by the Fed, and the potential for invasion of Ukraine by Russia as factors in stocks plummeting and some alarm across the board about the market.
“Look I’m not negative,” said Cramer to Carl Quintanilla on Squawk on the Street. “I’m trying to give you a positive scenario here. I’m saying when stocks are down this much, Carl, that you shouldn’t just say, ‘Holy cow, I’m getting killed,’ because you should realize you’ve been getting killed.”
“So now you have to decide what stocks are down a certain percentage from their high, that still could be worth a great deal,” he said. “And those are ones that you have to do some buying.”
After some talk about SPACs, CNBC’s David Faber circled back to the general sense of dread.
“But Jim, it’s extended far beyond that part of the market to names that you know very well, that are down dramatically off their highs after a very strong year last year, many of them. But it doesn’t mean that the pain is not felt sort of broadly speaking here,” said Faber.
“But should we just decide that it’s over? And let’s look at selling here, and then betting we can get back in?” said Cramer as Faber interjected, “That’s the question.”
“Who’s that good? Are you that good?” said Cramer. “I mean, is this something that you can do easily?”
“Can you decide, you know what? There, Spotify down seven. That this is the level to buy Spotify, 188, they’re going to report this week. Maybe won’t be that bad. I don’t know. I know that anytime you buy anything in the last half hour, you’re obliterated. And I don’t know. I would tell people, Look, if you really want to know where to buy, keep your powder dry to the last half hour. But just the last half hour has been a nightmare. We don’t know why. You know, a lot of what’s happened is that we don’t know what’s going on. We don’t know who’s selling. We don’t know.”
Cramer made the same point on Twitter, saying “we must not panic.”
We must not panic. It will feel great to sell but can you get back in?
— Jim Cramer (@jimcramer) January 24, 2022
Watch the clip above, via CNBC.
