Jim Kramer here to share a short preview of my take on the market from today's

members-only CNBC Investing Club morning meeting.

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One stock not rallying today, Nike, just no way to sugarcoat it. Just a mistake where the

turnaround taking longer and anticipated. I became enamored of Elliott Hill and urged us to buy more when we saw Bob Swan

from Intel and we saw of course Tim Cook, happy birthday, 50 years, do a lot of insider buying.

And in my career, that level of insider buying, I'm going to say has never been wrong.

Never.

And right now, it is very wrong.

And I bit the bullet this morning.

I know we're going to change the rating because I don't want people to buy it.

I know that...

To a two.

Yeah.

Fortunately, I think here, if you check the record, I did say don't buy it ahead of the quarter.

But unfortunately,

it was my selection, and I believed in the insiders and believed what I saw, thought that the inventory was going to come down. It's still not down. Thought they would solve the problems

to threat to consumer. Thought they would solve China problem. China's a little bit better. But in

America's shifted, they're not willing to part with anything in terms of converse.

It was a very big call.

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