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Squawk on the Street

Cramer's Morning Take: Micron, Nike, & Oil 9/29/23

Squawk on the Street

CNBC

Investing, Business, News

4.1567 Ratings

🗓️ 29 September 2023

⏱️ 4 minutes

🧾️ Download transcript

Summary

Cramer and Jeff discuss turning the page on September and what’s ahead for the markets. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake CNBC Investing Club Disclaimer

Transcript

Click on a timestamp to play from that location

0:00.0

I'm Jim Kramer and you're about to hear a sample taken directly from today's CBC Investing Club morning meeting.

0:09.0

I've got to tell you, Jeff, we were making some very good buys.

0:13.0

Some said it could just be luck, but what we were saying is that when we turn the page on this month,

0:19.0

of which it starts today, we will get a couple of of data that we think are going to start lining up well.

0:25.5

We thought that oil was a little too high and oil's come down. Rates continue to go higher, but today was just a break in it.

0:33.7

But most importantly, I felt that yesterday's retest of the low was significant.

0:39.9

And now, just to give you one particular stock to kind of set the scene, what was the biggest

0:44.2

leader yet?

0:44.8

I lose yesterday was Mike Rob.

0:46.7

It's one of the biggest winners today.

0:48.4

Shows me that the market can be in forgiveness mode.

0:52.1

And really the real main reason is that Nike had a good quarter.

0:56.4

So just kind of anecdotal what I'm saying is that the stocks didn't disappoint because Nike

1:01.2

was the big one. Right. We did get oil to come down a little bit. And we had this deflator,

1:05.8

which we know that J-PAL considers to be very important. That was team too.

1:10.2

Yeah, some encouraging news on the inflation front, but very encouraging news, just movement, action in the market.

1:16.4

You did have that big intraday reversal Wednesday, some nice follow-through yesterday,

1:22.0

and then even more of that today, good momentum.

1:24.4

NASDAQ leading today as rates pulled back.

1:26.5

You mentioned the Micron.

1:28.1

Picked up some broadcom yesterday, which we've been looking to do as well. Oracle earlier in the week. But still technically oversold per the, per the ESCB. Actually, more oversold last night than we were earlier in the week. It was 5.4. I thought that was interesting. Thank you, Matt Horan, for pointing me out that that was one of the, who's a club member. One of the most confusing things was that even though we were up, we still had a better off-siter. Of course, they drop a, they drop an update. Look, there's days when the market goes down here, you don't see a bunch. So it's very hard to predict, but, you know, the numbers are the numbers.

2:01.6

Right. I do want to point out, I know I'm going to be writing on this, but you see, when you have a day where you reverse, okay, we're down, we're really reverse, at 120, I'm sorry, 140, and nothing happened to reverse. That means the seller's finished. Yeah. And this is Wednesday. Then we go, yeah, then Wednesday, then we go Thursday.

...

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