Jim Kramer here to share with you a sample of my take on the market from today's

CMEC Investing Club warning meeting.

We got another tricky market set up today with all the attention once again focusing in on the regional banks and more specifically First Republic.

Yeah, the tremendous fear and the fear is really a bifurcation. There are a couple of companies that are regarded as having great balance sheets and they're not to worry about. They happen to be intact, which is actually cyclical in itself, but people are saying, no, don't worry about it. And then there's everything else. So you see situations that I find very daunting, and it's where a lot of money will be made, but you have to take pain.

You look at the portfolio, for instance, you see a Honeywell down big. You see a catapult down big. And you have to say, all right, are we going to have a recession or not because what's happening, what the Fed's doing, what's happening to regional banks? And I come back and say, you know what, let's just think for a moment. Not everything is secular and not everything is cyclical in the same way. If you and I have bought stocks here that we think have

their own cycles and those cycles will not be deterred. So we have to divide companies into companies

that are actually in trouble, of which we own none, okay? Companies that have their own cycles or a special situation of which we own some. And then companies that somehow are getting a windfall because people feel that they're immune. And we have a lot of those. And I don't know, Jeff. I mean, as much as I love Alphabet and I love Amazon and I love Apple, those are the ones that I think are the most crazed right now.

I mean, they go up every day.

NASDAQ has been up 11 straight days versus the S&P.

NASDAQ is trading like Bitcoin, and the S&P is trading like it's the end of the world.

You know, neither is true.

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