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

CMBC Investing Club warning meeting.

Jeff, I'm working on a theory here when I look at the ADP numbers and I combine that

with what we said from the Joel and the job as claims, I'm coming up to this theory.

The theory is that the slowdown is catching up with us, that people

are starting to recognize less hiring, less job creation, more commercial real estate strain,

and they're holding off and buying. And I think that it can be correctly summed up by Mark Zuckerberg,

who saw this coming early on, which is the year of efficiency, and Mr. Subramidion,

who, Raj from FedEx, the year of efficiency, where they are not going to need as many people switching in digital.

So I think a lot of companies are trying to figure out how can I do more with less,

realizing that if there is indeed a slowdown on e-commerce staying in around 5%, that it's about firing people.

And it would be about firing people even if it weren't what's happened with the commercial real estate companies and the Fed raising rates.

But I think it's happening rather rapidly and it's going to be reflected in starting tomorrow's number.

Yep. Yeah, finally seeing this loosening of a tight labor market. I mean,

that's really been the theme all week. It's been the main catalyst for this rotation that we've

seen into health care, into staples, utilities, another section, because these are all areas of

the market that don't need a red hot consumer to grow their earningsover-year. Meanwhile, cyclicals falling, tech falling.

But we're in day three of this rotation, and day three might say,

all right, is it time to start looking at what's been crushed for opportunities?

Well, let's remember that when the banking crisis occurred was when you saw all of the QQQQ names go up. That was when it started. People were misinterpreted.

What people should have realized was these are companies that do well or do better to slow down.

It's not because they have great balance sheet, but they can still grow.

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