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The 6 things needed for market stability didn’t happen

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CNBC’s Jim Cramer on Friday said that his six-item checklist for the market to stabilize was not even close to being completed this week.

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite logged their worst week in 2023 so far. And the market has not bottomed out yet, according to Cramer.

Interest rates went in the wrong direction this week, soaring rather than leveling off. Expensive stocks jumped instead of dipping. Meanwhile, recession-resistant stocks did not see the upswing they needed.

One item on the checklist did pull through: Banks outperformed. If banks keep stable, Cramer said they’ll be valuable by leading the market while coexisting with higher rates.

The Investing Club Annual Meeting 2023 this Saturday

Join Jim Cramer and Club portfolio director Jeff Marks on Saturday for our first annual meeting, live from 10:30 a.m. ET to around 4 p.m. ET, with members in New York City. They’ll talk about the Club’s investing strategies and outlook for 2023, and answer questions from the audience and members at home. This event will be live-streamed on CNBC. Watch here.

Here’s the agenda:

  • 10:30-11 a.m. ET: CNBC’s Carl Quintanilla interviews Jim Cramer
  • 11-11:15 a.m. ET: Jim’s opening remarks on the state of the markets, economy
  • 11:15-11:30 a.m. ET: Q&A with Jim and Jeff Marks on general investing, market thoughts, education
  • 11:30-12:15 p.m. ET: Jim and Jeff discuss the Club portfolio (Part 1)
  • 12:15–1:30 p.m. ET: Lunch break
  • 1:30-2:15 p.m. ET: Jim and Jeff discuss the portfolio (Part 2)
  • 2:15-2:45 p.m. ET: Q&A with Jim and Jeff on portfolio
  • 2:45-3 p.m. ET: Jim’s closing remarks

Again, if you’re not attending live, you can still watch it live on Saturday. Shortly after the conclusion of the event, we’ll be posting video of the annual meeting.

As for the fifth item, Wall Street over-generalized the retail market, Cramer said, instead of separating out the winners. Shares of Walmart felt the pain of the broader retail industry, even though the company reported a strong holiday quarter.

Cramer advised investors to keep an eye on retail earnings next week and see if Wall Street differentiates between the winners and losers.

Finally, Cramer said he will not declare the sell-off over until the market is oversold. He has not seen that result in the S&P oscillator, which has been historically correct in calling market bottoms.

Cramer will dive further into his checklist at the CNBC Investing Club meeting in New York on Saturday.

And until those boxes get checked, Cramer said, “You’ve got to keep your head down. This is not the moment to go heroically over the top and try to buy something.”

Jim Cramer’s Guide to Investing

Click here to download Jim Cramer’s Guide to Investing at no cost to help you build long-term wealth and invest smarter.

Cramer weighs in on the week for stocks

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