“It is beginning to trouble me”
CNBC’s Jim Cramer released his forecast for the market on Wednesday as many stocks failed to trade balance after positive quarterly reports.
“Most stocks just don’t get a lot of pin action right now for what they do, in part because the market has had a miraculous run,” the Mad Money host said. “It makes everything seem like a yawn and it starts to bother me.”
Cramer pointed to the lack of momentum in trading stocks of chip makers Advanced Micro Devices, banks and consumer goods after they released their respective numbers.
AMD shares fell 1.40% to $ 84.02 on Wednesday, the day after the company reported a quarter that Cramer described as “stunning”. Since the first quarter earnings report was released two weeks ago, JPMorgan stocks have fallen 1.2%, while names like Citigroup and Bank of America have gained little or nothing since their reports.
Meanwhile, Apple and Facebook shares fell about 4% and 6%, respectively, after trading on Wednesday after reporting strong results for the first three months of the year.
“If your company isn’t a big beneficiary of the big reopening, nobody cares,” said Cramer. “Even then, you have to deliver a massive upside surprise – not just a regular upside surprise – to get this market’s attention.”
Disclosure: Cramer’s charitable foundation owns interests in Apple and Advanced Micro Devices.
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