CNBC’s Jim Cramer, who has been warning people about making some stock gains for weeks, advised investors to look for places to possibly buy amid the carnage of the sharp market sell-off on Monday morning.
“We have something that no one really understands,” said Cramer, downplaying worries about another coronavirus lockdown in Europe. He said that he did not think the US was going in that direction.
“I’m tempted to take the other side of the trade and look for opportunities. It̵
“Maybe there is something to buy,” said the host of “Mad Money”. “I’m looking for an opportunity just because everything is so ugly. Isn’t that the case if you’re looking for an opportunity?” He added. “I love a down opening.”
“I know that you are locked in Europe and have a problem with some banks and that we are going under badly as a result? I don’t know. Doesn’t seem right to me,” said Cramer, referring to bank stocks falling due to the disclosure of confidential files U.S. government showing major banks reported $ 2 trillion in suspicious activity to regulators over nearly two decades.
The Dow Jones Industrial Average fell 600 points early Monday while the Nasdaq fell further into correction territory, defined as more than 10% below its last closing high, which was actually a record high on September 2nd.
In addition to the Covid-19 spikes in European countries and weakness in banking and technology stocks, the market was concerned about the makeup of the Supreme Court Cancer just 43 days before election day following the death of liberal Justice Ruth Bader Ginsburg on the pancreas.
The war of words in Washington broke out over the weekend when Trump was about to elect Ginsburg’s replacement or the next president.
Republicans, who hold a slim majority in the Senate, vowed to occupy the liberal titan’s seat immediately. Democrats and at least two Senate Republicans, Lisa Murkowski from Alaska and Susan Collins from Maine, spoke out against action before the November 3rd election.
The battle to replace Ginsburg has raised concerns over whether legislators and the White House may be too distracted ahead of the elections to break their block on additional coronavirus stimuli.