CNBC's Jim Cramer on Monday said last week's gains may not be temporary, saying major strides were made in broadening the rally."I simply can't dismiss the best week of the year, where major strides were made in broadening the rally to everything from the financials, to recent e-commerce stocks, to the usual semiconductor and semiconductor and semiconductor equipment suspects," he said.
Like many rallies, Cramer said last week's market gains were"hard-fought victories" for the bulls that were not expected to occur in an over-sold market where the"gloom was palpable.", where rates held steady, Cramer suggested it's possible there may not be any more rate hikes in the next few months. However, he admitted that the thesis is contingent on whether any major component in inflation, like real estate prices, accelerates.
But can these moves last? To Cramer, the fear of missing out may cause money managers to be"less complacent" in where they put their cash, and bond short sellers may become nervous that it seems there will no longer be a glut. He also suggested many may want to buy shares of‘Doc' Antle of Netflix's ‘Tiger King' pleads guilty to wildlife trafficking and money laundering
"We don't want to go against our discipline, even as this consolidation is a referendum on last week and — as I see it — it looks very good indeed, much better than the bears think," Cramer said.Matthew Perry
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Source: CNBC - 🏆 12. / 72 Read more »
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