Jim Cramer debates buying a sinking chipmaker but needs to see an oversold market first

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Tuesday's key moments. Wall Street started the troublesome trading month of September with sharp declines. The S & P 500 , which closed its strong August on the upswing Friday, was down nearly 1.5% on Tuesday — the first day of this holiday-shortened week. The Nasdaq was down more than 2%. Most of the portfolio was in the red.

As measured by the S & P Short Range Oscillator , the market has been overbought since the close on Aug. 19. With last week's restrictions lifted, we trimmed our Eli Lilly position Tuesday, booking a nearly 300% gain. September, known as one of the toughest months for stocks, promises to be eventful. The government's latest employment report is out Friday.

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