Shopping for any bounce after market plunge is a ‘sucker’s sport’
CNBC’s Jim Cramer mentioned Tuesday he doesn’t advocate traders rush again into the market as considerations concerning the coronavirus persist.
“No motive to purchase something if it is up as a result of that is only a sucker’s sport,” Cramer mentioned on “Squawk on the Street” as Dow futures had been pointing to bounce.
Cramer’s feedback come after the Dow Jones Industrial Average plunged greater than 1,000 factors, or 3.5%, on Monday, its greatest day by day decline in two years. The S&P 500 sank virtually 3.4% whereas the Nasdaq plummeted 3.7%.
The Dow, S&P 500 and Nasdaq did open greater Tuesday earlier than going again into the pink.
The “Mad Money” host has, for weeks, been urging traders to train warning across the coronavirus, circumstances of that are rising in international locations exterior of China. The unfold into South Korea and Italy has escalated considerations of the outbreak’s world financial influence.
On Monday, Cramer mentioned he believed drug companies remain attractive within the present market situations. He additionally warned towards leaving the market.