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 Monday’s key moments. Wall Street started Monday off sluggish after the Dow , the S & P 500 and the Nasdaq fell last week. The continued pressure on the market at the start of the new week followed a sharp intraday reversal Friday when many momentum stocks on parabolic moves broke down. “You know I hate parabolic moves,” Jim Cramer said Monday. The decline is healthy because straight-up rallies are not sustainable, he added. “When we get stairstep moves, they happen to have a lot more staying power.” A trio of our momentum stocks in three different industries have been caught up in the recent selling: Broadcom , Costco and Eli Lilly . “Every one of these I like,” Jim said. However, he added, “There is no hurry to buy” as drops in these names on Friday and Monday may be indicative of more selling ahead. “The lack of urgency is correct. The desire to buy a stock down 4% [on no news] is not trustworthy,” Jim said. “These are not chilling [moves] but should not be bitten on [yet].” Shares of Procter & Gamble were modestly higher Monday after Truist upgraded the stock to buy from hold and raised its price target to $175 per share from $160. This year looks positive for consumer packaged goods companies with volume growth, the analysts said. “This is the beginning of a major Procter move, not the end,” Jim said. The stock has quietly gained nearly 10% so far in 2024. (Jim Cramer’s Charitable Trust is long AVGO, COST, LLY, PG. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB…
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