Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Down market : Concerns about rekindling inflation and a possible Iran attack on Israel were knocking stocks lower Friday. The Dow , the S & P 500 and the Nasdaq were all losing more than 1% each on the session and also headed for weekly losses. Not even a dip in bond yields Friday was helping stocks as it often does. The flight-to-safety trade — bond buying, meaning yields go lower — was palpable and a rise in oil prices due to Mideast worries also was a headwind. A recent intensification of price pressures also weighed on the market Friday after the University of Michigan’s consumer sentiment survey showed year-ahead and long-run inflation expectations ticked higher. Investors were already on edge after Wednesday’s hotter consumer price index for March. As Jeff Marks, the Club’s director of portfolio analysis, said during Friday’s Morning Meeting , Wall Street’s weakness Friday could push the overall stock market into oversold territory. We’ll find out when the S & P 500 Short Range Oscillator comes out after the closing bell. In oversold markets, our Club discipline mandates that we look for stocks to buy. Marks said Friday we’re considering another Best Buy add next week. He also said beer giant Constellation Brands could be a buy on further weakness for Club members who don’t own some already. Constellation reported a solid quarter on Thursday. Mideast concerns : West Texas Intermediate crude , the U.S. oil benchmark, jumped Friday and was above $87 per barrel at one point on Mideast supply concerns. Overt Iran aggression risk has been simmering since last week, when Israel launched a deadly missile attack on the Islamic Republic’s consulate in Damascus, Syria. Iran’s…
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